Market Outlook for Vegan Beauty Products
- The vegan beauty products market witnessed growth at a CAGR of over 4% in the period 2013 to 2017. The ever-growing popularity of veganism in the beauty & personal care space is one of the chief factors propelling growth of vegan beauty products market.
- Vegan skin care products are likely to witness impressive sales in 2019 and beyond. As skincare products are among the major essentials for a day-to-day skin grooming regimen, consumers are more than ready to pay premium prices for high-quality vegan skin care products.
- Europe is likely to emerge as the leading market for vegan beauty products during the assessment period, on account of increasing number of Europeans transitioning to vegan lifestyles.
- MEA is expected to be the high-growth market for vegan beauty products. People across key countries of Middle East and Africa are increasingly adapting to the vegan culture, driven by the trend of ethical consumerism, thereby fuelling growth of this regional market.
What are the Key Growth Drivers of Vegan Beauty Products Market?
- Consumers are increasingly seeking cruelty-free and plant-based products inspired by ethical-led choices, including personal care products. This, in turn, is likely to create umpteen opportunities for the manufacturers of vegan beauty products through 2028.
- Consumers are demonstrating a marked aversion to chemical-based beauty products, owing to safety reasons, and are drawn towards products that are deemed ‘natural’ and ‘safe’. This, in turn, is likely to push the adoption of vegan beauty products over the forecast period.
- Modern consumers, while making product purchases, have become more particular in taking notes of the raw materials involved and associated source origin. Sensing the aftermath of their irresponsible purchases, consumers are opting for environmentally-responsible products. This, in turn, is resulting in favorable circumstances for large scale adoption of vegan beauty products.
- Increasing number of beauty bloggers and social media channels promoting makeup hacks using vegan beauty products. This, in turn, is working in favor of the manufacturers of vegan beauty products.
What are the Key Challenges Faced by Stakeholders of Vegan Beauty Products Market?
- Availability of counterfeit products continues to be a key challenge for the key players of vegan beauty products market. Counterfeiting in the vegan beauty products space is a result of the lack of standardized regulations to draw a distinction between authorized products and fraudulent ones, which results in unreasonable competition for the legitimate market players.
- Vegan products have a shorter shelf life in comparison to synthetic products, which is key factor limiting adoption of vegan beauty products.
Vegan Beauty Products Market – Competitive Landscape
- In 2018, L'Oréal S.A. - a key player in the vegan beauty products market - announced the signing of a definitive agreement for the acquisition of Logocos Naturkosmetik AG, a leading German vegan beauty products manufacturer. As per L'Oréal, Logocos owns two leading and authentic vegan brands along with its exclusive expertise in the organic beauty space, which will be offering great advantages to the L'Oréal’s growth strategy. This acquisition reinforces the position of L'Oréal amidst the leading personal care companies offering certified & authentic vegan beauty products.
- In 2018, Cosmax Inc. - a South Korea-based leading cosmetics manufacturer - made an official announcement that it has become the first company across Asia to attain a ‘Vegan’ label from the Expertise Vegan Europe (EVE) for its exclusive unit manufacturing cruelty-free cosmetic products. This label is foreseen to establish new dimensions of the company’s growth in the vegan beauty products space.
- In 2018, O Boticário - a key player in the vegan beauty products market – expands its operations in UAE through the launch of its second retail outlet in Dubai. The official launch of this retail outlet will provide immense scope for further expansion of the company’s presence in the Middle East and tap into new customer segments via its cruelty-free beauty product offerings.
Arbonne International
Founded in 1975, Arbonne International has its official headquarters in Irvine, California. The company specializes in manufacture and commercialization of health & skincare products. Arbonne ranks among the leading companies offering products that are toxin-free, vegan, botanically-based, hypoallergenic, and PETA-approved.
Pacifica Beauty LLC
Founded in 1997, Pacifica Beauty LLC has its official headquarters in Portland, Oregon. The company manufactures a wide-range of skincare and beauty products and is well-known for its broad portfolio of cruelty-free products. Pacifica sells its products and offerings through company-owned stores as well as online stores.
Huda Beauty
Launched in 2013, Huda Beauty was introduced by Huda Kattan, an Iraqi-American business woman and make-up artist. Ever since it was launched, the brand has built an immensely positive reputation for some of its well-positioned products, including vegan makeup. With more than 140 product varieties sold in-store and online, the company is well-known for offering high quality vegan beauty products at reasonable prices.
Gabriel Cosmetics, Inc.
Founded in 1992, Gabriel Cosmetics, Inc. has its official headquarters in Redmond, Washington. The company started its operation as a botanical skincare company offering a wide range of homeopathic skincare & cosmetic products. The company’s philosophy is based on commercializing organic, vegan, and gluten-free cosmetic products at reasonable & affordable prices.
e.l.f. Cosmetics
Founded in 2004, e.l.f. Cosmetics has its official headquarters in Oakland, California. The company commercializes a wide-range of skin-care and bath-care products that are 100% cruelty-free and is a major supporter of the ‘fur campaign’ by PETA. The wid-range of e.l.f. products enables the company to target demographic of a broader range of age, from teenagers to women aged in between 40-50. Other players profiled in the vegan beauty products market report include Gemdo Cosmetics Inc., Ecco Bella, and others.
Consumers Turn to CBD-Infused Vegan Beauty Products for Boosting the ‘Feel Good’ Factor
Demand for CBD-infused vegan beauty products is treading on an ever-increasing path, as cannabidiol (CBD) is being embraced for addressing multiple concerns such as anxiety and insomnia. Some studies also shed light on the fact that CBD arrests the growth of cancer cells, thereby fostering its popularity in the wellness community and beyond.
A majority of consumers are replacing their entire beauty routine with a wide-range of cruelty-free and vegan beauty products, given that use of CBD is a beneficial holistic ingredient that helps in boosting the ‘feel good’ factor.
Companies operating in the vegan beauty products market are offering multiple product types infused with CBD, including creams & lotions, cleansers and toners, balms and butter, scrub exfoliators, essential oils, skincare serums & masks, and others.
Research Methodology
A pragmatic methodology combined with a holistic approach forms the base for incisive insights compiled in the vegan beauty products market for the assessment timeline of 2018 to 2028. The Fact.MR report on vegan beauty products market comprises of detailed information on the growth prospects of vegan beauty products market and also offers compelling insights into the forecast analysis of vegan beauty products market.
Exhaustive secondary and primary research are employed to carry out the whole research and garner industry-best insights into the forecast analysis of vegan beauty products market. The report on vegan beauty products market is further subjected to a cross-validation by the in-house experts to make the vegan beauty products market report one-of-its-kind with utmost credibility.
