The vegan beauty products market witnessed growth at a CAGR of over 4% in the period 2013-2017. The ever-growing popularity of veganism in the beauty & personal care space is one of the chief factors propelling growth of vegan beauty products market.
Vegan skin care products are likely to witness impressive sales in 2019 and beyond. As skincare products are among the major essentials for a day-to-day skin grooming regimen, consumers are more than ready to pay premium prices for high-quality vegan skin care products.
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However, the high cost of these cosmetics and the lack of a set of uniform guidelines for vegan certification might limit market expansion. Opportunities in the vegan cosmetics market are anticipated to increase since organic and vegan cosmetics are thought to be safer than chemical skincare products.
As cannabidiol (CBD) is accepted for treating a variety of issues like anxiety and insomnia, the demand for CBD-infused vegan cosmetic products is steadily rising. Studies have also shown that CBD slows the development of cancer cells, which has helped it to gain appeal in the wellness industry.
Given that the usage of CBD is an useful holistic element that assists in improving the “feel good” factor, the majority of customers are replacing their complete beauty regimen with a broad selection of cruelty-free and vegan cosmetic products.
Key Takeaways:
- The vegan cosmetics products market is expected to expand at a CAGR of 6% between 2022 and 2028.
- Europe is anticipated to overtake Asia as the largest market for vegan cometic products during the evaluation period
- Middle East and Africa is predicted to have the highest growth rate for vegan cosmetic products.
- The demand for vegan cosmetic products is expected to grow significantly as consumers seek out cruelty-free and plant-based goods by 2028.
- In terms of product type, the skin care and hair care segment will witness prolific growth over the upcoming decade.
- Based on sales channel, online segment will showcase growth at an impressive rate on the back of boom that social media is witnessing
Growth Drivers:
- A growing number of social media platforms and beauty bloggers are advocating makeup tricks with vegan cosmetic products, fuelling the demand.
- Consumers are showing a notable aversion to beauty products that include chemicals and are drawn to those that are marketed as “natural” and “safe.” this is anticipated to further encourage the use of vegan cosmetic products.
- Customers are choosing items that are ecologically friendly. This is creating excellent conditions for the widespread use of vegan cosmetic products.
Restraints:
- The availability of counterfeit goods remains a significant barrier in the vegan cosmetic products market
- Another barrier to the widespread use of vegan cosmetic products market is the lower shelf life of vegan goods compared to synthetic ones.
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