Plant-based Skincare Products Market Proliferating on Back of Surging Demand for Chemical-free Beauty Products
Published : 22 Oct 2021 Industry: Consumer Goods
According to a new report by Fact.MR, a market research and competitive intelligence provider, demand for plant-based skincare products is projected to surpass a valuation of US$ 683 Mn in 2021, and surge at a CAGR of around 7.5% through the end of 2031.
Demand for plant-based skincare products is projected to experience exceptional rise in the worldwide personal care industry over the decade. Rising awareness about various organic and natural products made with safe ingredients that eliminate the risk of allergic reactions and other skin problems has convinced consumers to shift their focus towards using plant-based beauty products.
In today’s times, due to the ongoing COVID-19 pandemic, manufacturers are gradually prioritizing digital channels to reach more customers. Hence, the market is expected to see an increase in sales via online channels, which is anticipated to rise at a CAGR of 9.9%. e-Commerce is playing an important role in the market, ensuring the availability of products at doorsteps, where businesses are finding it extremely difficult to maintain sales and efficient distribution channels.
Key Takeaways from Market Study
- The North America market is estimated to be valued at US$ 319.2 Mn in 2021, and expand at a CAGR of 5.7% through 2031, due to expansion in retail chains, both, physical and digital.
- Europe is one of the dominant players in the market, and is projected to reach a value of US$ 339.6 Mn by 2031.
- Strong production footprint of key market participants in China has made it hold the largest market share of 41.6% in the East Asia market.
- The market is segmented based on product type, where creams and lotions hold a high share of 32.1%.
“Rising consumer awareness related to the benefits derived from using natural products is convincing manufacturers to make innovative plant-based skincare products with safe and organic ingredients,” says a lead analyst at Fact.MR.
Who is Winning?
According to a recent study, the beauty industry has experienced rapid growth in the past few years due to increasing spending capacity of consumers in emerging economies such as India, China, Russia, and Brazil, which is expected to drive demand for plant-based skincare products over the coming years.
Alongside, rise in the number of working women as well as overall increase in the adoption of various cosmetic procedures and beauty treatments, such as hair removal services, facial treatments, laser skin resurfacing surgeries, and others, are anticipated to contribute to market growth.
Some of the leading companies offering plant-based skincare products are L'Oréal S.A., Procter and Gamble Co., Mama Earth, Estee Lauder, Unilever, Clorox Co., Honest Co., The Body Shop, and others.
Get More Valuable Insights
Fact.MR, in its new offering, provides an unbiased analysis of the demand for plant-based skincare products presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
The study divulges compelling insights on the demand for plant-based skincare products based on product type (creams and lotions, scrub exfoliators, cleansers and toners, essential oil, balms and butter, serums and masks, makeup removers, and other products), customer orientation (women, unisex, men, and kids), nature (organic and conventional), and sales channel (hypermarkets/supermarkets, departmental stores, convenience stores, mono brand stores, specialist retailers, drug stores, online retailers, and direct selling), across seven major regions of the world (North America, Latin America, Europe, South Asia, East Asia, Oceania and MEA).
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.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Consumer Products