New York, US, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Cruelty-Free Cosmetics Market overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Cruelty-Free Cosmetics Market Research Report: Information by Product Type, Form, Distribution Channel, and Region - Forecast till 2030, the market is projected to present a 4.56% CAGR to reach USD 14.23 Billion by 2030.
Market Scope:
Cruelty-free cosmetics are generally appreciated; the Cruelty Free Cosmetics Market has been primarily driven by the rising demand for comedogenic goods. People are increasingly concerned with their skincare regimen and products. Everyone enjoys using cosmetics with less adverse effects on the skin. Prior to making a purchase, shoppers examine the products' ingredients. Cosmetics that are cruelty-free do not contain any hazardous substances.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 14.23 Billion |
| CAGR | 4.56% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Product Type, Form, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | awareness of using less harmful products |
| The increase in demand for vegan products, which do not contain any animal fat, oils, or any animal-related products in cosmetics |
Competitive Dynamics:
The Market has been exhibiting healthy expansion on the global market, and it is regarded as the most in-demand market due to its significant elements. The Cruelty-Free Cosmetics Market Trend is on the rise due to the market's leading businesses; some of them are given below:
- Urban Decay (L'Oréal S.A.) (US)
- PHB Ethical Beauty Ltd (UK)
- Kosé Corporation (Japan)
- Plum Goodness (India)
- e.l.f. Cosmetics, Inc. (US)
- Natura (Brasil) International B.V. (Brazil)
- INIKA Organic (Australia)
- Avalon Natural Products, Inc. (US)
- Kendo Holdings, Inc. (US), Yes To, Inc. (US)
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Market USP:
Market Drivers
The quick evolution of cosmetic trends has a favorable effect on the market. The Cruelty Free Cosmetics Market Share is successfully being driven by the chemical compound's complex breakdown and the procedures used to create less damaging goods for skin. The projection era will exhibit a healthy graph due to the increased knowledge of using less harmful goods and doing less animal tests in cosmetic laboratories. Customers are more concerned about animal welfare, and they oppose animal testing in beauty labs where they examine the impact of chemicals on their skin. This is another significant component contributing to the expansion of the market. Increased demand for vegan goods, which do not contain any animal fats, oils, or animal-derived ingredients in cosmetics, is driving market expansion in the right direction. People seeking to eliminate all products derived from animals have a significant impact on the success of vegan cosmetics.
Increasing consumer knowledge that vegan products are composed of natural ingredients, are chemical-free, have no negative effects, and are safe to use is driving market expansion. Consumer knowledge of the negative effects of chemically based cosmetics on the skin is increasing. Vegan cosmetics are completely cruelty-free, thus the market is developing due to rising animal welfare concerns. Never is animal testing conducted on vegan cosmetics. They are a healthier and more humane option because they lack beeswax, collagen, gelatin, honey, carmine, cholesterol, milk, lanolin, shellac, and other animal-derived ingredients. In addition, customers are increasingly using cosmetics such as skin care, color cosmetics, and hair care; particularly Generation Z. As a result of both of these issues and rising consumer awareness of the environmental and ethical benefits of using vegan cosmetics, it is projected that sales will increase.
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Market Limitations
In order to compete with other worldwide markets, the market is confronted with a number of obstacles. It is not always possible to acquire non-comedogenic ingredients for cosmetics. Comedogenic substances are almost certainly present in the product in trace concentrations. But the customer preference for non-comedogenic products has been a significant market problem. The understanding of animal health and compassion for animal life is an additional market hurdle. They are attempting not to test the effects of substances on animals in their laboratories. In addition, the need for basic raw chemicals for the products is not readily available, since manufacturers may encounter operational difficulties. Developing the working procedure and operation, nonetheless, assists the industry in overcoming these challenges and remaining competitive.
COVID-19 Analysis:
The global pandemic has had a detrimental impact on every market's growth, as well as on the market's primary drivers and companies. Even the COVID-19 epidemic has fallen victim to the cruelty-free cosmetics industry. The virus outbreak has had a devastating effect on market growth. The supply of primary materials and chemicals for the cosmetic product has been impeded to the extent that lockdown regulations have been implemented. During the shutdown, industries have had difficulty distributing their products to clients. Customers have not received their orders on time, and consequently, their need for the goods has diminished. In the post-pandemic phase, the market's major actors place greater emphasis on the customer's need to retreat. They are devoting more resources to research and development in order to meet client demand for cruelty-free cosmetics. The focus and effort of the market's major drivers will help the market achieve the projected CAGR by the end of the forecast period.
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Market Segmentation:
By Product Type
Due to their high demand and popularity, the makeup and color cosmetics segment is anticipated to have the greatest Cruelty-Free Cosmetics Market Share worldwide.
By Form
According to the statistics, the category of cream-based products retains a significant market share over the period of analysis.
By Distribution Channel
In the Cruelty-Free Cosmetics Market Trend, the store-based segments provide the most revenue of the two primary distribution sectors.
Regional Evaluation:
The increasing sales of cruelty-free cosmetics in both the United States and Canada strengthen North America's leading position in the international market. The rapidly growing veganism movement is increasing the demand for products that are not tested on animals. The bulk of multinational corporations based in the region focused on expanding their sales and distribution networks to increase product visibility and margins of profit. Due to the fact that these channels make it easy for consumers to choose from a wide variety of products and compare brands, specialty stores are quite popular in this region. In stores like as Bloomingdale, high-end cruelty-free cosmetics are sold alongside luxury apparel.
A growing number of customers preferring natural and organic cosmetics is expected to propel Europe to a leading position on the global cosmetics market over the next few years. Government enforcement of stringent rules against animal testing would put pressure on cosmetic companies to develop cruelty-free products.
The APAC market is dominated by Japan and China, where department shops and supermarkets are renowned for carrying a selection of organic, cruelty-free cosmetics.
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