There has been a remarkable surge in the demand for vegan cosmetics products due to the increase in the adoption of plant-based products among people in various countries. Besides, vegan cosmetics such as skin care, color cosmetics, hair care, and others are becoming an integral part of grooming among consumers, especially among Gen Z. Thus, an increase in the standard of living, a surge in disposable income, a rise in attention to attractiveness and perfection among women are further expected to drive the growth of the global vegan cosmetics market. According to the report published by Allied Market Research, the global vegan cosmetics market is expected to reach $28.5 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031. Companies are increasingly focusing on developing new vegan cosmetics products that further create remunerative opportunities for the growth of the market.
Numerous players of the market are launching innovative vegan cosmetics products to effectively cater to the needs and demands and changing lifestyles of people. For instance, Lifestyle International Pvt. Ltd., one of the leading fashion retail companies in India, entered the beauty segment with the launch of its first-ever beauty brand IKSU.
This launch comes amid the significant surge in the beauty segment over the last couple of years, and hence more and more brands are entering this booming space to diversify the choices that consumers get at their disposal. IKSU offers high-quality beauty products at affordable rates. All products offered by them are completely vegan, paraben-free, sulfate-free, cruelty-free, and free from formaldehyde. IKSU offers an extensive range of face products such as concealers, blushes, foundations, and highlighters. It also provides fashionable eye products such as eyeliners and kohl pencils along with vibrant shades of lipsticks and a colorful palette of nail paints.
Devarajan Iyer, Chief Executive Officer of Lifestyle International, mentioned in a statement that consumers can not only expect quality but also affordability from the new IKSU range. He further added that Lifestyle will essentially continue to be a one-stop destination for everything from apparel to footwear, accessories, and beauty, especially after the launch of its beauty brand IKSU.
The trend of launching new vegan cosmetics products in various countries from prominent players of the market continues to gain massive momentum in the consumer goods industry. For instance, Pilgrim, a dominant D2C beauty and personal care brand announced the launch of its new product range called ‘Secrets of Seville’. This innovative range of products comes with a key ingredient called squalane, which is significantly capable of strengthening skin barriers. In addition, the key ingredient prevents transepidermal water loss (TEWL) that further enhances and transforms dull dehydrated skin. Hence, this revolutionary launch establishes Pilgrim as the only Indian brand with a dedicated product range based on squalane.
Another major ingredient included in the new range is Phyto-retinol. It is a plant-based alternative to retinol that provides the benefits of retinol except for its irritation and redness. Coenzyme Q10 is another ingredient included in the range that significantly energizes the skin, and is full of anti-oxidant properties.
Thus, new vegan cosmetic product launches along with the increase in the standard of living and a surge in the demand for plant-based products are further expected to create ample opportunities for the growth of the market.
