Sales of vegan beauty products are expected to surpass US$3.5 billion in 2019, up from US$3.352 billion in 2018, according to new research from Fact.MR. Including the surge in veganism in the beauty and cosmetics sector, the surge in demand for natural beauty products, and more.
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“The market for vegan beauty products is booming and, in parallel, there is a growing consumer aversion to animal products for environmental and ethical reasons . The growing desire to buy products that are healthy is fueling the growth of the vegan beauty products market,” says the Fact.MR report.
An increasing number of people are adapting to a vegan lifestyle, and as a result, companies are jumping on the vegan beauty bandwagon . With increasing consumer interest in leading, it is becoming mainstream. Additionally, the rise of ethical consumerism will lead to a massive shift towards animal-derived ingredients and cruelty-free products, favoring the growth of the vegan beauty market through 2028.
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Vegan beauty products for skincare are likely to achieve impressive sales in 2019 and beyond, with global sales estimated to exceed US$100 million in 2019, according to a report. Demand for vegan beauty products for skin care continues its steady rise. Several product types, such as creams and lotions, scrub exfoliators, cleansers and toners, appeal to large segments of the world’s population willing to pay premium prices for sophisticated skin care products.
Consumers continue to show a significant preference for traditional vegan beauty products, with global sales estimated to exceed US$3 billion in 2019, according to the report. These are two of the main reasons why consumers stick to traditional vegan beauty products. However, demand for organic vegan products could surpass conventional products by 2028, as consumers show greater interest in beauty products with natural claims.
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Consumers are set to pay a premium for vegan beauty products
A research analysis by Fact.MR found that modern consumerism is ‘value over price’. Millennials are willing to pay premium prices for sustainable products, including vegan beauty products, choosing products that align with their personal values. Rather than treating packaging as an afterthought, companies operating in the vegan beauty product market are using “zero-waste packaging” as a way to win consumer trust and repeat sales. increase.
This Fact.MR study offers a keen insight into the vegan beauty products market for the forecast period 2018-2028. The vegan beauty products market is projected to register a CAGR of over 6% by 2028.
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