The global market for Vegan Cosmetics estimated at $15.1 billion in the year 2020, is projected to reach a revised size of $21.4 billion by 2027, growing at a CAGR of 5.1% over the analysis period 2020-2027, says a report.
Reportlinker.com, a market research solution, has released the report ‘Global Vegan Cosmetics Industry’, which says Skin Care is projected to record a 5.6% CAGR and reach $7.8 billion by the end of the analysis period.
After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hair Care segment is readjusted to a revised 5.1% CAGR for the next 7-year period.
While the US market is Estimated at $4.1 billion, China is forecast to grow at 7.9% CAGR. The Vegan Cosmetics market in the US is estimated at $4.1 billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of $4.4 billion by the year 2027 trailing a CAGR of 7.9% over the analysis period 2020 to 2027, the report added.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.6%, respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.
Makeup Segment to Record 4.6% CAGR
In the global Makeup segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of $2.2 billion in the year 2020 will reach a projected size of $3 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $2.9 billion by the year 2027, while Latin America will expand at a 5.6% CAGR through the analysis period.