Rising Consumer Preference for Sustainable, Organic Makeup Projected to Upscale Global Cruelty-Free Makeup Market: Fact.MR Report
Published : 14 Oct 2021 Industry: Consumer Goods
According to a recent report by Fact.MR, a market research and competitive intelligence provider, demand for cruelty-free makeup products is projected to surpass a valuation of US$ 5.45 Bn in 2021, and surge at a CAGR of around 7.2 % through the end of 2031.
Rising concerns about health and safety, community resistance to products that have been tested on animals, and consumer willingness to spend on cruelty-free makeup products are factors expected to drive market growth over the coming years.
The market is expected to enjoy more sales via online channels in the future years. E-Commerce has proven to be critical to the cruelty-free makeup market, especially in light of the ongoing COVID-19 pandemic, where businesses are finding it increasingly difficult to maintain sales.
Even as economies bounce back after physical businesses closes or reduced their presence, to ensure that sales of cruelty-free cosmetics continue to grow at a fast rate, key players should focus on developing their online presence. Some of the well-known brands excelling in online marketing are Tarte and Urban Decay and e.l.f Cosmetics. Companies are using a lot of user-generated and micro-influencer content.
Competition is expanding as consumers are exposed to a wide range of products by different players in the market. To compete against each other, manufacturers have been focusing on innovation and new product development.
- For instance, JOAH Beauty introduced the Crystal Glow Tinted Luminizer Stick, which is 100% cruelty-free. It is available in ten hues, can be used to contour, highlights, and create an instant light-reflecting effect while nurturing the face for clarity and brightness.
Key Takeaways from Market Study
- The Latin America market is estimated to be valued at US$ 507 Mn in 2021 and cross a value of US$ 1.2 Bn by 2031, mainly due to the expansion of retail chains, both, physical and digital.
- Europe is expected to dominate the global market and register a value of above US$ 2.8 Bn in 2031, and witness a CAGR of 6.2%, due to an increase in the consumption of oral care products.
- Strong production footprint of key market participants in China has made it hold the largest market share of 40% in East Asia in 2021, and is expected to expand at a CAGR of 5.9% through 2031.
- Organic cruelty-free makeup holds 14.1% market share.
“Consumers are increasingly preferring sustainable products, and hence, manufacturers are turning their focus to producing environmentally friendly solutions. Through 2031, major companies are projected to invest heavily in R&D for product innovation and new product development to increase their presence and build a huge consumer base,” says a lead analyst at Fact.MR.
Who is Winning?
Consumers emphasize on service and quality. As a result, companies are investing in the research & development of innovative, high-quality products. Furthermore, they are concentrating on using cutting-edge, innovative technology that enables them maintain high-quality standards.
Some of the leading companies offering cruelty-free makeup products are Nature's Gate, MuLondon, Billy Jealousy, Beauty Without Cruelty, Coty Inc., Emma Jean Cosmetics Inc., MO MI BEAUTY, Groupe Rocher, Inika, Loreal SA (Urban Decay), Gabriel Cosmetics Inc., Pacifica Beauty, and e.l.f. Cosmetics Inc.
Get More Valuable Insights
Fact.MR, in its new offering, provides an unbiased analysis of the demand for Toothpaste tablets presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
The study divulges compelling insights on the demand for cruelty-free makeup products based on product type (facial makeup, eye makeup, lip makeup, nail makeup), customer orientation (women, unisex, men, kids), nature (organic, conventional), price range (premium, economic), sales channel (modern trade, specialty stores, salons & spas, departmental stores, convenience stores, online stores, drug stores & pharmacies, other sales channels), and key regions, namely, North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.
About the Consumer Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the consumer goods team at Fact.MR helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the consumer goods industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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Shambhu Nath Jha
Sr. Consultant – Retail & Consumer Goods