Surpassing the revenue of around US$15 Bn in the year 2020, global vegan beauty products market expects healthy growth through the next five years.
Vegan Beauty Products Market Sees Significant Demand Surge as Veganism Goes Mainstream
The trend of veganism has been evolving rapidly and its proliferation in the cosmetics sector has gained significant traction from customers. Backed by growing emphasis on sustainability, several brands across the globe have been focused on developing cruelty free beauty products. In addition, on the back of increasing concerns apropos to production and use of beauty products that include synthetic components and chemicals, customers are more inclined towards using plant-based substitutes. This factor continues to remain instrumental in driving the growth of the vegan beauty products market on the global front. Moreover, emerging sourcing destinations of vegan raw material have significantly complemented demand for vegan beauty products. This is mainly owing to consumers’ inclination towards innovative plant-based beauty products with health benefits.
Furthermore, ban on animal testing for beauty products has been supplementing the growth of the vegan beauty products market on the global front. Animal testing has become a major topic of concern, mostly in developed regions of Europe and North America. While animal tested beauty products are banned in European countries, rising number of states in North America have been considering implementation of bans on distribution and import of such beauty products. In this regards, Nevada, California, and Illinois are few among others that have implemented bans on selling of animal tested beauty products in 2020. That said, from the beauty products manufacturing standpoint, such bans on animal testing are likely to provide an impetus to the sales of their cruelty free vegan counterparts, in turn influencing the growth of the vegan beauty products market.
CBD Infused Products to Gain Considerable Traction in Global Vegan Beauty Products Market
Growing importance of cannabidiol (CBD) as an effective chemical agent in addressing concerns such as insomnia and anxiety has triggered demand for CBD infused beauty products. Moreover, according to the National Center for Biotechnology Information (NCBI), cannabidiol may have cancer fighting abilities. This has fostered popularity of CBD among wellness community, in turn complementing the use of CBD infused beauty products. In this backdrop, customers are using beauty products that are vegan and cruelty free with induced CBD. Companies manufacturing vegan beauty products are providing different cosmetic products that are infused with cannabidiol such as lotions, creams, balms, cleansers, toners, scrub exfoliators, masks, skincare serums and essential oils. This trend is expected to provide ample opportunities in the vegan beauty products market.
Europe Spearheads Vegan Beauty Products Market, Asia Pacific Holds Lucrative Opportunities
Developed economies across Europe region are likely to showcase higher inclination towards use of vegan beauty products. Countries such as UK, Germany, Italy, Spain, and France are poised to account for a significant share in the Europe vegan beauty products market in the forthcoming years. This can be attributed towards increasing awareness apropos to benefits of using vegan products coupled with rising demand for cruelty free cosmetic products. In addition, according to European Trade Association, number of centers for cosmetic innovation in the region are increasing which is expected to provide a solid backbone to the development of advanced vegan beauty products. Moreover, growing trend of veganism has not only influenced the food and beverage sector but also the cosmetics industry and European beauty products sector is no exception. Given this background, Europe is expected to remain at the vanguard, influencing the growth of the vegan beauty products market in the years to follow.
On the other side of the spectrum, developing nations in Asia Pacific are expected to showcase high lucrativeness. This is mainly owing to significant growth in the cosmetics, personal care, pharmaceuticals, and related industries in the region backed by its attractiveness for new business. Furthermore, rising population has resulted in an increase in the customer pool coupled with stable growth in GDP per capita. This macro factor coupled with rising vegan population remains instrumental in driving sales in vegan beauty products market of Asia Pacific and manufactures can expect ample opportunities across the region in the forthcoming years.
Vegan Beauty Products Market: Competitive Landscape
New product launch has been one of the core strategies applied by manufacturers of vegan cosmetic and beauty products. With new launches, companies are aiming to develop their portfolio to strengthen their position in the market. For instance, in 2021, G&M Cosmetics announced its plan to launch several vegan beauty products and baby care products. Since its acquisition of P’URE Papayacare in 2019, the company has been developing innovative products and has extended its portfolio by introducing 15 vegan products in the cosmetics space. Likewise, same year in January, Elf Cosmetics introduced its new range of vegan cosmetic products in India. All vegan beauty products offered by Elf Cosmetics would be distributed via an online beauty products platform called Nykaa.
A few of the major players in global vegan beauty products market include Coty Company, MuLondon, Loreal S.A., Elf Cosmetics, Beauty Without Cruelty, Nutriglow Cosmetics, G&M Cosmetics, Seraphine Botanicals, and PHB Ethical Beauty Ltd.
The Global Vegan Beauty Products Market Is Segmented As Below:
By Product Type
By Customer Orientation
By Price Range
By Distribution Channel
Key Elements Included In The Study: Global Vegan Beauty Products Market
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