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Cosmetic Brands Likely to Go Vegan to Capitalize on Sustainability Trend Worldwide
Fact.MR's latest report on the vegan cosmetic products market provides a 10-year forecast through 2022 & beyond. The report further explicates crucial dynamics such as drivers, challenges, and opportunities shaping the market. To present the information in a vivid way, the report is segmented into product type, customer orientation, price range, sales channe, lnature, and region.
NEW YORK , Aug. 23, 2022 /PRNewswire/ -- The global vegan cosmetic products market grew at a CAGR of about 4% between 2013 and 2017. One of the key reasons driving the growth of the vegan cosmetic products market is the growing fad of veganism coupled with rising popularity of animal-cruelty free cosmetics and personal care products.
The development of e-commerce is anticipated to further fuel the market for vegan cosmetic products. The number of products available has expanded along with appealing discounts, doorstep delivery, and safe payment channels as e-commerce platforms are gaining traction. Additionally, a number of upscale apparel and accessory manufacturers are expanding their product lines to include vegan cosmetics in order to reach a wider audience of consumers.
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However, the high cost of these cosmetics and the lack of a set of uniform guidelines for vegan certification might limit market expansion. Opportunities in the vegan cosmetics market are anticipated to increase since organic and vegan cosmetics are thought to be safer than chemical skincare products.
As cannabidiol (CBD) is accepted for treating a variety of issues like anxiety and insomnia, the demand for CBD-infused vegan cosmetic products is steadily rising. Studies have also shown that CBD slows the development of cancer cells, which has helped it to gain appeal in the wellness industry.
Given that the usage of CBD is an useful holistic element that assists in improving the "feel good" factor, the majority of customers are replacing their complete beauty regimen with a broad selection of cruelty-free and vegan cosmetic products.
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Regional and multinational companies are competing for product distinctiveness in the fiercely competitive global market. The market share of global brands is steadily falling as e-commerce marketing becomes more and more common. This characteristic makes it easier for aspiring or tiny vegan cosmetic firms to break into the market, escalating competitiveness.
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In the latest study, Fact.MR offers a detailed study on vegan cosmetic Products market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of vegan cosmetic products through detailed segmentation as follows:
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Explore Fact.MR's Coverage on the Beauty & Cosmetics Industry
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Premium Cosmetics Market: The global premium cosmetics market is displaying strong growth, driven by high diversity in consumer preferences and innovations in the field. Most efforts of manufacturers in the premium cosmetics sector are focused towards skincare products, accounting 40% share.
Beauty Oils Market: Europe is the leading producer of beauty products and is home to 100+ cosmetic manufacturing companies. Additionally, companies in Europe spend relatively high on R&D, i.e. around 7% of their annual turnover, which has gained the confidence of customers.
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