WASHINGTON, July 07, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Vegan Cosmetics Market finds that an increase in the penetration of veganism trends, the rising consumer consciousness towards the source of origin of cosmetic products, and the high prevalence of many skin problems coupled with the growing health concerns regarding the negative impact of petroleum-based cosmetic ingredients are expected to witness the maximum growth of the Vegan Cosmetics Market during the forecast period. The Global Market revenue was valued at USD 15.1 Billion in 2021.
The Global Vegan Cosmetics Market size is forecasted to reach USD 21.5 Billion by 2028 and is predicted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period; states Vantage Market Research, in a report, titled “Vegan Cosmetics Market Size, Share & Trends Analysis Report by Product (Skin Care, Hair Care, Color Cosmetics, Other Products), by Distribution Channel (Hypermarkets & Supermarkets, Specialty Stores, E-commerce, Other Channels), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Vegan Cosmetics market is predicted to grow at a CAGR of roughly 6.1% during the forecast period.
- The Vegan Cosmetics market was estimated to be worth roughly USD 15.1 Billion in 2021 and is expected to reach USD 21.5 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Vegan Cosmetics market.
Market Dynamics:
Drivers:
Increasing Market Leader’s Engagement in Launching Vegan Products Drives the Market
The Vegan Cosmetics Market is predicted to expand considerably in the coming years. The trend is growing at an unprecedented pace in the West, and very soon, it will be widespread at high potential across the world. Recent surveys show that British women are more inclined to purchase cruelty-free cosmetics. It is believed that social trends such as “clean beauty” has made a spark in the Vegan Cosmetics Market. In addition, market leaders are frequently launching products in this category. For instance, Cover Girl has kick-started 2020 with its brand-new range of vegan beauty products, boasting natural ingredients such as aloe extract and milk.
Additionally, various brands are now moving to capitalize on the trend. In November last year, Sally Hansen launched its vegan and plant-based line of nail polishes. Avon was another brand to note its presence. In September 2019, it launched a vegan skincare line dubbed “The Distillery.” The technique of product launches witnessed in the market is indicative of the impressive growth of the Vegan Cosmetics Market. Numerous new brands have also come into this category over the last few years, further propelling Vegan Cosmetics Market growth. Furthermore, consumers nowadays are getting more attentive to harmful ingredients the products contain. Thus, manufacturers are forced to change the line of production, which exhibits Vegan Cosmetics Market growth at an upbeat pace.
Ban on Animal Testing Fuels the Market
Animal testing has become a significant consumer concern globally, notably in European and North American countries. As animal-tested cosmetics are banned in Europe, there has been an increase in several U.S. states considering a ban on the import and distribution of such cosmetics over the past few years. Moreover, Illinois, Nevada, and California were among the U.S. states implementing a ban on importing or selling animal-tested cosmetics in 2020. Many animal-rights groups, including the Humane Society and Cruelty-Free International, try to get more U.S. states to implement such bans. From a Vegan Cosmetics Market manufacturing point of view, a ban on animal testing will positively affect the demand for cruelty-free products and drive market growth.
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Segmentation of the Global Vegan Cosmetics Market:
- Product
- Skin Care
- Hair Care
- Color Cosmetics
- Other Products
- Distribution Channel
- Hypermarkets & Supermarkets
- Specialty Stores
- E-commerce
- Other Channels
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/vegan-cosmetics-market-1700
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various organizations globally. Several Governing authorities and administrative bodies restricted the spread of the deadly virus by imposing measures like observing social distancing and lockdowns to restrict spread of the virus. In the initial stages of the pandemic globally several production houses were shut down. Furthermore, the financial crisis after the pandemic led to significant delays in the commercial roll-out of the Vegan Cosmetics Market industry. The pandemic has had a severe financial impact to several industries and markets and the Vegan Cosmetics Market industry is no exception. The major challenges faced by industries worldwide are shortage of labor and irregular or disrupted supply chains.
On the other hand, the Global Vegan Cosmetics Market is expected to resurrect on the account that things are expected to improve in the second half of 2022 as several industries worldwide are expected to resume their operations.
Vantage Market Research’s study for the Vegan Cosmetics Market takes into consideration the impact of COVID-19 on the market demand while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Vegan Cosmetics Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on "Vegan Cosmetics Market Size, Share & Trends Analysis Report by Product (Skin Care, Hair Care, Color Cosmetics, Other Products), by Distribution Channel (Hypermarkets & Supermarkets, Specialty Stores, E-commerce, Other Channels), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Regional Analysis:
Europe Anticipated Potential Market Growth
Europe is expected to dominate the growth of the Vegan Cosmetics Market in 2021. Factors such as rising demand for natural & organic products which boosts the demand for Vegan Cosmetics Market products. Furthermore, advancements in the cosmetics industry and the entry of the key players in this region are responsible for the positive impact on the Vegan Cosmetics Market in this region. More consumers are inclined towards veganism which is expected to propel the demand for Vegan Cosmetics Market, especially in countries such as France, the U.K., and Germany. For instance, in 2020, around 82% of all vegan products introduced in the U.K. fall under the beauty category. According to The Vegan Society, in 2021, 97% of British shoppers were looking for more vegan-certified beauty products.
Furthermore, the European market is characterized by numerous research & development centers focusing on developing cosmetics & personal care products, which is also impacted positively. According to the European trade association, there were approx.—seventy-seven scientific innovation centers in Europe in 2018 in connection with cosmetics & personal care.
List of Prominent Players in the Vegan Cosmetics Market:
- Zuzu Luxe
- Ecco Bella
- Bare Blossom
- Emma Jean Cosmetics
- Modern Mineral Makeup
- Arbonne
- Pacifica
- Nature’s Gate
- Beauty Without Cruelty
- Billy Jealousy
- MuLondon Organic
Recent Developments:
November 2021: LG Household & Health Care Ltd, a South Korean consumer goods company, introduced seven new products to complete its belief x VDL brand’s vegan makeup line-up. The company markets the brand’s products as vegan certified by the Korea Agency of Vegan Certification and Services.
October 2019: G&M Cosmetics, an Australian organic cosmetics manufacturer, acquired P’URE Papaya care, a 100% natural & vegan certified European skincare brand. This strategic initiative (acquisition) highlights its intent to expand its footprint in export and domestic retail markets.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Vegan Cosmetics Market?
- How will the Vegan Cosmetics Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Vegan Cosmetics Market?
- What is the Vegan Cosmetics market drivers and restrictions?
- What will be the CAGR and size of the Vegan Cosmetics Market throughout the forecast period?
This market, titled “Vegan Cosmetics Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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