According to a new report, published by KBV research, The Global Vegan Cosmetics Market size is expected to reach $24.9 billion by 2031, rising at a market growth of 6.1% CAGR during the forecast period.
Economic factors significantly contribute to the expansion of the vegan cosmetics market. Rising disposable incomes, greater consumer awareness, urbanization, and the increasing influence of conscious consumerism drive the demand for ethical and premium products. As consumers prioritize quality, sustainability, and ethical considerations in their purchasing decisions, the market for vegan cosmetics is set to grow further. This growth is supported by investment in sustainable businesses and government policies encouraging ethical production, ensuring that vegan cosmetics become a mainstream choice for a broad spectrum of consumers.
The Skin Care segment is leading the Global Vegan Cosmetics Market by Product in 2023; thereby, achieving a market value of $7.8 billion by 2031. An increasing consumer emphasis on personal health and wellness, as well as an increasing predilection for natural and organic ingredients, can be attributed to this substantial share. The pandemic-induced emphasis on self-care routines further boosted the demand for skin care products as individuals spent more time at home and sought to improve their skincare regimens. Products such as moisturizers, cleansers, and serums saw a notable rise in popularity, driven by their perceived benefits in promoting healthy and glowing skin.
The Specialty Stores segment is experiencing a CAGR of 5.3 % during (2024 - 2031). This dominance can be attributed to specialty stores' personalized shopping experience and expert advice. These stores frequently offer a carefully selected assortment of niche products that are of exceptional quality, which appeals to consumers who are particularly concerned with the ethical standards and constituents of the cosmetics they purchase.
Full Report: https://www.kbvresearch.com/vanilla-oil-market/
The Europe region dominated the Global Vegan Cosmetics Market by Region in 2023; thereby, achieving a market value of $8.4 billion by 2031. The North America region is poised to grow at a CAGR of 5.7% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 6.6% during (2024 - 2031).
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