 |
| Global Vegan Cosmetics Market Size |
Vegan cosmetics are personal care products that do not contain any
animal-derived ingredients. Conventional cosmetic products often contain
ingredients derived from animals such as beeswax, lanolin, gelatin, and various
fats and oils. However, vegan cosmetics use plant-based alternatives to these
ingredients. Vegan cosmetics are favoured by consumers who wish to avoid
harming animals. They are also considered more environment-friendly and
sustainable. The global vegan cosmetics market has seen rapid growth in recent
years owing to increasing awareness about cruelty-free products and concern for
animal welfare among consumers.
The global
vegan cosmetics Market is estimated to be valued at US$ 19.19 Bn in 2024 and is expected to exhibit a CAGR of 34% over the forecast period
2024-2031, as highlighted in a new report published by Coherent Market
Insights.
Market Opportunity:
Increased Concern for Animal Welfare
The key factor driving the growth of the vegan cosmetics market is the growing
concern about animal cruelty and welfare among consumers. More people are
rejecting cosmetic products that are tested on animals or contain
animal-derived ingredients. Many cosmetic brands now focus on developing and
marketing cruelty-free products made using plant-based alternatives. They
emphasize ethics and sustainability to attract conscious consumers. Strict laws
banning animal testing and sales of cosmetics tested on animals in several
countries are also bolstering the demand for vegan cosmetics. Rising vegetarian
and vegan population further raises the potential opportunities for vegan
personal care product manufacturers.
Porter’s Analysis
Threat of new entrants: The vegan cosmetics market has medium threat of new
entrants as it requires huge initial investments for R&D and manufacturing
facilities. However, the growing market size and consumer demand offers
opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is high as the
market has numerous options from various brands at different price points.
Buyers can easily switch between brands based on ingredients, pricing and
quality.
Bargaining power of suppliers: The bargaining power of suppliers is medium as
key raw materials like plant oils, extracts and minerals have many supplying
sources. However, manufacturers depend on few suppliers for specialty
ingredients.
Threat of new substitutes: The threat of substitutes is medium as alternatives
like organic and natural brands are available. However, vegan products have gained
popularity due to ethics of not testing on animals.
Competitive rivalry: The competitive rivalry is high among brands like Jon-Don
LLC., LG Electronics., and ECOLAB to gain market share through innovation,
pricing, advertising and distribution.
SWOT Analysis
Strength: Growing health and environment consciousness is driving significant
demand. Range of vegan formulations matches the performance of mainstream
products.
Weakness: Higher production costs than conventional brands. Limited consumer
awareness in developing nations.
Opportunity: Untapped regions offer vast opportunities. Expanding into personal
and home care categories can boost growth.
Threats: Stricter regulations may increase compliance costs. Aggressive pricing
strategies from domestic players in local markets.
Key Takeaways
Global
Vegan Cosmetics Market Size is expected to witness high growth of 340%
during the forecast period of 2024 to 2031. The market size for 2024 is
estimated at US$ 19.19 Bn.
Regional
analysis the Asia Pacific region is projected to grow at the fastest rate owing
to rising spending on premium cosmetics and awareness about vegan lifestyle in
countries like India and China. The region has emerged as a major hub for
manufacturing due to availability of raw materials and cheap labor.
Key players
operating in the vegan cosmetics market are Jon-Don LLC., LG Electronics., and
ECOLAB. Jon-Don LLC. specializes in hair care products while LG Electronics
offers vegan makeup and skincare range. ECOLAB supplies ingredients and
formulations to other brands.
Get More Insights On This Topic: https://www.trendingwebwire.com/vegan-cosmetics-market-demand-and-overview/