Global Vegan Cosmetics Market 2019-2023 | Growth of E-Commerce Market to Boost Growth | Technavio

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The global vegan cosmetics market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio.

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Technavio has released a new market research report on the global vegan cosmetics market from 2019-2023. (Graphic: Business Wire)

Technavio has released a new market research report on the global vegan cosmetics market from 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the market is the increasing preference for vegan products from consumers. Increasing consciousness with respect to using cruelty-free brands and awareness of the adverse environmental impact of animal-based products has led to an increase in demand for vegan cosmetics across the world. The use of natural or plant-based ingredients in vegan cosmetics, benefits sensitive skin as they use fewer ingredients and a small number of chemicals. Moreover, organic vegan cosmetics have anti-aging properties. These cosmetics hydrate the skin and reduce acne and other skin abnormalities, which, in turn, increases the youthfulness of the skin. Vegan cosmetics are also known for reducing dark circles under eyes and improve uneven skin tone. Thus, such properties are expected to attract consumers thereby driving market growth during the forecast period.

As per Technavio, the growth of e-commerce market will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global vegan cosmetics market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global vegan cosmetics market: Growth of e-commerce market

E-commerce is a platform for cosmetics companies operating at small or moderate scales to promote their products. The growing adoption of smartphones, increasing internet penetration, and the phenomenal growth of social media, has enabled customers to access and choose from a wide range of cosmetics. Moreover, increasing preference for online shopping, technological advances, and growing awareness about products, is expected to drive the online market for vegan cosmetics.

“Apart from the growth of e-commerce market, the introduction of new vegan cosmetic products is expected to boost market growth. Currently, competition in the global vegan cosmetics market is intensifying with the increasing demand for vegan cosmetics across the world. Cosmetics companies are gradually converting all the products in their portfolio to vegan products and introducing new vegan cosmetics to strengthen their position in the cosmetics industry, thereby driving market growth,” says a senior analyst at Technavio.

Global vegan cosmetics market: Segmentation analysis

This market research report segments the global vegan cosmetics market by distribution channel (offline and online) and geographical regions (Europe, North America, APAC, South America, and MEA).

The European region led the market in 2018, followed by North America, APAC, South America, and MEA. During the forecast period the European region is expected to maintain its dominance over the global market and register the highest incremental growth due to a rapid increase in the launch of vegan cosmetic products over the last few years.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

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Business Wire: 11:30 GMT Friday 12th July 2019

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