by The global vegan beauty products market, which exceeded revenue of approximately US$15 billion in 2020, is poised for robust expansion in the foreseeable future. The surge in demand for vegan beauty products can be attributed to the mainstream adoption of veganism and a growing emphasis on sustainability. As consumers become increasingly conscious of the synthetic components and chemicals in traditional beauty products, they are turning to plant-based alternatives, propelling the vegan beauty products market to new heights.
Mainstreaming Veganism Drives Demand
The rise of veganism is transforming the cosmetics industry, with numerous brands worldwide focusing on the development of cruelty-free beauty products. This trend is reinforced by the ban on animal testing for beauty products, particularly in Europe and North America. European countries have already prohibited animal-tested beauty products, and several U.S. states, including Nevada, California, and Illinois, implemented bans on the sale of such products in 2020. These bans are expected to boost the sales of cruelty-free vegan beauty products, further fueling market growth.
CBD-Infused Products Gain Popularity
The global demand for CBD-infused beauty products is on the rise, driven by the increasing recognition of cannabidiols potential benefits, including its possible cancer-fighting properties. Consumers seeking vegan and cruelty-free options are embracing beauty products infused with CBD, such as lotions, creams, balms, cleansers, and essential oils. This emerging trend offers substantial growth opportunities in the vegan beauty products market.
Europe Leads the Way, Asia Pacific Offers Lucrative Prospects
Developed economies in Europe, including the UK, Germany, Italy, Spain, and France, are at the forefront of the vegan beauty products market, driven by a growing awareness of the benefits of vegan products and the demand for cruelty-free cosmetics. The presence of numerous centers for cosmetic innovation in Europe further supports the development of advanced vegan beauty products.
Conversely, Asia Pacific, with its burgeoning cosmetics, personal care, and pharmaceutical industries, presents lucrative opportunities for market growth. The regions rising population, stable GDP per capita growth, and an increasing vegan population contribute to the growing demand for vegan beauty products.
Competitive Landscape
Key players in the global vegan beauty products market are adopting strategies such as new product launches to expand their portfolios and enhance their market presence. For example, G&M Cosmetics plans to introduce several vegan beauty and baby care products, building on its portfolio expansion since the acquisition of PURE Papayacare in 2019. Elf Cosmetics also entered the Indian market with a range of vegan cosmetic products available through the online platform Nykaa.
Major players in the market include Coty Company, MuLondon, LOreal S.A., Elf Cosmetics, Beauty Without Cruelty, Nutriglow Cosmetics, G&M Cosmetics, Seraphine Botanicals, and PHB Ethical Beauty Ltd.
The global vegan beauty products market is set to flourish as consumer preferences continue to align with sustainability and cruelty-free options. Market players are poised to capitalize on these trends and offer innovative, plant-based beauty solutions to meet the growing demand.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/vegan-beauty-products-market
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This press release first seen on Brilad
COMTEX_442320044/2840/2023-10-23T08:21:15
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.