The global vegan cosmetics market is expected to rise at an impressive CAGR between 2020 and 2030, says Future Market Insights (FMI) in its recent study. The spiraling demand for cruelty free and vegan cosmetics, and the rapidly changing consumer preference, triggered by soaring environmental concerns will enable growth in the vegan cosmetics market.
Consumers find testing cosmetics on animals unethical. Awareness campaigns educating people about atrocities meted upon animals in testing facilities are swaying them away from traditional cosmetics. Consequently, they are aiding the proliferation of “clean beauty” trends.
Contrary to their conventional counterparts, sales in the vegan cosmetics market is getting tailwinds from the higher inclination among consumers to embrace more natural and plant-based substitutes.
Several countries have even banned animal testing or use of animal products such as hair and fur. This inevitably creates opportunities for the expansion of the vegan cosmetics market.
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Rising concerns pertaining to health and safety besides aversion to animal tested products among consumers is poised to boost growth. In the coming years the market is forecast to witnessing surging sales via online channels.
The availability of beauty products across diverse categories will stir up demand in the vegan cosmetics market. Ecommerce space is teeming with numerous options of vegan products in the cosmetics category. Some of the leading brands such as Tarte and Urban Decay enjoy international popularity and often come with new launches every season, keeping the vegan cosmetics market alight.
Increasing sales via ecommerce channels will be a boon for the vegan cosmetics market. Ecommerce space is a highly competitive one boasting the presence of several established as well as regional level players. It offers them a common platform to create awareness about their products.
Companies seeking out opportunities across online channels are thus under constant pressure of maintaining competitive pricing. In the cosmetics industry in particular, the scope for innovation is particularly high.
Market players are always on their toes to keep pace with the evolving consumer demand. In order to gain competitive advantage, these companies often lure consumers with special offers and discounts especially in online channels.
Ecommerce platforms have proven indispensable particularly amid the ongoing pandemic crisis when companies are finding it increasingly difficult to keep up their sales. Physical stores are likely to stay either shuttered or welcome lesser footprint even after governments ease lockdown.
The global vegan cosmetics market is a fragmented one, exhibiting the presence of several leading companies. Some of the market players profiled in the report are Ecco Zuzu Luxe, Bella, Bare Blossom, Urban Decay, Modern Mineral Makeup, Emma Jean Cosmetics, Arbonne, Pacifica, Beauty without Cruelty, Nature’s Gate, Billy Jealousy, and MuLondon Organic.
These companies are expected to focus on product launches and research and development to gain competitive advantage in the market.
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