Plant-Based Beauty Could be Worth $25.3 Billion

February 16, 2021, By smallcapfirm,

By now, you’re well aware of the plant-based boom.  Major food companies, like McDonald’s (NYSE:MCD), Burger King, Tyson Foods Inc. (NYSE:TSN) have jumped on the bandwagon.  Companies are even pushing aggressively into plant-based beauty products, like Ulta Beauty Inc. (NASDAQ:ULTA).

Plus, in addition to its announcement of an annual global sales target of $1.2 billion from plant-based meat and dairy over the next few years, Unilever (NYSE:UL) has announced plans to reshape its business around plants.

In fact, according to the Financial Times, it’ll focus on fast-growing markets, such as plant-based foods and skincare, hygiene, and beauty products.   Even better, the plant-based beauty market could be worth up to $25.3 billion by 2029, according to Prophecy Market Insights.

In addition, the analysts added, “Growing consumer preference towards cruelty-free and plant-based products stimulated by ethical-led choices, involving personal care products. This, in turn, is possible to create countless opportunities for the manufacturers of vegan beauty products over the forecast period. Consumers are shifting their preference from chemical-based beauty products, owing to safety reasons, and are drawn towards ‘natural’ and ‘safe’ products. This, in turn, is likely to drive the adoption of vegan beauty products in the coming years.”

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