Vegan Cosmetics Market is anticipated to register a CAGR of 6.5% during the forecasted period (2020-2025).
- The market growth is driven by increasing consumer awareness of the usage of animal-derived ingredients and increasing demand from mainstream consumers across the world for vegan-certified products is expected to push the revenue generation in the global market.
- Millennial customers are the major consumers of the market since they are more attracted to innovative products.
- The demand for natural hair colors is growing in the cosmetics market, hence, the manufacturers put their emphasis on vegan and toxin-free ingredients in the hair care products.
Key Market Trends
Growing Demand Of Halal Comstic Products Among Asian Consumers
Demand for halal cosmetic products among consumers across Malaysia, Indonesia, Jorden, and the United Arab Emirates is increasing as more and more products in the halal cosmetic market space are produced and ingredients are increasingly halal certified. Indonesia has the largest Muslim population in the world, spending USD 218.8 billion across the Islamic economy sectors in 2017, with 215 million Muslims representing 13% of the global Muslim population in 2015. Also, more recently, countries like Malaysia and the United Arab Emirates have undertaken important initiatives across regulation, trade, and industry in order to position themselves in the growing halal cosmetics products market. For example, Malaysia established the International halal Accreditation Board that aims to address short-term profit-seeking among certifiers. Furthermore, an increasing number of manufacturers are launching halal cosmetics products in the halal free zones of North America, Indonesia, Malaysia, and South Korea.
Europe Holds A Major Share In The Market
The region has witnessed an increasing demand for natural and organic products, due to the rise in consumer awareness about the harmful effects of certain compounds, such as paraben and aluminum compounds present in the skincare, hair care, and deodorants. A high percentage of European consumers choose one brand over others, based on its natural formulation. This has enhanced an increase in the demand for safe, natural, and organic deodorant products in recent times. The purchases are made based on efficacy, with longer-lasting protection, and clinical properties. The demand for natural ingredients has been quite evident in the market, and this has led to a majority of companies launching products with nature-inspired ingredients, such as plant-inspired and premium botanical ingredients, coupled with multi-functional properties.
The global vegan cosmetics is a fragmented market. Major players are focusing on introducing new products in the market to cater to the interests of the players to enhance their spot in the market. New product development is the most preferred strategy in the market. Manufacturers of vegan cosmetics are more focused on developing innovative products to fulfill the changing needs and demands of consumers by using innovative ingredients.
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