“Global Vegan Cosmetics Market Growth Analysis and Overview”:
The Global Vegan Cosmetics Market is expected to register a CAGR of 7.1% during the forecast period, 2018 to 2023.
The overall cosmetics industry is highly competitive in nature and requires continuous innovation and development especially in the vegan cosmetics products. Rising environmental awareness has encouraged several key players to avoid practice of animal derived raw materials by developing natural ingredients that are identical and overtake performances of conventional resources. Growing research and development activities in the field is expected to aid the market growth across the globe.
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Popularity of Cruelty Free Cosmetics to Drive the Vegan Cosmetics Market Growth
Increasing preference for animal free products, along with rising popularity of environment sustainable products, is driving the demand for vegan cosmetics products. Growing demand for chemical-free hair and skin products along with growing awareness about cruelty free cosmetics products is supporting the market growth from last few years. Additionally, naturally-derived products helps to reduce pollution and dependence on petroleum based cosmetics products. Significant rise in influence of social media and beauty blogs that are communicating the benefits vegan cosmetics is likely to influence sales of vegan cosmetics products. Moreover, introduction of several regulations from government authorities is playing key role to drive the market growth of vegan cosmetics. For instance, in 2016, The Personal Care Products Safety Act, proposed by Senator Dianne Feinstein and Senator Susan Collins, would give the FDA the authority to regulate the safety of beauty products.
Skin Care Vegan Products to Witness Fastest Growth during the Forecast Period
Key players across the globe are focusing more on innovation in cosmetics products which contains plant based ingredients rather than animal based ingredients which is likely to support the growth of the market. Growing awareness about beneficial properties and characteristics of vegan cosmetics products such as soothing skin and healing aliments is attracting consumers to buy vegan cosmetics products. Though the ban on cruelty-free cosmetics and cosmetic animal testing still contain animal-derived products such as beeswax, carmine, and in some skin care products, honey. However, the demand for organic personal care products is likely to support vegan cosmetics market growth in the upcoming years. The vegan hair care cosmetics products are witnessing significant growth especially in products such as shampoos & conditioners which is expected to fuel market growth.
Vegan Cosmetics Market Major Key Players:
Growing Vegan Population to support Vegan Cosmetics Market Growth in North America
Developing trend of veganism, especially among younger generation, is playing a crucial role in the development of the market in the North America region. Growing acceptance of vegan lifestyles among millennial is likely to contribute the growth of the global vegan cosmetics market. Developed countries in Europe are also witnessing growth in vegan population from last few years. For instance, in the UK, the number of people identifying as vegans has increased by 350%, compared to a decade ago, according to research commissioned by the Vegan Society in partnership with Vegan Life magazine. This factor is expected to boost the sales of various vegan cosmetics products in the Europe.
Key Developments in the Vegan Cosmetics Market
Jul 2018: Cruelty-free and vegan makeup brand Milk Makeup has expanded its popular CBD-infused “Kush” collection to include brow gel. The new product is available in four shades, ranging from clear to dark.
Jun 2018: ColourPop has launched a new line of foundation that caters to a diverse spectrum of complexions. Called “No Filter Foundation,” the line features 42 shades intended to match all skin tones and an oil-free formula that provides a natural, matte finish and long-lasting wear.
Reasons to Purchase Vegan Cosmetics Market Report
Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
3-month analyst supports, along with the Market Estimates sheet in excel
Customization of Vegan Cosmetics Market Report
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