According to a new report, the plant-based skincare products market is projected to surpass a valuation of $683 million in 2021, with the European market projected to reach $339 and the North American market estimated at $319.2 million. China is stated as a rising player in the category.
Rising economies such as India, China, Russia, and Brazil are expected to drive demand for plant-based skincare products over the coming years, as well as a rise in the number of working women globally. Some of the leading companies offering plant-based skincare products include Mama Earth, Estee Lauder, Unilever, Clorox Co., Honest Co., The Body Shop, and Procter and Gamble Co.
Key moves in plant-based beauty
- Burt Bees, an eco-friendly and natural personal care brand of Clorox Co., introduced a line of natural cosmetics such as body lotions, face wash, cleansers, shower gels, body oils, and body scrubs made from natural ingredients
- Procter & Gamble Co. acquired a New Zealand-based Skincare Company called Snowberry, producer of cleansers, exfoliators, moisturizers, toners, and brighteners, focusing on anti-ageing and helping in exfoliating skin, in 2018.
- Armani Beauty launched a new line in 2019, which included environmentally responsible men’s daily grooming products such as toners, face wash, and moisturizers manufactured with biodegradable and natural formulations, ensuring that 99% of ingredients are obtained from nature.
- Allure launched the Nature in a Jar Collection, which consists of two body care products – a shower oil ‘The Nourishing In-Shower Oil’, which is vegan and gluten-free, and a body lotion ‘Cream-to-Water Body Lotion with Cactus Fruit Extract’.
Ecommerce as key driver
The market is expected to see an increase in sales via online channels, anticipated to rise at a CAGR of 9.9%. Ecommerce is playing an important role in the market, ensuring the availability of products at doorsteps, where businesses are finding it extremely difficult to maintain sales and efficient distribution channels.
“Rising consumer awareness related to the benefits derived from using natural products is convincing manufacturers to make innovative plant-based skincare products with safe and organic ingredients,” stated a lead analyst on the report.