DUBLIN–(BUSINESS WIRE)–The “Vegan Cosmetics Market By Product Type, By Price Point, By Gender, By End User, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
According to this report the vegan cosmetics market size was valued at $16.6 billion in 2021, and is estimated to reach $28.5 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031.
Vegan cosmetics are composed of chemical compounds produced from natural or synthetic sources that do not contain any animal-derived ingredients. Animal-derived substances include, honey, beeswax, lanolin, collagen, albumen, carmine, cholesterol, gelatin, and many others. Vegan cosmetics are also devoid of animal testing and cruelty.
Vegan cosmetics are used to cleanse or protect the body or hair and are meant for personal care, skincare, face care, and hair care. Vegan cosmetics are used to improve or modify one’s appearance (makeup) by hiding imperfections, accentuating natural features (such as brows and eyelashes), adding radiance to a person’s face, or completely redefining the look.
In recent years, the cruelty-free (no animal testing), vegetarian (no byproducts of animal slaughter), and vegan (no animal components at all) cosmetics markets have expanded. Vegan cosmetics are chosen by customers because they are ethical in nature since vegan cosmetics are produced without the use of any animal components. Considering the medical benefits of vegan cosmetics on the skin, consumers gradually choose vegan cosmetics over non-vegan cosmetics.
Furthermore, vegan cosmetics are believed to assist in decreasing skin damage caused by many environmental changes and growing pollution globally. For example, the anti-oxidants included in vegan cosmetics are naturally processed from plants and can aid to alleviate skin dryness. As a result of the benefits that consumers obtain from using these products, the demand for plant-based components increases, which also fuels the expansion of the vegan cosmetics market.
The cosmetics sector is fragmented because it is very competitive and saturated. Trade restrictions, strong competition, and an increase in demand for low-cost products are stifling the expansion of the vegan cosmetics market and leading the market’s product quality to deteriorate. Small-scale business owners join the market, and because of the significant fluctuation in raw material costs, they employ low-quality raw materials to earn a good profit margin for themselves.
On the other hand, items of a well-known brand are exorbitantly priced, and buyers are eager to find low-cost alternatives. The market is flooded with counterfeit items available at low prices as a result of the high demand for products from well-known brands. In recent years, counterfeit items have thoroughly permeated the market, harming the profitability of well-known businesses. The decline in product quality and the widespread availability of counterfeit items impede the growth of the global vegan cosmetics market.
The usage of emulsifiers also plays a major role in the manufacturing of cosmetics. Hence, vegan cosmetic manufacturers are aware of using vegan-based emulsifiers in their vegan cosmetics products. Vegan emulsifiers are costly as it takes more time to get extracted from the vegan sources and vegan emulsifiers take a longer period for emulsion which slows down the production process. The slow emulsion speed and high price force the vegan cosmetics manufacturers to increase the initial price of the cosmetics. On the other hand, clear labeling of vegan products provides a clear message to the consumers about the usage of ingredients which encourages them to go for vegan cosmetic products.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vegan cosmetic market analysis from 2021 to 2031 to identify the prevailing vegan cosmetic market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the vegan cosmetics industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global vegan cosmetics market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Price Point
By Product Type
By End User
By Distribution Channel
- Specialty Stores
- Online Channels
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA
Key Market Players
- Amway Corporation
- Estee Lauder Companies Inc.
- Groupe Rocher
- L’Occitane Group
- L’Oreal S.A.
- LVMH Group
- Pacifica Beauty
- Unilever plc
For more information about this report visit https://www.researchandmarkets.com/r/okwzk9
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