Allied Market Research published a new report, titled, “Vegan Beauty Products Market 2022-2029” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The vegan beauty products are free from any animal-based ingredients and only use natural plants as ingredients. They are also known as cruelty-free products. The plant-based ingredients beauty products are more beneficial for skin because it has more vitamins, minerals, and antioxidants that repair the skin and hydrate it. Vegan products are better for sensitive or condition prone skin whereas, animals-based ingredient beauty products can be harsh for the skin and close pore. Vegan ingredients include coconut, argan, hemp extract seeds, Camu berry that give vitamins A, E, and C. Increase in the vegan beauty products the demand for such products has increased, which has made it easily available and affordable. The use of vegan beauty products makes the skin healthy and also keep the body healthy.
Rise in awareness about skin issues and health issues can be the factor that drive the growth of the global vegan beauty products market. The shift in the demand for vegan products and awareness about environmental issues has increased the consumption of the vegan product. Consumers are shifting to vegan beauty products because chemical-based products are not safe and natural and cause skin damage. With growing social media, blogging on beauty products has greatly influenced the demand for vegan beauty products.
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However, some vegan products are expensive that can hamper the growth of the global market. The availability of raw material and substitute products can create a threat to the growth of the global vegan beauty products. Increase in purchasing power, rapid urbanization, changes in living standards, and development in technology in the cosmetic industry create opportunities for the growth of the global market.
Regions covered: North America (U.S. and Canada), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Restof LAMEA)
Companies covered: Bare Blossom, Billy Jealousy, Urban Decay, Ecco Bella, MuLondon Organic, Modern Minerals Makeup, Pacifica Beauty LLC, ELF Cosmetics, Gabriel Cosmetics Inc., Huda Beauty.
COVID-19 Scenario Analysis:
• The beauty product industry has been declined due to COVID-19, but the impact is not all negative or positive as seen in other industries.
• Consumers are shifting from color cosmetics to personal hygiene products that are safe and reliable in usage.
• Demand for skin care and personal hygiene products is rising but there is a decline in the makeup or color cosmetics products.
• There is an opportunity for companies to grow by offering additional benefits like moisturizing and antibacterial products, and clean labeling.
• Due to a shift in consumer demand toward skincare and personal hygiene product has made brands to improve supply through online channels along with at-home wellness products.
The global vegan beauty products market trends are as follows:
1. The e-commerce industry plays an important role in the growth of the global vegan beauty product. The growing online website has increased the sales of the vegan beauty products.
2. The companies are also focusing on the packaging to make it recyclable and that do not harm the environment.
3. With the growing market, the competition has greatly increased due to the entry of new players.
4. The companies are also focusing on expanding their business on a global level through collaboration, mergers, or acquisitions. It can help in acquiring new technology and establishing a strong footing on the foreign market.
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Key Benefits of the Report:
• This study presents the analytical depiction of the global vegan beauty products industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global vegan beauty products market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global vegan beauty products market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global vegan beauty products market analysis based on competitive intensity and how the competition will take shape in coming years.
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