Market Research Report
Global Vegan Cosmetics Market 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||886903|
|Published||Content info||121 Pages
Delivery time: 1-2 business days
|Global Vegan Cosmetics Market 2019-2023|
|Published: July 8, 2019||Content info: 121 Pages||
Vegan cosmetic products are free from animal products, by-products, and derivatives and includes haircare, skincare, makeup, fragrances, and hygiene products. Technavio's global vegan cosmetics market analysis considers the revenue generated from sales through offline and online distribution channels. Our analysis also considers the growth of the vegan cosmetics market 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. Also, our global vegan cosmetics market looks at factors such as the growth of the cosmetic industry, increasing preference for vegan products from consumers, and promotional and marketing strategies employed by vegan cosmetics vendors. 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 over the forecast period.
With rising awareness about the negative impacts of animal-derived products, the demand for vegan products, including vegan cosmetics has also increased. Moreover, vegan cosmetics are manufactured from natural or plant-based ingredients which are beneficial for the skin. Vegan cosmetics improve skin health and reduce the chances of acne, dark circles, and other skin abnormalities. Hence, the preference for vegan products is rising among consumers which, in turn, is fueling the growth of the vegan cosmetics market at a CAGR of over 6% during the forecast period.
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. This rapid growth of the e-commerce market has encouraged vegan cosmetics market vendors to offer their products through online distribution channels. Market vendors are leveraging information and communication technology, artificial intelligence, and other modern technologies and collaborating with major online retailers to boost their online sales. The increasing preference for online shopping will boost the growth of the e-commerce market and have a positive impact on the vegan cosmetics market growth.
For the detailed list of factors that will drive the global vegan cosmetics market size during the forecast period 2019-2023, click here.
With the presence of several players, the global vegan cosmetics market is fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several vegan cosmetics companies, that include Debenhams Plc, e.l.f. Beauty Inc., Estee Lauder Co. Inc., L'Oreal SA, Lush Retail Ltd., and Natura &Co.
Also, the vegan cosmetics market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.