Vegan Cosmetics Market – Overview
Vegan cosmetics are manufactured without causing any harm to animals. Naturally, these products do not contain any kind of animal-derived elements or ingredients. In majority of the cases organic and plant-based ingredients are the key components of such vegan cosmetic products. These products include elements such as vitamins, collage, minerals, gelatin, honey, and antioxidants among others. The global market for vegan cosmetics is expected to achieve promising growth in the coming years of the forecast period with the growing trend of veganism among global population.
Vegan Cosmetics Market – Notable Developments
Some of the key developments in the global vegan cosmetics market are given below:
- In their recent study, Soil Association Certification reported that the overall launch rate of the vegan beauty care product rose by nearly 175% in the period of July 2013 to June 2018.
- Recently, the State Assembly of the US unanimously passed an act called Cruelty-free Cosmetics Act (SB 1249). This new bill will restrict the sale of cosmetics and other beauty care products that have animals as test subjects. This law will come into effect from January 1 2020. The violators will face hefty charges such as US$5000 with more US$1000 per day till the time the violation is dissolved.
- In August 2018, L’Oréal announced that the company has successfully taken over Logocos Naturkosmetik, a German beauty brand that sells vegan and organic beauty products.
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Vegan Cosmetics Market – Drivers and Restraints
One of the biggest driving factor for the growth of the global vegan cosmetics market is the recent surge of the population adopting vegan diet and approach in their lives. As the number of people who follow strict veganism grow, naturally, the growth of the vegan cosmetics market will have a positive development.
In addition to this, several governments across the globe are implanting strict guidelines and are issuing regulations about the animal testing. Moreover, growing preference towards using organic and plant-based personal care and beauty products is also helping to drive the growth of the global vegan cosmetics market.
Another important driving factor for the growth of the global vegan cosmetics market is the growing research and development activities to provide more efficient and reliable products. The R&D activities are driven by the evolving needs of the consumers and thus in the end are helping to drive the growth of the global market.
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Vegan Cosmetics Market – Geographical Outlook
The global vegan cosmetics market has five important geographical regions that provide a better understanding of its overall working dynamics. These regions are Asia Pacific, North America, Middle East and Africa, Latin America, and Europe. Of these, currently the global vegan cosmetics market has been dominated by the North America region. The region is expected to continue to offer a significant contribution over the course of the given forecast period of 2019 to 2027. The growth of the regional market is mainly attributed to the growing trend of veganism among the considerable sections of the population. Teens and young adults in particular are more drawn towards these upcoming trends and are thus contributing in the development of the North America market for vegan cosmetics. Another important factor for the growth of the vegan cosmetics market in North America is due to the presence of several key product manufacturers in the region. This has eased the availability of wide range of products in the regional market and also encourage innovative and new products to cater to the evolving demands. Such factors are thus responsible for driving the growth of the North America market for vegan cosmetics.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.