Skin Care Segment in Vegan Cosmetics is Dominating the Market During the Forecast
The increasing
popularity of safe & naturally derived cosmetics, and the changing
millennial preference are the leading
factors driving the global vegan cosmetics market during the forecast period.
According to TechSci
Research report, “Vegan Cosmetics Market–Global Industry Size, Share,
Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the global vegan cosmetics market is
expected to grow at a higher pace during the forecast period. The market is
expected to grow in response to the increased demand for safer natural
cosmetics. The market for vegan cosmetics is anticipated to rise because of
increased R&D spending for advanced goods, rising environmental
consciousness, an increase in the number of companies making vegan cosmetics,
and strict regulatory rules and standards related to animal testing.
Despite being a niche concept, veganism is quickly gaining
popularity in the cosmetics sector. Cosmetic companies are forced to reconsider
the manufacturing processes utilized for their products due to the enormous
number of consumers concerned with the environment. Besides this, overhaul in
production is likely as manufacturers choose improving sustainability.
Modern customers are more informed than ever due to expanding
informational access and rising internet usage. In addition to this, increasing
environmental issues and the depletion of natural resources are leading to a
significant change in their behavior.
Additionally, changes in production are expected in the
upcoming years as cosmetic manufacturers focus a greater emphasis on enhancing
their green technology, from the sourcing aw materials to product distribution.
G&M Cosmetics, n Australian cosmetic manufacturer,
acquired Pure PapayaCare which is a 100% natural & vegan certified European
skincare brand. This strategic acquisition highlights its intent to expand its
footprint in export and retail domestic retail market.
Also, LG Household and Healthcare Ltd, a South Korean consumer
goods company, introduced seven new products to complete its belief & VDL brands:
vegan makeup product line up. The company markets the brand products as
certified by the Korean agency of Vegan Certification and Services as a Vegan.
Based on the product type, the skin care segment has gained the
largest market share in the global vegan cosmetics market and is expected to
sustain its market share during the forecast period. The skin care segment is
leading due to the regular usage of skin care productsby the global consumers
to maintain the proper skin condition.
Based on price range, the medium segment gained a major share
in the global market and is expected to maintain it during the forecast period.
The rise of the segment is due to the high usage of vegan cosmetics by global
consumers due to economic pricing and high availability of these products.
Based on the distribution channel the
supermarkets/hypermarkets segment emerged as the dominant with the largest
market share in the global vegan cosmetics market. The online retail sales for vegan skin
care products would witness robust growth in upcoming years owing to the
increasing penetration of internet and rise in digital payments across emerging
economies, including India, wherein demonetization in 2016 drastically improved
the digital transactions.
In comparison to other regions, the North American cosmetics
business is expanding rapidly. The demand for cosmetics in North America is
anticipated to gradually increase, particularly in the vegan cosmetics market,
according to the CEO of L'Oréal. In this region, the demand for vegan skincare
products is currently on the rise. As a result, major regional industry players
are introducing new vegan products for the North American market. The North American vegan cosmetics
market is primarily driven by consumers' high spending capacity because of
rising disposable incomes and stable economies. Additionally, a combination of
people's shifting lifestyles and growing knowledge of the advantages of vegan
products is contributing to rising cosmetics sales in North America.
Browse over XX market
data Figures spread through XX pages and an in-depth TOC on "Global Vegan Cosmetics Market"
Global Vegan Cosmetics Market
is segmented
based on product type, price range, distribution channel, region, and
competitional landscape. Based on product type, the market is further
fragmented into skin care, hair care, makeup, others. Based on the distribution
channel the market is segmented into supermarkets/hypermarkets, departmental
stores, specialty stores, online, and others (multi-branded stores, direct
sales, etc.).
Key market players in the Global Vegan Cosmetics Market include:
·
L'Oréal AS
·
Urban Decay Cosmetics LLCPacifica
Beauty, LLC
·
Lotus Light Enterprises (Beauty Without
Cruelty)
·
Gabriel Cosmetics, Inc.
·
G & M COSMETICS PTY. LIMITED PHB Ethical
Beauty Ltd
·
Nutriglow Cosmetics Private Limited Natura & Co Coty Inc.
L'Oreal is a French Personal care company which was
established in 1909. L'Oreal is the world's biggest cosmetics company and
focuses on hair color, skincare, sun protection, make-up, perfume, and hair
care. For more than 30 years, L'Oréal has
been at the forefront of non-animal techniques.
Urban Decay is a US Based Cosmetic Company. Urban Decay
is a subsidiary of L'Oréal Company. founded in 1996. It appeals to people who want to buy makeup that isn't
derived from animals, yet this is still not its only target market.
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“The market for vegan cosmetics is expected to expand as consumer demand
for cruelty-free products rises. Demand for the product is also rising because
of the expanding social media influence of beauty trends and the rise in
celebrity endorsements supporting the usage of vegan cosmetics. The
market for vegan cosmetics is
expanding because of growing health concerns regarding the harmful effects of
petroleum-based chemicals as well
as the high prevalence of many skin-related illnesses across the globe.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Vegan Cosmetics
Market- Global Industry Size, Share, Trends, Competition,
Opportunity, and Forecast, 2018-2028F
Segmented By Product Type
(Skin Care, Hair Care, Makeup, Others), By Price Range (Low, Medium, High), By
Distribution Channel (Supermarkets/Hypermarkets, Departmental Stores, Specialty
Stores, Online, and Others (Multi-Branded Stores, Direct Sales, etc.)), By
Region,””, has evaluated the future growth potential
of vegan cosmetics in the global market and provides statistics and information
on market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the emerging
trends along with essential drivers, challenges, and opportunities present in
the global vegan cosmetics market.
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