Global Vegan Beauty Products Market To Grow At A CAGR Of 5.5% Between 2019 And 2027
According to a new market report published by Brisk Insights, “Global Vegan Beauty Product Market (By Product Type (Skincare, Hair care, Makeup and Others), By Distribution Channel (E-commerce, Hypermarket and Supermarket, Departmental Stores and Others (Brand Outlets, Specialty Stores etc.)- Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the overall vegan beauty products market worldwide was valued at US$ 1018.9 Mn in 2018 and is set to grow with 5.5% CAGR during the forecast period.
The vegan beauty products market estimated to witness a significant growth, at a CAGR of 5.5% during the forecast period from 2019 to 2027. Evolving consumer demand for natural and pure ingredients and rising number of ethical consumers is increasing the demand for vegan beauty products. Consumers are switching to vegan products because of both environmental and ethical reasons. Consumers demand natural products that are free from chemical products and are not tested on animals. Moreover, the ban on the sale of animal tested cosmetics is one of the major reasons for the development of vegan beauty products across the globe. For instance, in August 2019, the U.S ends cosmetics testing on animals. From 2020, the states of Illinois, California and Nevada will be free from animal testing of cosmetic products.
The vegan beauty product Market is segmented based on product type, distribution channel, and geography. Based on the product type, skin care segment led the market in 2018 and is likely to dominate the market during the forecast period from 2019 to 2027. One of the key reason behind the dominance of skincare segment is, consumers nowadays are becoming more distrustful regarding chemical ingredients and seeking natural alternatives. Manufactures thus are expanding their reach towards vegan products. For instance, L’Oreal acquired Naturkosmetik. Naturkosmetik is a manufacturer of vegan beauty products. With this acquisition L’Oreal aims to increase its product portfolio in plant-based products. Furthermore, based on geography, the vegan beauty product market was dominated by North America in 2018. The region expected to lead in the forecast period from 2019 to 2027. The growth of reason is led by new product launches in North America. This region is considered an attractive region for vegan beauty products because of increasing demand for such products. Thus, companies are launching many vegan beauty products in North America. For instance, in August 2019, a range of WeDo professional skincare products by will be available in the North America region at the end 2019. The WeDo professional range is 100% vegan range currently available in Nordic region.
Major players in the vegan beauty product market include Gabriel Cosmetics, Inc., The Cult Beauty, Ecco Verde, The Body Shop, Pacifica Beauty LLC, Bare Blossom, P’URE Papayacare, MULONDON, Lush, Cosmax Co. Ltd., Plum and Urban Decay among others. The major players are focusing on taking up strategies such as partnerships, product innovation, etc. to survive in the competitive market environment. For instance, in October 2019, G&M Cosmetics acquired P’URE papaya care. P’URE is a vegan skincare brand. The acquisition aims to expand G&M’s footprint across the globe staring from Europe.
Browse the full report at https://www.acutemarketreports.com/report/vegan-beauty-products-market
The Global Vegan Beauty Product Market is Segmented into:
By Product Types (2017-2027; US$ Bn)
By Distribution Channel (2017 – 2027; US$ Bn)
By Geography Segment (2017-2027; US$ Bn)
*Complete segmentation list is on report page