Vegan Cosmetics market to Eyewitness Huge Marginal Growth by 2025
Posted by Mrudula Anil Karmarkar on January 11th, 2022
The global vegan cosmetics market size is projected to reach USD 20.8 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 6.3% during the forecast period. Spiraling demand for vegan cosmetics among millennials is one of the primary growth stimulants of the market.
The Beauty and Personal Care (BPC) industry has witnessed a decline in the wake of the Covid 19 pandemic, but the impact is not as severe as seen in other industries. Although discretionary spending has reduced, the BPC market has witnessed a consumer behavioral shift towards safe and reliable products. Products that have a lower risk of contamination owing to automation and longer shelf lives helping the rationing of consumer supplies are expected to stand out in the near future. Brands are also focusing on improving their supply lines in terms of strengthening their E-commerce channel along with offering at-home wellness products, which are highly suited in this volatile business environment. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
Rapidly changing cosmetic trends are affecting the global marketplace as most of the consumers find cruelty towards animals unethical and are spreading awareness against this act. Moreover, embracing natural substitutes such as plant-based personal care products is working in favor of the market.The use of animal products such as hair, fur, and others is banned in a few countries of the developed region such as Europe. This, in turn, is poised to boost the growth of the market. In addition, the growing popularity of safer and naturally derived cosmetics is anticipated to augment the market. Increasing concerns regarding health & safety, consumer awareness about the use of animal-tested products, and rising importance given to environmentally viable products are likely to stir up the demand for vegan cosmetics.
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E-commerce retail spaces have gained tremendous momentum over the last few years owing to ease of product selection and easy order placing and delivery. With the advent of products in 2011, China recorded more than 65.0% hit in online vegan cosmetics sales, owing to a shift in consumer shopping experience from hypermarkets and specialty stores to E-commerce platforms.
Further key findings from the report suggest:
Major cosmetics manufacturing companies across the globe are realizing the importance of making products that use ingredients, which are mineral-based or plant-based, rather than manufacturing products that are infused with animal extracted ingredients. Vegan cosmetics are gaining popularity due to their superior properties. Consumers worldwide are becoming increasingly aware about the effects of their purchasing preferences and patterns on society and the environment. Consumers are now more conscious about choosing products and they also take note of raw materials and source origin.
The cosmetics industry is highly competitive in nature and requires top-performing items that reach the uppermost levels of innovation and effectiveness. Growing environmental awareness has impelled several companies to avoid usage of animal-derived raw materials by developing natural resources that are identical and overtake performances of conventional resources. Increasing research and development activities in the field is anticipated to help the market gain tremendous traction.
In recent times, a sharp rise in the number of beauty blogs and social media accounts that are committed to the benefits of going chemical-free has worked in favor of the market by enhancing consumer’s information. In 2016, a Democratic senator from California, Dianne Feinstein, introduced the Personal Care Products Safety Act, a bill to reinforce regulations on ingredients in personal care products.
Changing perception of consumers towards animal-free products, coupled with growing popularity of environmentally sustainable products, is fueling the demand for naturally derived products. Manufacturing of naturally-derived products aid in reducing pollution and reducing dependence on petroleum-based products. Rising demand for chemical-free skin and hair products along with changing lifestyles of consumers is estimated to stoke the growth of the market.
Vegan products are strictly manufactured without any animal products and are not tested on animals. Focus on R&D activities is paving way for novel products and the use of natural harmless chemicals, which is helping market players to consolidate their positions in the arena. Cruelty-free cosmetic manufacturers are responsible for designing, manufacturing, packaging, and storing end-to-end products, catering to all requirements. Some of the key manufacturers in the industry are Urban Decay, Ecco Bella, Bare Blossom, Billy Jealousy, MuLondon Organic, and Modern Minerals Makeup. These companies are widening their operational boundaries across different countries in the world.
Grand View Research has segmented the global vegan cosmetics market on the basis of product, sales channel.
Vegan Cosmetics Product Outlook (Revenue, USD Million, 2014 - 2025)
Vegan Cosmetics Sales Channel Outlook (Revenue, USD Million, 2014 - 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 808
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