According to Future Industry Insights (FMI), the worldwide vegan cosmetics market is predicted to grow at a rapid rate between 2020 and 2030. The growing demand for cruelty-free and vegan cosmetics, as well as fast changing consumer preferences prompted by rising environmental concerns, will propel the vegan cosmetics market forward.
Consumers consider animal testing of cosmetics to be unethical. People are turning away from traditional cosmetics as a result of public awareness efforts concerning animal cruelty in testing facilities. As a result, they are contributing to the spread of “clean beauty” trends.
Unlike their conventional competitors, the vegan cosmetics sector is benefiting from a greater willingness among consumers to accept natural and plant-based alternatives.
Several countries have even banned animal testing or use of animal products such as hair and fur. This inevitably creates opportunities for the expansion of the vegan cosmetics market.
Rising concerns pertaining to health and safety besides aversion to animal tested products among consumers is poised to boost growth. In the coming years the market is forecast to witnessing surging sales via online channels.
The availability of beauty products across diverse categories will stir up demand in the vegan cosmetics market. Ecommerce space is teeming with numerous options of vegan products in the cosmetics category. Some of the leading brands such as Tarte and Urban Decay enjoy international popularity and often come with new launches every season, keeping the vegan cosmetics market alight.
Increasing sales via ecommerce channels will be a boon for the vegan cosmetics market. Ecommerce space is a highly competitive one boasting the presence of several established as well as regional level players. It offers them a common platform to create awareness about their products.
Companies seeking out opportunities across online channels are thus under constant pressure of maintaining competitive pricing. In the cosmetics industry in particular, the scope for innovation is particularly high.
Market players are always on their toes to keep pace with the evolving consumer demand. In order to gain competitive advantage, these companies often lure consumers with special offers and discounts especially in online channels.
Ecommerce platforms have proven indispensable particularly amid the ongoing pandemic crisis when companies are finding it increasingly difficult to keep up their sales. Physical stores are likely to stay either shuttered or welcome lesser footprint even after governments ease lockdown.
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Online channels has therefore evolved into a crucial window of sales for the market. Future Market Insights offers exclusive information on the global vegan cosmetics market. Some of these are:
- Sales via ecommerce platform is expected to rise at a higher pace than physical stores
- The U.S. market for vegan cosmetics is forecast to surpass US$ 3 Bn by the end of 2025
- The presence of several established and regional brands has rendered global vegan cosmetics market highly competitive.
Who is winning?
The global vegan cosmetics market is a fragmented one, exhibiting the presence of several leading companies. Some of the market players profiled in the report are Ecco Zuzu Luxe, Bella, Bare Blossom, Urban Decay, Modern Mineral Makeup, Emma Jean Cosmetics, Arbonne, Pacifica, Beauty without Cruelty, Nature’s Gate, Billy Jealousy, and MuLondon Organic.
These companies are expected to focus on product launches and research and development to gain competitive advantage in the market.
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Get Valuable Insights into Vegan Cosmetics Market
Future Market Insights, provides an unbiased analysis of the global vegan cosmetics market in its new offering, giving historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights into the market. In terms of type, the market can be segmented into facial products, eye products, lip products, and nail products. Based on packaging, the market comprises pumps and dispensers, compact cases, jars, pencils and sticks, tubes. In terms of price range, the market can be bifurcated into mass and premium. Based on consumer orientation, men, women, and kids comprise the market. In terms of sales the market is segmented into wholesalers/ distributors, modern trade, convenience stores, departmental stores, specialty stores, online retailers, and others. Regionally, the market covers North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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