The increasing popularity of safe & naturally derived cosmetics, and the changing millennial preference are the leading factors driving the global vegan cosmetics market during the forecast period.
According to TechSci Research report, “Vegan Cosmetics Market–Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the global vegan cosmetics market is expected to grow at a higher pace during the forecast period. The market is expected to grow in response to the increased demand for safer natural cosmetics. The market for vegan cosmetics is anticipated to rise because of increased R&D spending for advanced goods, rising environmental consciousness, an increase in the number of companies making vegan cosmetics, and strict regulatory rules and standards related to animal testing.
Despite being a niche concept, veganism is quickly gaining popularity in the cosmetics sector. Cosmetic companies are forced to reconsider the manufacturing processes utilized for their products due to the enormous number of consumers concerned with the environment. Besides this, overhaul in production is likely as manufacturers choose improving sustainability.
Modern customers are more informed than ever due to expanding informational access and rising internet usage. In addition to this, increasing environmental issues and the depletion of natural resources are leading to a significant change in their behavior.
Additionally, changes in production are expected in the upcoming years as cosmetic manufacturers focus a greater emphasis on enhancing their green technology, from the sourcing aw materials to product distribution.
G&M Cosmetics, n Australian cosmetic manufacturer, acquired Pure PapayaCare which is a 100% natural & vegan certified European skincare brand. This strategic acquisition highlights its intent to expand its footprint in export and retail domestic retail market.
Also, LG Household and Healthcare Ltd, a South Korean consumer goods company, introduced seven new products to complete its belief & VDL brands: vegan makeup product line up. The company markets the brand products as certified by the Korean agency of Vegan Certification and Services as a Vegan.
Based on the product type, the skin care segment has gained the largest market share in the global vegan cosmetics market and is expected to sustain its market share during the forecast period. The skin care segment is leading due to the regular usage of skin care productsby the global consumers to maintain the proper skin condition.
Based on price range, the medium segment gained a major share in the global market and is expected to maintain it during the forecast period. The rise of the segment is due to the high usage of vegan cosmetics by global consumers due to economic pricing and high availability of these products.
Based on the distribution channel the supermarkets/hypermarkets segment emerged as the dominant with the largest market share in the global vegan cosmetics market. The online retail sales for vegan skin care products would witness robust growth in upcoming years owing to the increasing penetration of internet and rise in digital payments across emerging economies, including India, wherein demonetization in 2016 drastically improved the digital transactions.
In comparison to other regions, the North American cosmetics business is expanding rapidly. The demand for cosmetics in North America is anticipated to gradually increase, particularly in the vegan cosmetics market, according to the CEO of L’Oréal. In this region, the demand for vegan skincare products is currently on the rise. As a result, major regional industry players are introducing new vegan products for the North American market. The North American vegan cosmetics market is primarily driven by consumers’ high spending capacity because of rising disposable incomes and stable economies. Additionally, a combination of people’s shifting lifestyles and growing knowledge of the advantages of vegan products is contributing to rising cosmetics sales in North America.
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Global Vegan Cosmetics Market is segmented based on product type, price range, distribution channel, region, and competitional landscape. Based on product type, the market is further fragmented into skin care, hair care, makeup, others. Based on the distribution channel the market is segmented into supermarkets/hypermarkets, departmental stores, specialty stores, online, and others (multi-branded stores, direct sales, etc.).
Key market players in the Global Vegan Cosmetics Market include:
L’Oreal is a French Personal care company which was established in 1909. L’Oreal is the world’s biggest cosmetics company and focuses on hair color, skincare, sun protection, make-up, perfume, and hair care. For more than 30 years, L’Oréal has been at the forefront of non-animal techniques.
Urban Decay is a US Based Cosmetic Company. Urban Decay is a subsidiary of L’Oréal Company. founded in 1996. It appeals to people who want to buy makeup that isn’t derived from animals, yet this is still not its only target market.
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“The market for vegan cosmetics is expected to expand as consumer demand for cruelty-free products rises. Demand for the product is also rising because of the expanding social media influence of beauty trends and the rise in celebrity endorsements supporting the usage of vegan cosmetics. The market for vegan cosmetics is expanding because of growing health concerns regarding the harmful effects of petroleum-based chemicals as well as the high prevalence of many skin-related illnesses across the globe.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Vegan Cosmetics Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F, Segmented By Product Type (Skin Care, Hair Care, Makeup, Others), By Price Range (Low, Medium, High), By Distribution Channel (Supermarkets/Hypermarkets, Departmental Stores, Specialty Stores, Online, and Others (Multi-Branded Stores, Direct Sales, etc.)), By Region,””, has evaluated the future growth potential of vegan cosmetics in the global market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global vegan cosmetics market.
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