Rising awareness regarding cruelty-free beauty and surging demand for personal care products is projected to be one of the key trends in escalating the target market growth.
The report " Vegan Beauty Products Market, By Product Types (Skincare, Haircare, Bath care, Cosmetics, and Fragrance), By Customer Orientation (Women, Men, Unisex, and Kids), By Nature (Organic and Conventional), By Price Range (Premium and Economic), By Sales Channel (E-commerce, Hypermarket/Supermarket, Departmental Stores, Specialty Stores, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
In June 2019, The Estée Lauder Companies Inc. declared a new partnership with Cruelty-Free International and a prolonged partnership with Humane Society International to progress the global end to cosmetics animal testing, an area the company has been a leader in for more than three decades.
In 2018, O Boticário, a prominent player in the vegan beauty products market increased its operations in UAE through the launch of its second retail outlet in Dubai. The official launch of this retail outlet will offer widespread scope for further growth of the company’s presence in the Middle East and blow into new customer segments via its cruelty-free beauty product offerings.
Analyst View:
Growing consumer preference towards cruelty-free and plant-based products stimulated by ethical-led choices, involving personal care products. This, in turn, is possible to create countless opportunities for the manufacturers of vegan beauty products over the forecast period. Consumers are shifting their preference from chemical-based beauty products, owing to safety reasons, and are drawn towards ‘natural’ and ‘safe’ products. This, in turn, is likely to drive the adoption of vegan beauty products in the coming years. Furthermore, a growing number of social media channels and beauty bloggers are promoting makeup hacks using vegan beauty products. This, in turn, is boosting manufacturers of vegan beauty products.
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Key Market Insights from the report:
The global vegan beauty products market accounted for US$ 14.3 billion in 2019 and is estimated to be US$ 25.3 billion by 2029 and is anticipated to register a CAGR of 5.9%. The market report has been segmented on the basis of product types, customer orientation, nature, price range, sales channel, and region.
By product types, the hair care cosmetics market widely consists of shampoos & conditioners, which are easily available. Numerous companies such as Bare Blossom and Zuzu Luxe invest heavily in research activities and discover the market to come up with organic (animal-free) ingredients such as babassu oil, which are commonly preferred by consumer base worldwide.
By customer orientation, the target market is segmented into women, men, unisex, and kids.
By nature, the target market is segmented into organic and conventional.
By price range, the target market is classified into premium and economic.
By sales channel, E-commerce is a protruding segment in the vegan beauty products market, with women accounting the main end-users. The availability of promotional offers on a variety of brands and ease of shopping offered are contributing to the growth of the segment.
By region, North America is dominating the target market as more customers use vegan cosmetics that are not animal tested and favors the development of animal-tested alternatives. The cosmetics market in the region is witnessing faster growth as compared to other regions.
Competitive Landscape:
The prominent player operating in the global vegan beauty products market includes L'Oreal, Estee Lauder, P&G, Unilever, Cosmax Inc, Johnson & Johnson, Grupo Boticario, Beiersdorf, Coty, Natura, Groupe Rocher, and Gabriel Cosmetics.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
