Global Vegan Cosmetics Market Is Anticipated To Witness Significant Growth Due To Increasing Trend Of Veganism And Growing Demand For Vegan Products

Vegan Cosmetics Market
Vegan Cosmetics Market

Overview:

Vegan cosmetics are made without ingredients that are derived from or contain animal products. This is different from vegan food which is based on plant-based foods such as vegetables, fruits and grains. The animal-based cosmetic industry can cause air and water pollution.

It also contributes to deforestation, which has a huge impact on the planet and its inhabitants. Vegan products are good for health and the environment; they're also healthier and more effective than their animal-based counterparts. They're more hydrating and have anti-aging properties, which is ideal for the skin.

Vegan Fashion refers to apparel, accessories, and other products manufactured from natural materials without utilising any animal byproducts, such as milk, fat, wool, or fur.

Market Dynamics:

Increasing product launches are estimated to augment growth of the global Vegan Cosmetics Market over the forecast period. For instance, Colorbar unveiled a vegan nail lacquer in January 2022, and it was available in 128 different shades. The company is planning to expand their range of vegan products in the Indian market. Moreover, high manufacturing costs of vegan products and a lack of awareness about the benefits of vegan cosmetics is anticipated to restrain growth of the global vegan cosmetics for market over the forecast period.

Impact of COVID-19:

COVID19 has significant impact on the market globally. This public health emergency affected almost all sectors of business. Strict measures were impose by several government authorities for preventing the spread of the virus. During the pandemic people became more aware regarding their health choices and the harmful impact of chemical cosmetics on the skin.

This resulted in rise in sale of manufacturing companies on e-commerce sites. Owing to the lockdown many retail stores were shut down and this hampered the growth of the global vegan cosmetics for market. However, the market is estimated to witness growth in the business, as many restrictions have been relaxed.

Key Takeaways:

The global Vegan Cosmetics Market is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing partnerships among key players.

For instance, manufacturers of vegan beauty products Hourglass and ‘Unilever’ signed a partnership in March 2021, for developing and launching carmine free vegan lipstick.

Europe is anticipated to witness significant growth in the global vegan cosmetics for market over the forecast period, owing to growing demand for vegan cosmetics and rising inclination of consumers towards veganism.

Major players operating in the global Vegan Cosmetics Market are MuLondon Organic, Zuzu Luxe, Billy Jealousy, Ecco Bella, Beauty Without Cruelty, Bare Blossom, Nature’s Gate, Emma Jean Cosmetics, Arbonne, Pacifica, Modern Mineral Makeup, and Urban Decay.

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