Analysis of Plant-based Skincare Products market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Demand for plant-based skincare products is expected to reach a value of US$ 683.4 Mn in 2021. As per Fact.MR, overall plant-based skincare products market value is expected to increase more than 2X by 2031, rising at a CAGR of 7.5% over the said period. Even though online sales of plant-based skincare products account for just over 11%, this segment is slated to surge at around 10% CAGR through 2031.
|Base Year Value (2020A)||US$ 640 Mn|
|Projected Year Value (2031F)||US$ 1.4 Bn|
|Value CAGR (2021-2031)||7.5%|
|Collective Value Share (U.S., U.K., Germany): Top 3 Countries||54.7%|
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Demand for plant-based skincare products is expected to show an escalation over the assessment period. This is attributed to rise in awareness about chemical-free products and the latest beauty trend of using natural and vegan skincare products.
Nowadays, women are concerned about their appearance and desire glowing and healthy skin. Working women are giving preference to plant-based skincare products to prevent allergies, breakouts, and skin irritation caused by chemicalized skincare products. This is expected to contribute to growth in demand for natural skincare products and promote the use of chemical-free beauty products across the globe.
Alongside, rising awareness among men related to skin nourishment and personal grooming is expected to contribute to demand for plant-based skincare products, which is anticipated to result in higher market growth through 2031.
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Plant-based skincare products help in restoring glow and shine of the skin. Different types of plant-based skincare creams and lotions and other hair and facial masks provide nutrition to the skin without any harmful effects. This is the main reason that convinces manufacturers to switch to natural and safe ingredients for making skincare products.
Key market participants are concentrating on product development and innovation efforts to produce new and distinctive plant-based skincare products.
Some of these are mentioned below:
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Europe’s value share contribution to overall market revenue is dominant on a global level. This is attributed to strong production footprint of all key market participants in the overall value chain process in the region.
Europe holds the second-largest market share of 25.8% in the global market in 2021, which is expected to show robust market growth till 2031 at a CAGR of 6.8%.
The United States is one of the major players contributing to sales of plant-based skincare products in the North American plant-based skincare products market. Consumers are increasingly choosing products that are helpful in restoring the glow and shine of their skin.
Demand for plant-based skincare products is estimated to be valued at US$ 293.5 Mn in 2021 in the U.S. Alongside, the U.S. holds the largest market share of 91.9% in the North American market, and is anticipated to progress rapidly at a CAGR of 5.4% through 2031.
In East Asia, manufacturers of plant-based skincare products in China have led to an increase in its value share contribution and have made it a leading player amongst all other countries in the region. This is attributed to rising adoption of organic and natural beauty care products and need to keep up with daily grooming trends in the market.
China holds the largest market share of 41.6% in the regional market in 2021, and is expected to experience high growth at a CAGR of 7.7% over the assessment period. The market is South Korea is expected to witness lucrative growth at a CAGR of 12.3%.
Sale of organic skincare products account for 14.5% market share in 2021, and are projected to increase at a CAGR of 9.7% over the next ten years. Sales of conventional skincare products are expected to gain a market share of 82.4% by 2031-end, and expected to surge at a faster CAGR of 7.1%.
According to Fact.MR, online sales account for 11.6% market share and are projected to increase at a CAGR of 9.9% over the forecasted period. Growing role of e-Commerce in emerging countries such as India, Brazil, Russia, and China is catering to high growth of online sales of plant-based skincare products.
Consumers have become more beauty conscious and have increased their spending on skincare products. They are gradually adopting natural beauty care products due to changes in lifestyle and growing emphasis on external beauty, ensuring prevention from allergies and other skin problems.
Consumers are seeking organic products that can be applied on the face and remain all day long, and yet have no side effects on the skin or body. This has convinced manufacturers to provide large varieties of plant-based products that address the need and requirements of customers and offer products that enhance customer loyalty.
|Historical Data Available for||2016-2020|
|Market Analysis||Value in US$ Mn|
|Key Regions Covered||
|Key Countries Covered||
|Key Market Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
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The global plant-based skincare products market is estimated to be worth over US$ 683 Mn in 2021.
The market is anticipated to surpass a valuation of US$ 1.4 Bn by 2031-end.
From 2016 to 2020, sales of plant-based skincare products increased at 6.2% CAGR.
L'Oréal S.A., Procter and Gamble Co., Estee Lauder, Unilever, and Mama Earth account for 35%-40% market share.
The U.S., U.K., Germany, China, and Japan are the top five countries driving high demand for plant-based skincare products.
Sales of plant-based skincare products in the U.K. are expected to be valued at US$ 39.2 Mn in 2021, while demand in Spain will total US$ 16.5 Mn.
Germany accounts for 23.5% market share in Europe with a market valuation of US$ 57.8 Mn in 2021.
The U.S. plant-based skincare products market share in 2021 is 91.9% of North America, while the Australian market size in 2021 is 63% share of Oceania.
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