New York, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vegan Cosmetics Global Market Report 2022" - https://www.reportlinker.com/p06351344/?utm_source=GNW
The global vegan cosmetics market is expected to grow from $14.40 billion in 2021 to $15.89 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The vegan cosmetics market is expected to grow to $20.67 billion in 2026 at a CAGR of 6.8%.
The vegan cosmetics market consists of sales of vegan cosmetics by entities (organizations, sole traders, and partnerships) that are used for the enhancement of beauty without causing the skin damage that is caused by the use of artificial ingredients.Vegan cosmetics are beauty products that are manufactured without the use of animal-derived raw materials.
Animal products, including honey, beeswax, lanolin, collagen, and elastin, are usually used in cosmetic products. In vegan cosmetics, these products are replaced by by-products derived from plants.
The main types of products in vegan cosmetics are skin care, hair care, color cosmetics, and other products.Skincare is used for cleaning, soothing, restoring, reinforcing, protecting, and treating the skin and keeping it in good condition.
These are made of organic and conventional natural products and are used by various customers, such as women, men, unisex, and kids. It is distributed through several channels, such as hypermarkets and supermarkets, specialty stores, e-commerce, and others.
Europe was the largest region in the vegan cosmetics market in 2021. The regions covered in the vegan cosmetics marke report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The vegan cosmetics market research report is one of a series of new reports that provides vegan cosmetics market statistics, including global market size, regional shares, competitors with a vegan cosmetics market share, detailed vegan cosmetics market segments, market trends and opportunities, and any further data you may need to thrive in the vegan cosmetics industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The emerging popularity of veganism is expected to drive the growth of the vegan cosmetic market going forward.Veganism refers to abstaining from using products that are made from animals.
A lot of animal abuse and animal cruelty are involved in making cosmetics.Therefore, people have been going vegan and preferring plant-based products to avoid being part of this animal cruelty.
For instance, according to a report by Cosmetify, a UK-based online marketplace for buying cosmetics, in 2019, 9% of British women bought vegan-beauty products. Furthermore, according to Vegetarian Times, a US-based publication focused on food, culture, and lifestyle for vegetarians, in 2022, 9.7 million Americans will follow a vegetarian diet, and one million of whom will be vegan. Also, women make up 59% of plant-based eaters, while men make up 41%. Therefore, the emerging popularity of veganism is driving the demand for the vegan cosmetic market.
Product innovation is the key trend gaining popularity in the vegan cosmetic market.Major companies operating in the vegan cosmetic market are focused on developing new and innovative vegan products to strengthen their market position.
For instance, in June 2022, LG Household & Health Care, a South Korea-based consumer goods company, launched Freshian, a vegan-certified color cosmetic brand, in an effort to attract millennial and Generation Z beauty clients.This brand is introduced with two different types of cushion compacts, a variety of lip balms, and a sunscreen.
The products’ components, including five different forms of hyaluronic acid and madecassoside, were chosen to soothe the skin. Corn starch is used in the cushion puffs, and raw materials generated from sugarcane are used in the packaging to lessen the brand’s environmental effect.
In February 2022, Revolution Beauty Group, a UK-based developer and distributor of cruelty-free cosmetics, acquired Badass with a Heart (BH) cosmetics for a deal amount of $22.5 million. The acquisition would assist Revolution Beauty Group in expanding the BH brand domestically, globally, and in the vegan market. BH Cosmetics is a US-based and vegan brand that provides cruelty-free natural make-up products.
The countries covered in the vegan cosmetics marke report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06351344/?utm_source=GNW
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