The global vegan cosmetics market shows no signs of slowing.
In fact, according to a new study by IMARC Group, as noted by Happi.com, “the market grew at a CAGR of 7% during 2014-2019, a trend that is expected to continue through 2026.”
In addition, according to Forbes, “The majority of consumers may not consume a vegan diet, but the vegan beauty market is on the rise—projected to reach $21.4 billion by 2027. Vegan beauty, which means the products are void of animal ingredients, is not new, but the demand for it seems stronger. No longer a fringe category, vegan skincare and makeup products are sold at mainstream retailers.”
With demand only gaining momentum, some of the top companies to watch include Better Plant Sciences Inc. (CSE:PLNT)(OTC:VEGGF), Target Corporation (NYSE:TGT), Ulta Beauty (NASDAQ:ULTA), Else Nutrition Holdings Inc. (TSXV: BABY)(OTC: BABYF), and PlantX Life (CSE:VEGA)(OTC:PLTXF).