A key factor driving the growth of the market is the increasing preference for vegan products from consumers. Increasing consciousness with respect to using cruelty-free brands and awareness of the adverse environmental impact of animal-based products has led to an increase in demand for vegan cosmetics across the world. The use of natural or plant-based ingredients in vegan cosmetics, benefits sensitive skin as they use fewer ingredients and a small number of chemicals. Moreover, organic vegan cosmetics have anti-aging properties. These cosmetics hydrate the skin and reduce acne and other skin abnormalities, which, in turn, increases the youthfulness of the skin. Vegan cosmetics are also known for reducing dark circles under eyes and improve uneven skin tone. Thus, such properties are expected to attract consumers thereby driving market growth during the forecast period.
As per Technavio, the growth of e-commerce market will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global vegan cosmetics market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global vegan cosmetics market: Growth of e-commerce market
E-commerce is a platform for cosmetics companies operating at small or moderate scales to promote their products. The growing adoption of smartphones, increasing internet penetration, and the phenomenal growth of social media, has enabled customers to access and choose from a wide range of cosmetics. Moreover, increasing preference for online shopping, technological advances, and growing awareness about products, is expected to drive the online market for vegan cosmetics.
“Apart from the growth of e-commerce market, the introduction of new vegan cosmetic products is expected to boost market growth. Currently, competition in the global vegan cosmetics market is intensifying with the increasing demand for vegan cosmetics across the world. Cosmetics companies are gradually converting all the products in their portfolio to vegan products and introducing new vegan cosmetics to strengthen their position in the cosmetics industry, thereby driving market growth,” says a senior analyst at Technavio.
Global vegan cosmetics market: Segmentation analysis
This market research report segments the global vegan cosmetics market by distribution channel (offline and online) and geographical regions (Europe, North America, APAC, South America, and MEA).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA. During the forecast period the European region is expected to maintain its dominance over the global market and register the highest incremental growth due to a rapid increase in the launch of vegan cosmetic products over the last few years.
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Five Forces Analysis
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