Demand for plant-based products on the rise. In fact, between now and 2026, the market is expected to grow at a CAGR of 8.7%. All thanks to rising consumer awareness about the harmful effects of materials, such as aluminum compounds, found in skin care products. With demand only growing, it could be a substantial catalyst for Better Plant Sciences Inc. (CSE:PLNT)(OTC:VEGGF), Ulta Beauty (NASDAQ:ULTA), E.L.F. Beauty Inc. (NYSE:ELF), Amazon.com Inc. (NASDAQ:AMZN), and Coty Inc. (NYSE:COTY).
“We know consumer interest in sustainability and vegan-friendly formulae is increasing,” says Jenni Middleton, director of beauty at the trend forecasting company WGSN, as quoted by Vogue. “People will shun animal-derived ingredients as they now understand the zoonotic origins of coronavirus, and want to turn to nature’s apothecary to provide tried, tested and time-honored beauty and wellness solutions.”