According to a new market report published by Credence Research, Inc., “Global Vegan Beauty Product Market (By Product Type (Skincare, Hair care, Makeup and Others), By Distribution Channel (E-commerce, Hypermarket and Supermarket, Departmental Stores and Others (Brand Outlets, Specialty Stores etc.)- Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the overall vegan beauty products market worldwide was valued at US$ 1018.9 Mn in 2018 and is set to grow with 5.5% CAGR during the forecast period.
The vegan beauty products market estimated to witness a significant growth, at a CAGR of 5.5% during the forecast period from 2019 to 2027. Evolving consumer demand for natural and pure ingredients and rising number of ethical consumers is increasing the demand for vegan beauty products. Consumers are switching to vegan products because of both environmental and ethical reasons.
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Manufactures thus are expanding their reach towards vegan products. For instance, L’Oreal acquired Naturkosmetik. Naturkosmetik is a manufacturer of vegan beauty products. With this acquisition L’Oreal aims to increase its product portfolio in plant-based products. Furthermore, based on geography, the vegan beauty product market was dominated by North America in 2018. The region expected to lead in the forecast period from 2019 to 2027.
Major players in the vegan beauty product market include Gabriel Cosmetics, Inc., The Cult Beauty, Ecco Verde, The Body Shop, Pacifica Beauty LLC, Bare Blossom, P’URE Papayacare, MULONDON, Lush, Cosmax Co. Ltd., Plum and Urban Decay among others.
The major players are focusing on taking up strategies such as partnerships, product innovation, etc. to survive in the competitive market environment. For instance, in October 2019, G&M Cosmetics acquired P’URE papaya care. P’URE is a vegan skincare brand. The acquisition aims to expand G&M’s footprint across the globe staring from Europe.