The global vegan cosmetics market is expected to rise at an impressive CAGR between 2020 and 2030, says Future Market Insights (FMI) in its recent study. The spiralling demand for cruelty free and vegan cosmetics, and the rapidly changing consumer preference, triggered by soaring environmental concerns will enable growth in the vegan cosmetics market.
Veganism although a niche concept is fast becoming a mainstream in the cosmetic industry. With an incredibly large number of consumers focusing on sustainability, cosmetic brands are compelled to rethink ingredients used in manufacturing. Besides this, overhaul in production is likely as manufacturers choose improving sustainability.
Thanks to the increasing access to information and rising penetration of the internet, modern consumers are rendered better aware than ever before. Coupled with this, soaring environmental concerns and depleting natural resources are causing a momentous shift in their behavior.
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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.
Unprecedented COVID-19 Outbreak has Left the Beauty Industry under Shock
The beauty and personal care industry is probably one of the worst hit sectors amid the pandemic crisis. The industry is now struggling to cope with the shifting consumer behavior. Consumers are likelier to spend on safer products with low risk of contamination and longer shelf life.
In addition to this loss of sales due to shuttered hypermarkets/ supermarkets and departmental stores has significantly hampered growth prospects. Brands are therefore focusing on strengthening their ecommerce presents.
Some of the leading cosmetics brands are offering at-home wellness products to keep their business afloat amid impending slowdown. Since consumers are cutting back their spending on discretionary items, the cosmetics sector in totality make witness loss of sales.
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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.
Vegan Cosmetics Market Key Segment
Product Type
- Facial Products
- Eye Products
- Lip Products
- Nail Products
Packaging Type
- Pumps & Dispensers
- Compact Cases
- Jars
- Pencils and Sticks
- Tubes
- Others
Price Range
- Mass
- Premium
Region
- North America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
- Latin America
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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