The new report by Expert Market Research titled, ‘Global Vegan Cosmetics Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global vegan cosmetics market, assessing the market based on its segments like product type, sales channel, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026):
• Forecast CAGR (2021-2026): 6.5%
Consumer awareness of cruelty-free goods is growing, as is knowledge of the detrimental consequences of chemical and animal-based products. As a result, there is a growing demand for vegan cosmetics. The use of animal materials such as hair, fur, and other similar items is outlawed in some industrialized nations, such as Europe, which helps the vegan cosmetics business. Vegan cosmetics are expected to benefit from a growing focus on consumer health and safety, as well as a growing demand for environmentally sustainable goods, throughout the projected period.
Industry Definition and Major Segments
Vegan cosmetics are those that do not contain any animal-derived ingredients across the product’s whole supply chain, instead relying on natural and organic plant-based ingredients.
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Based on its product type, the vegan cosmetics market is segmented into:
Based on its sales channel, the vegan cosmetics market has been segmented into:
• Departmental store
• Speciality stores
Based on region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
One of the key growth accelerators for the industry is the rising demand for vegan cosmetics among millennials. Rapidly shifting cosmetic trends are having an impact on the worldwide economy, as most consumers consider animal cruelty to be unacceptable and are raising awareness about it. Furthermore, embracing natural alternatives such as plant-based personal care products benefit the market. In a few developed countries, such as Europe, the use of animal products such as hair, fur, and other similar items is prohibited. As a result, the market’s growth is expected to accelerate. Furthermore, the industry is expected to be bolstered by the growing popularity of safer, naturally produced cosmetics. Increasing health and safety concerns, public knowledge of the usage of animal-tested products, and a growing emphasis on ecologically friendly products are all likely to drive demand for vegan cosmetics. Due to the simplicity of product selection and order placement and delivery, e-commerce retail locations have exploded in popularity in recent years. Due to a shift in customer shopping experience from hypermarkets and specialized stores to e-commerce platforms. Major cosmetics firms throughout the world are realizing the necessity of using mineral-based or plant-based ingredients rather than animal-derived chemicals in their products. Vegan cosmetics are becoming more popular because of their excellent qualities. Consumer knowledge of the detrimental effects of some compounds, such as paraben and aluminum compounds found in skincare, hair care, and deodorants, has resulted in an increase in demand for natural and organic products in the European region. A large percentage of European consumers prefer one brand over others because of its natural and ethical formulation, with vegan beauty product sales increasing significantly in the United Kingdom alone in recent years.
Key Market Players
The major players in the market are Ecco Bella, Bare Blossom, Emma Jean Cosmetics, INC., Urban Decay Cosmetics, Arbonne International, LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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