Vegan Cosmetics Market – Overview
Vegan cosmetics are manufactured without causing any harm to animals. Naturally, these products do not contain any kind of animal-derived elements or ingredients. In majority of the cases organic and plant-based ingredients are the key components of such vegan cosmetic products. These products include elements such as vitamins, collage, minerals, gelatin, honey, and antioxidants among others. The global market for vegan cosmetics is expected to achieve promising growth in the coming years of the forecast period with the growing trend of veganism among global population.
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Vegan Cosmetics Market – Notable Developments
Some of the key developments in the global vegan cosmetics market are given below:
- In their recent study, Soil Association Certification reported that the overall launch rate of the vegan beauty care product rose by nearly 175% in the period of July 2013 to June 2018.
- Recently, the State Assembly of the US unanimously passed an act called Cruelty-free Cosmetics Act (SB 1249). This new bill will restrict the sale of cosmetics and other beauty care products that have animals as test subjects. This law will come into effect from January 1 2024. The violators will face hefty charges such as US$5000 with more US$1000 per day till the time the violation is dissolved.
- In August 2018, L’Oréal announced that the company has successfully taken over Logocos Naturkosmetik, a German beauty brand that sells vegan and organic beauty products.
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Vegan Cosmetics Market – Drivers and Restraints
One of the biggest driving factor for the growth of the global vegan cosmetics market is the recent surge of the population adopting vegan diet and approach in their lives. As the number of people who follow strict veganism grow, naturally, the growth of the vegan cosmetics market will have a positive development.
In addition to this, several governments across the globe are implanting strict guidelines and are issuing regulations about the animal testing. Moreover, growing preference towards using organic and plant-based personal care and beauty products is also helping to drive the growth of the global vegan cosmetics market.
Another important driving factor for the growth of the global vegan cosmetics market is the growing research and development activities to provide more efficient and reliable products. The R&D activities are driven by the evolving needs of the consumers and thus in the end are helping to drive the growth of the global market.
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Vegan Cosmetics Market – Geographical Outlook
The global vegan cosmetics market has five important geographical regions that provide a better understanding of its overall working dynamics. These regions are Asia Pacific, North America, Middle East and Africa, Latin America, and Europe. Of these, currently the global vegan cosmetics market has been dominated by the North America region. The region is expected to continue to offer a significant contribution over the course of the given forecast period of 2019 to 2027. The growth of the regional market is mainly attributed to the growing trend of veganism among the considerable sections of the population. Teens and young adults in particular are more drawn towards these upcoming trends and are thus contributing in the development of the North America market for vegan cosmetics. Another important factor for the growth of the vegan cosmetics market in North America is due to the presence of several key product manufacturers in the region. This has eased the availability of wide range of products in the regional market and also encourage innovative and new products to cater to the evolving demands. Such factors are thus responsible for driving the growth of the North America market for vegan cosmetics.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
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