According to MarkNtel Advisors, the Global Vegan Cosmetics Market is expecting around 6.25% CAGR during 2022-27. The increasing health awareness regarding the negative health impact of chemical cosmetics and increasing government support for using natural ingredients in cosmetic products & curbing the use of animal ingredients are the prime factors attributing to the growth of the Global Vegan Cosmetics Market through 2027. Numerous countries in the regions, including North America, Europe, & Asia-Pacific, have prohibited cosmetic products with animal ingredients, such as hair, fur, fat, etc., which has led to the rising demand for plant-based sustainable cosmetic products globally.
The demand for vegan cosmetics across North America, Europe, & Asia-Pacific has grown considerably with the increasing popularity of natural ingredients & their health benefits. Additionally, the high prevalence of several skin-related disorders like skin rashes, cancer, etc., coupled with the surging concerns over the negative impact of petroleum-based cosmetic ingredients, is also augmenting the global market growth, further states the research report, “Global Vegan Cosmetics Market Analysis, 2022.”
Increasing Number of E-Commerce Platforms Worldwide to Contribute Significantly to the Market Growth during 2022-27
With the growing number of internet users and the rapidly expanding e-commerce sector globally, vegan cosmetic products are experiencing burgeoning sales through e-commerce platforms, which, in turn, is fueling the overall growth of the Global Vegan Cosmetics Market. The imposition of lockdown restrictions in 2020 amidst the ongoing Covid-19 pandemic led to social distancing, which reduced domestic & international business travel and substantially increased the penetration of e-commerce platforms worldwide.
Nevertheless, rising convenience for product selection, extensive availability of numerous brands, and intriguing promotional offers provided on e-commerce platforms are other crucial aspects that would drive the sales of vegan cosmetics during 2022-27.
Vegan Skincare Products to acquire a Considerable Share in the Global Vegan Cosmetics Market during 2022-27
Human skin exposed to sun radiations can result in premature aging, wrinkles, spots, etc., which can be well-protected by applying lotions & cream. As a result, there's an increased penetration of sunscreens & lotions with natural ingredients that have superior benefits like healing ailments, soothing skin, etc., which is why consumers are inclined increasingly toward buying vegan skincare cosmetics worldwide.
Moreover, skin allergies are another critical concern associated with chemicals present in animal-based cosmetic products. Hence, consumers nowadays are keen to know the ingredients used in products before buying them. With this, many cosmetic manufacturing companies globally are including vegan skincare products in their portfolio to expand their consumer base. For Instance:
Nevertheless, the mounting inclination of consumers toward plant-based cosmetic products due to increasing awareness regarding the high concentration of chemical substances in conventional cosmetics & their ill effects on human skin is likely to augment the revenue growth of the Global Vegan Cosmetics Market during 2022-27.
According to MarkNtel Advisors, the leading players in the Global Vegan Cosmetics Market include MuLondon, Beauty Without Cruelty, Nature’s Gat, Billy Gealousy, L’Oréal Groupe, Mo MI Beauty, Emma Jean Cosmetic Inc., Inika, Gabriel Cosmetic Inc., Groupe Rocher, Pacifica Beauty, E.l.f. Cosmetic Inc., Coty Inc., Kose Corp., Natura International Inc., MAV Beatury Brands Inc., The Estee Lauder Co. Inc., Lush Retail Ltd., Debenhams Plc., & Charlotte Tilbury Beauty Ltd.
Key Questions Answered in the Study