02 December 2019
The Vegan Cosmetics Market Report 2020-2030: Forecasts by Product (Skin Care, Hair Care, Makeup), By Sales Channel (E-Commerce, Supermarket, Departmental Store, Specialty Store), by region and analysis of leading companies operating in this industry.
The global market size of vegan cosmetics is estimated to exceed USD 14.5 billion by 2020 and is expected to grow over the forecast period at a CAGR of more than 7.1 percent. Increasing demand for personal care products, coupled with increased awareness of cruelty-free cosmetics, is expected to be one of the main trends in the growth of the industry. Increasing awareness of the adverse effects of products derived from animals has also increased demand for vegan products, which includes vegan cosmetics. In addition, vegan cosmetics are made from natural and plant-based ingredients that protect the body. Vegan products improve the health of the skin and reduce the chance of dark circles, acne, and other defects of the body. Consequently, vegan goods are increasingly favored by customers, which in turn drive the growth of the vegan cosmetics market.
The cosmetics industry is inherently highly competitive and demands top-performing products that reach the highest levels of creativity and performance. Increasing environmental awareness has motivated many companies to avoid the use of raw materials derived from animals by creating similar natural resources and improving traditional resource quality. Increasing activities in the field of research and development are expected to help the market gain considerable momentum.
The growth prospects of the e-commerce industry have been boosted by factors such as increased internet penetration, technological advances, increased smartphone adoption, and social media growth. The rapid growth of the e-commerce industry has inspired market vendors of vegan cosmetics to sell their goods across online channels of distribution. Market vendors use information and communication technology, artificial intelligence, and other modern technologies and partner with major online retailers to improve their online sales. The rising trend for online shopping would fuel e-commerce market growth and have a positive impact on the market for vegan cosmetics.
Growing awareness of beneficial properties and features of vegan cosmetics products such as calming skin and therapeutic foods encourages consumers to purchase vegan cosmetics items. Although the ban on cruel cosmetics and cosmetic animal testing also allows products derived from animals such as beeswax, carmine, and honey in certain skin care products. Nevertheless, in the coming years, demand for organic personal care products is likely to support market growth in vegan cosmetics. Significant growth is witnessed by vegan hair care cosmetics products particularly in products such as shampoos & conditioners that are expected to boost market growth.
Developing vegan trend, especially among younger generations, plays a crucial role in North America's market growth. Growing acceptance among millennial vegan lifestyles is likely to contribute to the growth of the global market for vegan cosmetics. Developed countries in Europe are also witnessing growth in vegan population. These factors are expected to drive the global vegan cosmetics market during the forecast period.
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