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Cruelty-Free Cosmetics Market Expected to Reach $14.23 Billion by 2030, According to Market Research
A new comprehensive research report by Market Research Future (MRFR) has projected that the global cruelty-free cosmetics market will reach USD 14.23 billion by 2030, exhibiting a CAGR of 4.56%. The report examines various aspects of the market, including product type, form, distribution channel, and region.
The global cruelty-free cosmetics market is projected to reach USD 14.23 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 4.56%, according to a comprehensive research report by Market Research Future (MRFR).
The report highlights the rising demand for non-comedogenic goods as a primary driver of the cruelty-free cosmetics market. Consumers are becoming increasingly concerned with the ingredients of their skincare and cosmetic products, leading to a surge in demand for cruelty-free and natural alternatives.
Major players in the cruelty-free cosmetics market include Urban Decay (L'Oréal S.A.), PHB Ethical Beauty Ltd, Kosé Corporation, Plum Goodness, e.l.f. Cosmetics, Natura International B.V., INIKA Organic, Avalon Natural Products, Kendo Holdings Inc., and Yes To Inc.
The report identifies several factors driving the market, including the quick evolution of cosmetic trends and the increasing demand for vegan products that do not contain any animal-derived ingredients. Rising awareness of the negative effects of chemically-based cosmetics on the skin is also contributing to the growth of the cruelty-free cosmetics market.
As the demand for vegan cosmetics continues to increase, the market is facing several challenges, including the difficulty in acquiring non-comedogenic ingredients for cosmetics and the shortage of basic raw chemicals. Additionally, some customers are hesitant to use vegan cosmetics due to a lack of understanding about the efficacy and safety of natural ingredients.
The COVID-19 pandemic has also had a significant impact on the cruelty-free cosmetics market, with supply chain disruptions and lockdown regulations leading to delays in the distribution of products. However, major players in the market are focused on research and development efforts to meet customer demand for cruelty-free cosmetics and achieve the projected CAGR by the end of the forecast period.
According to MRFR, the cruelty-free cosmetics market is the most in-demand market due to its significant growth potential and is expected to experience healthy expansion on the global market in the coming years.
Sources:
Market Research Future. "Cruelty-Free Cosmetics Market Research Report: Information by Product Type, Form, Distribution Channel, and Region - Forecast till 2030."
PR Newswire. "Global Cruelty Free Cosmetics Market is Expected to Reach USD 14.23 Billion by 2030, Exhibiting a CAGR of 4.56%." '
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