CAGR 6%+ Forecasted for Global Vegan Cosmetics Market
As per the market analysis report ‘Global Vegan Cosmetics Market 2019 – 2023’ by Infiniti Research Ltd, the demand for vegan products, including vegan cosmetics is increasing globally with a predicted CAGR of over 6%. Rising awareness about the negative impacts of animal-derived products and the skin benefits of natural or plant-based ingredients are sited as the key triggers for this trend.
Vegan cosmetics – products that are free from animal products, by-products, and derivatives – are said to improve skin health and reduce the chances of acne, dark circles, and other skin abnormalities. These are currently available in haircare, skincare, makeup, fragrances, and hygiene products. This global vegan cosmetics market analysis considers the revenue generated from sales through offline and online distribution channels in APAC, Europe, MEA, North America, and South America.
In 2018, the offline segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as availability of product demonstrations will play a significant role in the offline segment to maintain its market position. However, the negative impact of vegan cosmetics on humans and animals, stringent guidelines for obtaining vegan certification, and challenges in formulating cosmetics with natural ingredients may hamper the growth of the vegan cosmetics industry.
Factors such as increasing internet penetration, technological advancements, rising adoption of smartphones, and growth of social media have boosted the growth prospects of the e-commerce market – encouraging vegan cosmetics market vendors to offer their products through online distribution channels. They are leveraging information and communication technology, artificial intelligence, and other modern technologies as well as collaborating with major online retailers to boost their online sales.