New York, US, June 07, 2022 (GLOBE NEWSWIRE) — Cruelty-Free Cosmetics Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR),”Cruelty-Free Cosmetics Market Information by Product Type, Form, Distribution Channel, and Region – Forecast till 2030”, the Cruelty-Free Cosmetics Market estimated to reach USD 14.23 Billion by 2030 and record a decent CAGR of 4.56% from 2022 to 2030.
Cruelty-free cosmetics are enjoying considerable demand given the huge preference for comedogenic products around the world. People are becoming increasingly concerned about what ingredients their skincare products contain and how these affect their skin. Therefore, the preference for cosmetics with fewer toxic ingredients is surging among consumers. Consumers constantly track the composition of the cosmetics before buying them. Cruelty-free cosmetics contain no harmful chemicals, are mostly non-comedogenic, and are, therefore, used extensively for skincare routines.
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|2030 Market Size||USD 14.23 Billion|
|Forecast Units||Value (USD Million)|
|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||Chief Drivers Produce More Non-Comedogenic Cosmetic Products to Meet the Demand Of The Consumers|
Market Competitive Landscape:
The important firms in the cruelty-free cosmetics market include
- Kendo Holdings, Inc. (US), Yes To, Inc. (US)
- PHB Ethical Beauty Ltd (UK)
- Urban Decay (L’Oréal S.A.) (US)
- Plum Goodness (India)
- Kosé Corporation (Japan)
- Natura (Brasil) International B.V. (Brazil)
- e.l.f. Cosmetics, Inc. (US)
- Avalon Natural Products, Inc. (US)
- INIKA Organic (Australia)
These companies are working on expanding their operational capacities across various countries. Top vendors are focused on developing new products that cater to every need of the end-users for a higher position in the market. Many companies are adopting business strategies like acquisitions, mergers, partnerships, and collaborations for a better standing in the worldwide market.
Market USP Covered:
Consumers are progressively becoming aware of the impact of their purchasing habits on the environment as well as society. There is high consciousness about which cosmetics to choose from and what raw materials and source origins have been used to develop these items. A number of laws as well as acts have been passed worldwide to ensure that companies do not conduct testing on animals. One example of such an act includes the Cruelty-Free Cosmetics Act, which was started by the Physicians Committee for Responsible Medicine, which is a non-profit research & advocacy organization in the US. This law was passed by the Californian government, making it unlawful for the vendors to sell cosmetic products in the state that were tested on animals.
Following the COVID-19 outbreak, the global eCommerce industry has been responsible for half of the total sales of cruelty-free cosmetics. Ecommerce is now the most indispensable part of the cosmetics market, particularly since the advent of the pandemic. Physical outlets are not the first choice for the consumers anymore, especially given the lockdown, however; the e-commerce industry has helped maintained steady sales all over the world.
Top brands are teaming up with famous celebrities who endorse their cosmetics products and are spending heavily on advertisements to spark the consumers’ interest. Social media platforms including Facebook, Instagram and YouTube are some of the top influencers, imparting knowledge to consumers about the various advantages of cruelty-free products.
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A number of restraining factors are working against the market growth including the difficulty faced by brands in procuring organic ingredients to be included in their products. The less availability of chief raw chemicals raises challenges in operation work.
COVID 19 Analysis
The COVID-19 outbreak as well as the subsequent lockdown has had a brutal effect on the cosmetics industry, with the temporary shutdown of manufacturing facilities and the reduction in passenger traffic. Airlines are facing revenue losses following the SARS-CoV-2 pandemic due to travel bans and the overall economic downfall worldwide.
However, with the lockdown now being lifted and a major focus on curbing the spread of the novel coronavirus, players are now able to continue with their business and concentrate on strengthening their supply chains. This can mean a quicker recovery for the cruelty-free cosmetics market in the upcoming period.
By Product Type
The product types considered in the review study include perfume & fragrance, haircare products, makeup & color cosmetics, skincare products, and more. The leading spot belongs to the makeup & color cosmetics segment, and the segment can expect to achieve the fastest CAGR in the years to follow.
Forms in which cruelty-free cosmetics are sold in the market include powder, gel, liquid, cream, and others. The cream-based category has clinched the highest share in the worldwide market.
By Distribution Channel
The distribution channels covered are store-based along with non-store-based. The store-based segment can be segregated into convenience stores, specialty stores, supermarkets and hypermarkets, and others. Between these segments, the top distribution channel in the market is the store-based segment, with the highest revenue.
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North America’s leading position in the worldwide market is cemented by the rising sales of a variety of cruelty-free cosmetics in Canada as well as the US. The fast-surging veganism trend is raising the preference for items that are not tested on animals. The majority of the multinationals based in the region concentrated on enhancing their sales along with distribution channels for higher product visibility and profit margins. Specialty stores enjoy high popularity in the region, considering that these channels provide the consumers with the ease of selecting from various products and comparing between brands. Stores such as Bloomingdale place high-end cruelty-free cosmetics beside their luxury clothing ranges.
Europe is touted to clinch a high position in the worldwide market over the coming years, on account of the mounting number of consumers preferring natural and organic cosmetics. The implementation of rigid laws by the government, discouraging the practice of animal testing will pressure cosmetic brands to come up with cruelty-free products.
The APAC market is headed by Japan and China, where departmental stores and supermarkets are known for offering a variety of cruelty-free, organic cosmetic products.
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