The vegan cosmetics market outlook through the forecast period between 2020 and 2026 is estimated to witness market growth at a CAGR of 6.84%. Based on the factors, escalating acceptance of vegan lifestyles among the millennial and rising vegan population, the market size and value is set to enter the growth phase.
Increasing awareness related to beneficial characteristics of vegan cosmetics products including healing ailments and soothing skin draws the focus of a large number of consumers to purchase vegan cosmetics.
Additionally, naturally-derived products support environmental crisis and dependence on petroleum-based cosmetics products. Further, rising influence of social media and beauty blogs to boost the sales of vegan cosmetics products.
Emerging government support for use of herbal cosmetic products by stern regulations and support, for instance, The Personal Care Products Safety Act introduced gives the FDA the authority to regulate the safety of beauty products
Further, FDA is enforcing the key companies to introduce organic products over chemical products to stimulate the production of vegan cosmetics. As a result, operating companies are developing vegan products, thereby enhancing the consumption and sales of vegan cosmetics.
Moreover, availability of vegan men’s grooming products is the other factor escalating the consumption of vegan cosmetics and drives market growth.
The vegan cosmetics market growth across North American and Europe is observed to be driven by increasing demand for herbal cosmetics among the population. The emerging trend of vegan is mainly among the younger generation to draw an important role in the development of the North American vegan cosmetics market.
Increasing demand from various vegan cosmetics segments like skin care, hair care, and makeup are appealing millennial population to continue its dominance across the Americas. Whereas, the strong growth in the vegan population across European countries is triggering the market demand. For instance, the research commissioned by the Vegan Society in partnership with Vegan Life magazine, the vegan population in the UK has increased by 350% as compared to the past decade.
Further, the government authorities of the U.K and the U.S have implemented regulations to reduce the usage of synthetic ingredients in cosmetics products in order to control skin ailments. Accordingly, the European Union has banned the use of more than 1,300 chemicals simply in cosmetics further the U.S banned11 ingredients in cosmetics.
Intense competition in the industry coupled with the dominance of few large companies is forcing manufacturers towards product differentiation in terms of quality, service, price, and technical innovation. For instance, in 2019, Arbonne launched new skincare, essential oil and nutrition products.
Major market players in the region are developing cost effective vegan cosmetic products to cater to the demands of the population. For instance, Tarte, in 2019 launched affordable new vegan cosmetics line Sugar Rush which is entirely vegan and cruelty-free.
Furthermore, a strong wave of consolidation is being observed in the Vegan Cosmetics Market. For example, in 2019, Primark collaborated with Spanish brand 3INA for a 100% vegan makeup line.
Further, launches of cosmetics brands by celebrities to boost the market growth and demand, for instance, in 2019 Singer Kesha launched Kesha Rose Beauty a new vegan makeup line, collaborated with HipDot to create a cruelty-free collection. In addition, in 2019, Singer Lady Gaga launched vegan makeup brand Haus Laboratories collaborate with Amazon in order to make her vegan line accessible to a large customer base.
Vegan cosmetics market players dominating the Vegan Cosmetics Market include Urban Decay, Ecco Bella, Bare Blossom, Billy Jealousy, MuLondon Organic, and Modern Minerals Makeup, Zuzu Luxe, Emma Jean Cosmetics, Arbonne, Nature’s Gate, and Beauty Without Cruelty among others.
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