Plant-based skincare ‘growing strongly’
According to a new report by Fact MR, demand for plant-based skincare products is projected to surpass $683 million in 2021 and will see a CAGR of around 7.5% through the end of 2031. Online sales will grow even faster, at 9.9% CAGR.
“Demand for plant-based skincare products is projected to experience exceptional rise in the worldwide personal care industry over the decade,” Fact MR stated. “Rising awareness about various organic and natural products made with safe ingredients that eliminate the risk of allergic reactions and other skin problems has convinced consumers to shift their focus towards using plant-based beauty products.
Within this, the North America market is valued a $319.2 million in 2021 growing at 5.7% CAGR through 2031, while Europe’s market will reach $339.6 million that year. China is the major production base in Asia. Creams and lotions are the largest part of the market by segment, accounting for 32.1%.