Global Plant-Based Cosmetics Market is Segmented By Product Type (Skin Care, Hair Care, Make Up, Others), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, E-Commerce, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
The Global "Plant-Based Cosmetics Market" is expected to reach at a CAGR of 6.7% during the forecast period (2024-2031).
Plant-based cosmetics comprise ingredients of plant origin, such as extracts, oils, or highly processed substances acquired from the raw plant material and are derived from plant extracts. Aloe vera, Curcuma longa, coconut oil, sunflower oil, Rhodiola Rosea, Daucus carota, and Avena sativa are a few of the plants often used in plant-based cosmetics products. The rising prevalence of animal cruelty and increasing knowledge about using plant-based cosmetic products is the major driving factor. Increased consumer awareness of the use of plant-derived ingredients is driving market expansion. The growing demand for vegan-certified products from mainstream consumers worldwide is likely to fuel revenue generation in the global market over the medium term.
Market Summary
| Metrics | Details |
| CAGR | 6.7% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Product Type, Distribution Channel, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia Pacific |
| Largest Region | Europe |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
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Source: DataM Intelligence Analysis (2021)
Market Dynamics
The rise in awareness of natural and vegan skincare products owing to increasing awareness of chemical-free goods
Plant-based cosmetics that use natural or plant-based components assist sensitive skin because they contain fewer ingredients and chemicals. Furthermore, anti-ageing effects are found in organic vegan cosmetics. These cosmetics moisturize the skin while reducing acne and other skin irregularities, giving it a more youthful appearance. Vegan cosmetics are also known for improving uneven skin tone and decreasing dark bags beneath the eyes. As a result, such properties are projected to attract customers, resulting in market expansion over the projection period.
Moreover, growing consumer demand for cruelty-free products is driving the growth of the market. Plant-based cosmetics are in higher demand worldwide as people become more mindful of choosing cruelty-free brands and the negative environmental impact of animal-based goods. In recent years, the cruelty-free (no animal testing), vegetarian (no animal byproducts), and vegan (no animal ingredients) beauty business has exploded.
Furthermore, animal experimentation is being phased out of the worldwide cosmetics business. Several countries have already implemented laws prohibiting the sale and manufacture of cosmetics that have been tested on animals. Consumer demand is pushing a shift away from using animals to develop new products. Mexico just became the first country in North America to outlaw all animal experimentation in the cosmetics business.
In addition, the growing influence of social media beauty trends and the growing number of celebrity endorsements for encouraging the use of vegan cosmetics are driving up demand for the product. CoverGirl, for example, has kicked off 2020 with a completely new vegan cosmetics line that includes natural ingredients like aloe extract and milk. Aside from the traditional cosmetics for women, some firms also offer vegan men's grooming products to meet their shifting preferences and needs.
Market Segmentation Analysis
The E-commerce segment is predicted to have the greatest share in the plant-based cosmetics market
Based on the distribution channel, the E-commerce segment is expected to hold a market revenue share of XX% in the year 2020. Due to the simplicity of product selection and order placement and delivery, e-commerce retail locations have exploded in popularity in recent years. Due to a shift in customer shopping experience from hypermarkets and specialized stores to E-commerce platforms, China saw a 65.0 per cent increase in online vegan cosmetics sales after the launch of products in 2011. Furthermore, the rise of e-commerce platforms has increased product offerings while also providing attractive discounts, doorstep delivery, and secure payment methods. L'Oréal Paris and AKQA collaborated to open an omnichannel concept store in Shanghai in May 2021, providing visitors with a personalized experience and improving relationships with customers.
Market Geographical Share
Europe is dominating the global plant-based cosmetics market in the year 2020
Consumer knowledge of the detrimental effects of some compounds, such as paraben and aluminum compounds found in skincare, hair care, and deodorants, has increased demand for natural and organic products in the European region. Many European consumers prefer one brand over others because of its natural and ethical formulation, with vegan beauty product sales increasing significantly in the United Kingdom alone in recent years. This has led to increased demand for vegan cosmetics that are safe, natural, and organic in recent years. The decisions are based on efficacy, long-term protection, and clinical features. The market's need for vegan ingredients has resulted in a majority of companies producing goods that include nature-inspired ingredients like plant-inspired and premium botanical ingredients, as well as multi-functional qualities. For example, the Avon United Kingdom, for example, debuted a vegan skincare and make-up line distillery in the market in the market in 2019.
Source: DataM Intelligence Analysis (2021)
Plant-Based Cosmetics Companies
Some of the key players in this market include Coty Inc., Loreal SA, MULondon, Beauty Without Cruelty, and Nature’s Gate among others. Major firms are concentrating on providing new items to the market to cater to the needs of the players and improve their market position. Cosmetics firms all over the world are experimenting with new ways to create signature beauty products. While customer demand for animal-tested products is steadily declining, cosmetics behemoths have revamped their product portfolios which is the key market strategy of the companies. Elf Cosmetics, a well-known vegan and cruelty-free cosmetics brand, debuted in India in January 2021. G&M Cosmetics, based in Australia, intends to release more vegan beauty and baby care products in February 2021. With the acquisition of PURE Papaya Care skincare in 2019, the company entered the vegan beauty industry. Since then, the brand has grown to include 15 vegan-friendly and certified goods.
COVID-19 Impact:
Negative impact on the global plant-based cosmetics market
During the pandemic crisis, the beauty and personal care industry are likely to be one of the hardest-hit industries. Consumer behaviour has changed, and the industry is struggling to catch the pace. Consumers are more likely to spend money on products that are less likely to be infected and have a longer shelf life. In addition, revenue losses from shuttered hypermarkets, supermarkets, and department stores have hampered growth expectations significantly. As a result, brands are concentrating on improving their e-commerce presence. To stay afloat in the face of an imminent downturn, some of the most well-known cosmetics brands are selling at-home wellness solutions. Because customers are cutting back on discretionary spending, the cosmetics industry as a whole is seeing a decline in sales.
Why Purchase the Report?
- Understand the current market scenario and viability of global plant-based cosmetics over the forecast period
- Visualize the composition of the global plant-based cosmetics market in terms of product type and distribution channel identify major players, growth potential, and market strategies
- Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
- Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining to the market
What we offer?
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
- Excel data sheet with valuable data points of the global plant-based cosmetics market – Regional and Country level segmentation
- Product mapping in excel for the key products of all major market players
- Market share analysis covering business revenues ($) and revenue share (%) of key market players
The global plant-based cosmetics market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages.
Target Audience:
- Cosmetic Companies
- Cosmetic Ingredients Manufacturers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
