CRUELTY-FREE COSMETICS MARKET SIZE TO REACH A VALUATION OF $10 BN BY 2024
The global market for cruelty-free cosmetics is slated to surpass USD 10 billion by 2024 with an estimated CAGR of 6% during the forecast period (2019-2024). Market Research Future (MRFR) in its detailed understanding of the market has focused on factors that can reveal insights regarding revenues and growth opportunities. Rising awareness regarding the ethical question of testing products on animals first is providing thrust to the global cruelty-free cosmetics market. In several countries, this type of testing is banned due to which the market is getting substantial tailwind to move forward. This has spurred investment in the research and development sector owing to which the market can find better growth opportunities.
Segmentation:
The global market for cruelty-free cosmetics has been segmented by MRFR experts based on product type, form, and distribution channel. These segments have several inputs from diverse sectors and their volume-wise and revenue-wise data have been analysed by experts to gain insights and assist in better strategic developments.
By product type, the global report on the Cruelty-Free Cosmetics Market Size has been segmented into haircare products, makeup & color cosmetics, perfume & fragrance, skincare products, and others. The makeup & color cosmetics has the largest market share and is on a track to register the highest growth rate.
By form, the study of the global cruelty-free cosmetics market has been segmented into gel, liquid, powder, cream, and others. The cream-based products have the largest market share whereas the gel segment may register the highest CAGR during the forecast period.
By distribution channel, the global study on the cruelty-free cosmetics market has been segmented into store-based and non-store-based. The store-based segment includes studies on specialty stores, convenience stores, supermarkets and hypermarkets, and others. The store-based segment will contribute the maximum part of the market revenue. However, the non-store-based segment may register the fastest growth during the forecast period of 2019 to 2024.
Regional Analysis:
Growing trend of veganism will boost the cruelty-free cosmetics market growth in North America. In the US and Canada, this growth would be easier as their regulations would support such progress. In Europe, ban on such tests would create grounds for future growth opportunities.
Competitive Landscape:
Aveda Corporation (US), e.l.f. Cosmetics, Inc. (US), Urban Decay (L'Oréal S.A.) (US), Kosé Corporation (Japan), Natura (Brasil), Too Faced Cosmetics, LLC (US), Yes To, Inc. (US), International B.V. (Brazil), Avalon Natural Products, Inc. (US), Kendo Holdings, Inc. (US), Smashbox Beauty Cosmetics, Inc. (US), Lush Group (UK), Plum Goodness (India), INIKA Organic (Australia), Physicians Formula Holdings, Inc. (US), and PHB Ethical Beauty Ltd (UK) are some of the major companies making huge impact on the global market for cruelty-free cosmetics. These companies are making big by relying on strategic moves like mergers, innovations, acquisitions, collaborations, and others.
Industry News:
In May 2020, Coty Inc. made an announcement regarding their latest endeavor where they have launched Kylie Skin at Douglas. This makes the brand one of the fastest-growing brands with the highest social media engagement available to customers in Europe. The brand is also known for being a cruelty-free product. Such influential voices like that of Kylie Jenner’s in Europe regarding cruelty-free cosmetics can ensure better market percolation.
In February 2020, Unilever announced that they are increasing their cruelty-free cosmetics portfolio with their new lie called Suave. The latest product has been certified by PETA and is expected to make substantial contributions in terms of making a wider impact on the consumer psyche.
Also Read : https://www.marketresearchfuture.com/reports/cruelty-free-cosmetics-market-3825
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