As per current published report by Markntel Advisors the Vegan Cosmetics Market is estimated to grow at a CAGR of around 7.0% during the forecast period, i.e., 2024-30. A detailed discussion of industry behavior is presented. It will assist companies and other stakeholders in making decisions that assure strong earnings in the upcoming years, and also describes the future trend. In order to assist readers in making defensible choices on market projects, this research will offer a useful summary of the market and its dynamic environment. The growth prospects that will enable the market to extend its operations in current markets will be the main focus of this analysis.
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Global Vegan Cosmetics Market Driver:
Increasing Government Initiatives for Promoting Chemical-Free Cosmetics: The regulatory frameworks for the cosmetics industry have been put in place owing to the rising cruelty towards animals, mounting concerns over skin allergies, and the possibility that some chemical contents within their products could cause long-term health risks. Governments across North America, Europe, & Asia-Pacific have introduced various policies to stop the use of animal-derived ingredients during the production of cosmetics & personal care products. For instance:
- In June 2021, the Ministry of the United States Senate introduced a bill to modernize safety standards for personal care products, focusing on using natural ingredients in them.
Similarly, many other countries like India, Israel, Brazil, Taiwan, Turkey, South Korea, China, etc., have imposed bans on animal testing for cosmetics. Such initiatives, supported by cosmetic giants like Unilever, L’Oréal, LUSH, Avon, etc., are projected to propel the demand for vegan cosmetics in the respective regions and, in turn, drive the global market in the coming years.
The Vegan Cosmetics Market has segmented the market into the following categories:
By Sales Channel
(E-Commerce, Offline Stores (Hypermarket/Supermarket, Departmental Stores, Specialty Stores, Others)),
By Product
(Skin Care, Hair Care, Makeup, Others (Lip Care, Nail Care, etc.)),
By Packaging
(Pumps & Dispensers, Compact Cases, Jars, Pencils & Sticks, Tubers, Others (Blisters & Strip Packs, Aerosol Cans, etc.)),
By End User
(Women, Men, Kids)
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By Region
– North America
– South America
– Europe
– Middle East & Africa
– Asia Pacific
Competitive Environment Featuring Key Players:
MuLondon, Beauty Without Cruelty, Nature’s Gat, Billy Gealousy, L’Oréal Groupe, Mo MI Beauty, Emma Jean Cosmetic Inc., Inika, Gabriel Cosmetic Inc., Groupe Rocher, Pacifica Beauty, E.l.f. Cosmetic Inc., Coty Inc., Kose Corp., Natura Interantional Inc., MAV Beatury Brands Inc., The Estee Lauder Co. Inc., Lush Retail Ltd., Debenhams Plc., Charlotte Tilbury Beauty Ltd
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-Market segmentation based on both economic and non-economic characteristics, analyzed both qualitatively and quantitatively
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-A geographical analysis that shows how the product or service is used in each area and what factors are influencing the market in that particular area
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-The present and projected market outlook in light of recent changes, which include growth prospects and drivers as well as obstacles and constraints in both developed and emerging regions
-Using Porter’s Five Forces approach, provides a thorough examination of the market from a variety of angles.
-Uses the value chain to offer market intelligence.
-The state of the market dynamics and potential for future market expansion
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