Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Vegan Cheese market.
Trusted Business Insights presents an updated and Latest Study on Vegan Cheese Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Vegan Cheese market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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The global vegan cosmetics market is expected to be valued at approximately US$ 14 Bn in 2019 and is expected to register a CAGR of 6.7%. The report offers in-depth insights, revenue details, and other vital information regarding the global vegan cosmetics market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2028. The global vegan cosmetics market report has been segmented on the basis of product type, distribution channel, and region.
Global Vegan Cosmetics Market: Introduction
Vegan cosmetic products are produced without harming animals hence these products do not contain any animal-derived ingredients or animal ingredients and are produced using plant-based extracts, ingredients, and derivatives. Vegan cosmetic products includes gelatin, vitamins, minerals, collage, antioxidants, honey, and many more. In addition, vegan cosmetic products are very popular and most demandable among vegan populations. There are various types of vegan cosmetic products including hair care, skin care, makeup and color cosmetics, and others easily available in the market.
Global Vegan Cosmetics Market: Dynamics
Increasing physical appearance concern among individuals and growing awareness about different types of cruelty free beauty products among consumers resulting in rising demand for vegan cosmetics across the globe. In addition, growing consumer preference towards the vegan cosmetics due to increasing popularity of environment sustainable beauty products among consumers. These are major factors expected to drive growth of the global vegan cosmetics market over the forecast period.
Rising demand for vegan beauty products especially among vegan populations due to increasing awareness about different beneficial properties associated with these products including healing ailments, improve skin health, effective for sensitive skin, soothing skin, and others. Increasing penetration of vegan cosmetics products on e-commerce portals across the globe. These are other factors that are expected to boost growth of the global vegan cosmetics market during the forecast period.
Furthermore, increasing availability of plant-based personal care products in developed and developing countries and rising influence of social media, beauty blogs, advertising campaigns and others. Increasing vegan populations across the globe and rising adoption of chemical-free hair care and skin care products among female populations. These are among other factors that are expected to fuel growth of the target market over the forecast period.
Moreover, increasing cosmetics manufacturers focus on R & D activities and growing number of vegan cosmetics manufacturers and suppliers across the globe. Growing cosmetics industry across the globe and increasing production of plant-based or mineral-based beauty products by major beauty products manufacturers. These are some factors expected to propel growth of the global vegan cosmetics market in the next 10 years.
Nevertheless, high cost associated with vegan beauty products and low awareness about various vegan cosmetics products are major factors expected to hamper growth of the global vegan cosmetics products market. In addition, lack of awareness related to beneficial properties associated with vegan beauty products among consumer in under-developed countries is a challenging factor that may affect growth of the target market to a certain extent.
Ongoing trends in the global vegan cosmetics market is vegan beauty products manufacturers high focus towards entering untapped market especially in developing countries and expanding retail network chain across various countries. In addition, rising government initiatives to promote use of plant-based cosmetic products and stringent government rules and regulations for the use of animal-derived ingredients during production of cosmetics and personal care products.
Increasing cosmetics manufacturers focus on the production of cost-effective and viable products and increasing use of social media platforms to raise awareness about vegan cosmetic products by doctors and experts. These are some factors expected to create lucrative revenue opportunities for players operating in global vegan cosmetics market.
For example, according to Soil Association Certification, vegan beauty product launches increased by 175% from July 2013 to June 2018. Growth of the organic personal care market increased by 7% in 2018 over the previous year.
Global Vegan Cosmetics Market Analysis by Product Type:
On the basis of product type, the market is segmented into skin care, hair care, makeup & color cosmetics, and others. Currently, the hair care segment dominates in the global market in terms of CAGR and is expected to maintain its dominance over the forecast period. In addition, the hair care segment is expected to register CAGR of over 6.5%.
Global Vegan Cosmetics Market Analysis by Distribution Channel:
On the basis of distribution channel, the market is segmented into supermarkets & hypermarkets, department stores, specialty stores, and online stores. Currently, the online stores segment dominates in the global market in terms of CAGR and is expected to maintain its dominance over the forecast period. In addition, the online stores segment is expected to register CAGR of over 6.6%.
Global Vegan Cosmetics Market Analysis by Region:
Based on the region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America is expected to account for major revenue share in the global vegan cosmetics market in 2019. In addition, growing and emerging trend of veganism especially among teenagers and younger generation and high adoption of skincare and other vegan cosmetic products.
According to news published by VegNews Magazine, Google searches in US had doubled for the word vegan beauty from 2016 to 2017.
According to a 2019 survey conducted by The Physicians Committee across North America, over 70% of population claims to prefer use vegan cosmetics over animal based cosmetics, that are not animal tested and favors development of animal-tested alternatives.
Presence of vegan cosmetic products manufacturers and suppliers and advent of new vegan beauty products in countries such as Canada and US. These are major factors expected to drive the growth of the global vegan cosmetics market in North America region.
Initiatives taken by governments including implementation of laws to preclude animal testing and easy availability of plant-based personal care products on e-commerce platform are expected to boost growth of the vegan cosmetics market in North America region.
Cruelty-Free Cosmetics Act (SB 1249) was unanimously passed with majority votes in the State Assembly. The bill will prohibit the sale of cosmetics tested on animals after January 1, 2020 in the state of California, and violators would be subject to an initial fine of US$ 5,000 (with further fines of US$ 1,000 per day) until the violation is resolved.
The market in the Europe is expected to account for second-highest share in terms of revenue over the forecast period. High demand for cruelty-free cosmetic products among consumers and stringent government regulations on use of several animal-derived ingredients including fur, hair, and others in cosmetic products manufacturing in various countries in the region.
Growing consumer awareness and demand for plant- or vegan- based cosmetic products and presence of well-established companies in different countries. These are major factors expected to fuel growth of the vegan cosmetics market in the Europe region.
In August 2018, French beauty brand LOreal announced acquisition of Logocos Naturkosmetik, a Germany-based beauty brand which sells organic and vegan beauty products. According to Alexis Perakis-Valat, LOreal President of the consumer products division, the move was picking up on a Ëœmajor beauty ascending trend, driving the company forward into the vegan market.
Market Segmentation of Global Vegan Cosmetics Market:
Segmentation by Product Type:
- Skin Care
- Hair Care
- Makeup and Color Cosmetics
Segmentation by Distribution Channel:
- Supermarkets and Hypermarkets
- Department Stores
- Specialty Stores
- Online Stores
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players included in the report: Global Vegan Cheese Market
- Daiya Foods Inc.
- Dr-Cow Tree Nut Cheese
- Follow Your Heart, Inc.
- GreenSpace Brands Inc. (Galaxy Nutritional Foods, Inc.)
- Maple Leaf Foods Inc. (Field Roast Grain Meat Co., Inc.)
- Miyokos Kitchen, Inc.
- Happy Cheeze GmbH
- Punk Rawk Labs, Inc.
- Bute Island Foods Ltd.
- Tofutti Brands, Inc.
- Wayfare Inc.
Key Insights Covered: Global Vegan Cheese Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Vegan Cheese industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Vegan Cheese industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Vegan Cheese industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Vegan Cheese industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Vegan Cheese industry.
Research Methodology: Global Vegan Cheese Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
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