According to a new study by Fact.MR, sales of vegan beauty products are expected to surpass US$ 3,500 Mn in 2019, up from US$ 3,352 Mn in 2018. Gains of vegan beauty products market is further underpinned by a slew of factors, including proliferation of veganism in beauty & cosmetics space, surging demand for natural beauty products, and others.
“The market for vegan beauty products is booming, in parallel with the ever-growing consumer aversion to animal products on account of environmental- and ethical-led reasons. Growing desire to purchase products that address the aforementioned issue sans compromising on quality is fuelling the growth of vegan beauty products market.” says Fact.MR report.
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A growing number of population are adapting vegan lifestyles, which, in turn, is encouraging companies to jump onto the vegan beauty bandwagon. Once considered as a niche concept, vegan beauty is now mainstreaming in line with the rising consumer interest in leading sustainable lifestyles. In addition, rise of ethical consumerism is translating into a massive transition toward cruelty-free products with no animal derivatives and no animal testing, favoring growth of vegan beauty products market through 2028.
According to the report, vegan beauty products for skin care are likely to witness impressive sales in 2019 and beyond, with global sales estimated to exceed US$ 1000 Mn in 2019. As skin care products remain the key requisites for an effective personal grooming regimen, demand for vegan beauty products for skin care will continue to witness an unwavering rise. Several product types, including creams & lotions, scrub exfoliators, and cleansers & toners, will appeal to a larger section of global population who are willing to pay premium prices for sophisticated skin care products.
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According to the report, consumers will continue to show marked preferences for conventional vegan beauty products, with global sales estimated to surpass US$ 3,000 Mn in 2019. High prices of organic products and low awareness among people vis-à-vis benefits of organic variants are two among the key reasons why consumers will stick to conventional vegan beauty products. However, demand for organic vegan products is likely to outgrow their conventional counterparts through 2028, as consumers depict high interest in beauty products with natural claims.
Consumers Set to Pay Premium Prices for Vegan Beauty Products
The research analysis by Fact.MR finds that modern consumerism is more about ‘value over price’. Millennials are willing to pay premium prices for sustainable products, including vegan beauty products, and are opting for products align well with their personal values. Instead of treating packaging as an afterthought, companies operating in the vegan beauty products market space are using ‘zero-waste packaging’ as the way forward to gain consumer confidence and repeated sales.
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According to the report, the convergence of beauty with veganism will continue to witness sheer proliferation, as consumers will continue to closely monitor ethicality of the beauty products they purchase. In a bid to make their products stand out of the market shelves, companies manufacturing vegan beauty products are highly likely to focus on product differentiation combined with ‘free-from’ claims. For instance, companies are offering ‘paraben-free’ and ‘gluten-free’ vegan beauty products, alongside escalating demand for paraben-free and gluten-free personal care products. The report opines that consumers would turn to online channels as the ‘one-stop-platform’ to make their vegan beauty product purchases by the end of 2028. Online channels enable shoppers to navigate through a wide range of products and avail the best deals via cross-comparison.