Study finds that ethical consumerism is going mainstream
According to a new study by Fact.MR, sales of vegan beauty products are expected to surpass $3,500 million USD in 2019, up from $3,352 million USD in 2018.
Fact.MR found that the worth of the vegan beauty products industry is rising, due to factors like the spread of veganism in the beauty and cosmetics market space, as well as the surging demand for natural beauty products.
The report says: “The market for vegan beauty products is booming because of the ever-growing consumer aversion to animal products, on account of both environmental and ethical-led reasons. There is a growing desire to purchase products that address the aforementioned issue, without compromising on quality, and this is fueling the growth of the vegan beauty products market.”
As more people are adopting vegan lifestyles, this is in turn, encouraging more and more companies to jump onto the plant-based beauty bandwagon.
The rise of ethical consumerism is causing a massive transition towards cruelty-free products with no animal derivatives and no animal testing, helping the growth of the vegan beauty products market, and existing vegans to get more of what they want, as well as animals everywhere.
Long gone are the days when beauty products were niche and difficult to come by. As more people are becoming interested in leading sustainable lifestyles, vegan beauty is finally becoming more accessible.
The biggest rise is reported to take place in the area of plant-based skincare products, which are estimated to achieve impressive sales in 2019, and beyond, with global sales likely to exceed $1000 million USD in 2019.
Value and ethics
Surprisingly, the study also found that buyers are more targeted towards ‘value over price’. It found that ‘millennials’ are willing to pay higher prices for sustainable products, including vegan beauty products, and are opting for products that align with their personal values.
Instead of treating packaging as an afterthought, Fact.MR also found that companies operating in the vegan beauty products market space, are using ‘zero-waste packaging’ as the way forward to gain consumer confidence, and to get them to return again and again.
The data showed that the union of beauty with veganism will continue to become more widespread, as consumers will continue to keep tabs on the ethicality of the beauty products they purchase.
These insights are based on a report on Vegan Beauty Products Market by Fact.MR