The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Vegan Skin Care Products market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Vegan Skin Care Products
This newly published and insightful report sheds light on Market Insights of Vegan Skin Care Products, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Vegan Skin Care Products Market.
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According to a new study by Fact.MR, sales of Vegan Skin Care Products are expected to surpass US$ 3,500 Mn in 2019, up from US$ 3,352 Mn in 2018. Gains of Vegan Skin Care 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 Skin Care 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 Skin Care Products market.” says Fact.MR report.
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 Skin Care Products market through 2028.
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Vegan Skin Care Products Market – Competitive Landscape
- In 2018, L’Oréal S.A. – a key player in the Vegan Skin Care Products market – announced the signing of a definitive agreement for the acquisition of Logocos Naturkosmetik AG, a leading German Vegan Skin Care Products manufacturer. As per L’Oréal, Logocos owns two leading and authentic vegan brands along with its exclusive expertise in the organic beauty space, which will be offering great advantages to the L’Oréal’s growth strategy. This acquisition reinforces the position of L’Oréal amidst the leading personal care companies offering certified & authentic Vegan Skin Care Products.
- In 2018, Cosmax Inc. – a South Korea-based leading cosmetics manufacturer – made an official announcement that it has become the first company across Asia to attain a ‘Vegan’ label from the Expertise Vegan Europe (EVE) for its exclusive unit manufacturing cruelty-free cosmetic products. This label is foreseen to establish new dimensions of the company’s growth in the Vegan Skin Care Products space.
- In 2018, O Boticário – a key player in the Vegan Skin Care Products market – expands its operations in UAE through the launch of its second retail outlet in Dubai. The official launch of this retail outlet will provide immense scope for further expansion of the company’s presence in the Middle East and tap into new customer segments via its cruelty-free beauty product offerings.
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What are the Key Challenges Faced by Stakeholders of Vegan Skin Care Products Market?
- Availability of counterfeit products continues to be a key challenge for the key players of Vegan Skin Care Products market. Counterfeiting in the Vegan Skin Care Products space is a result of the lack of standardized regulations to draw a distinction between authorized products and fraudulent ones, which results in unreasonable competition for the legitimate market players.
- Vegan products have a shorter shelf life in comparison to synthetic products, which is key factor limiting adoption of Vegan Skin Care Products.
Consumers Set to Pay Premium Prices for Vegan Skin Care 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 Skin Care Products, and are opting for products align well with their personal values. Instead of treating packaging as an afterthought, companies operating in the Vegan Skin Care Products market space are using ‘zero-waste packaging’ as the way forward to gain consumer confidence and repeated sales.
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 Skin Care 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 Skin Care 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.
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More Valuable Insights on Vegan Skin Care Products Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Vegan Skin Care Products, Sales and Demand of Vegan Skin Care Products, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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