The demand for vegan beauty Market products has amplified at a record pace. The quest for sustainability has driven brands towards the adoption of eco-friendly measures and the development of cruelty-free beauty products. Rising concerns regarding production have been instrumental in carving the dynamics of the vegan beauty products market. Meanwhile, in light of the harmful impacts of synthetic and chemical-based cosmetics, consumers have showcased a great inclination toward the usage of plant-based alternatives.
Various health benefits associated with plant-based products and emerging sourcing destinations of vegan raw materials are poised to intensify the market competition. Against this backdrop, the global vegan beauty products market is anticipated to reach fruition amid robust developments and consumers' propensity towards ingenious plant-based beauty products.
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Ban on Animal Testing for Beauty Products to Create Significant Business Opportunity in Vegan Beauty Products Market
Growing awareness apropos to animal cruelty has coerced the government to take drastic measures. To this end, various governments have put a ban on animal testing for beauty products, promoting the development of vegan beauty products. Besides, consumers are showing interest in the usage of vegan beauty products as compared to synthetic and chemical-based products, elevating the sales of vegan beauty products.
Such trends are paving pathways for cruelty-free vegan counterparts, assuring influential growth across the vegan beauty products market. Over the forecast period, major players are likely to strengthen their market positions by opting for strategic collaborations and partnerships, research and development, and open innovation agendas.
CBD-infused Products to Spearhead Growth Across Global Vegan Beauty Products Market
Cannabidiol (CBD) has found its application in diverse wellness products. Owing to its capability, cannabidiol is extensively used to meet the pressing challenges of insomnia and anxiety. The rising prevalence of insomnia and anxiety has highlighted the importance of cannabidiol in beauty products. According to National Center for Biotechnology Information (NCBI), cannabidiol also comprises anti-cancer capabilities. Such an extensive application base has paved a pathway for CBD in the wellness domain.
Customers are rapidly advancing towards vegan beauty products, more so, because of concerns about animal cruelty and its provided health benefits. Manufacturers are actively incorporating CBD in a range of vegan beauty products including lotions, balms, creams, toners, exfoliators, masks, essential oils, and skincare serums. In such a business scenario, the global vegan beauty products market is projected to witness lucrative growth opportunities throughout the projection timeframe.
Europe to Witness Robust Expansion in Vegan Beauty Products Market amid Growing Trend of Veganism
Europe is yielding the gains of accelerated demand for vegan beauty products from developed economies, including UK, Spain, Germany, Italy, and France. These regions are anticipated to garner the highest share of the regional market. The region is highly lucrative with growing awareness of the benefits of using vegan products and paced demand for cruelty-free cosmetic products. On the flip side, Asia Pacific has emerged as a competitive region amid soaring demand from cosmetics, personal care, pharmaceuticals, and related industries in the region.
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Major Market Players
Some of the most prominent players in the global vegan beauty products market include Seraphine Botanicals, MuLondon, Loreal S.A., Coty Company, Beauty Without Cruelty, Elf Cosmetics, GM Cosmetics, Nutriglow Cosmetics, and PHB Ethical Beauty Ltd.
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