Demand for cruelty-free makeup in the global market is expected to reach a value of US$ 5.45 Bn in 2021. As per Fact.MR, overall market value is expected to top US$ 9.9 Bn by 2031, rising at a CAGR of 7.2%.
Fact.MR, a market research and competitive intelligence provider, projects the market to remain steady, exhibiting growth at 7.2% CAGR from 2021 to 2031, in comparison to the CAGR of 5.8% posted from 2016 to 2020.
Cruelty-free companies often have a vested interest in issues hounding the planet, such as extinction of animal species and global warming. Several companies have partnerships and programs with various animal care organizations. These companies pledge to donate a certain percentage of money from their sales to the noble cause of sheltering or feeding animals. They have seen steady revenue growth in the past, and as consumer awareness increases, these companies are predicted to be more profitable in the near future.
Get Free Sample Report To Grow Your Profit Margin
With the rise of social media and beauty influencers, the market should have exceptional growth during the forecast period. Sales of cruelty-free makeup are expected to reach $9.92 billion by the end of 2031.
In terms of the price range, premium cruelty-free makeup products are expected to account for more than 64% market share through 2031. Sales are expected to grow at 10.7% CAGR through online sales.
The United States, China and the United Kingdom are the countries that are leading the market share, collectively holding over 43% of the market share.
Strict regulations on animal testing and the use of harmful chemicals across Europe have increased the sales of cruelty-free makeup, accounting for the second-largest share of the market (30.4%).
The use of harmful colorants such as aluminum, butylparaben, and methylparaben in vegan and cruelty-free makeup products, which are linked to chronic diseases like Alzheimer’s, may hamper the growth in the market. The adoption of hazardous chemicals for scent and color will also likely diminish the brand value of market leaders like Nature Box, Smash Box and La Dolce Vita.
Fact.MR says, “Consumers are opting for skincare and beauty products that have a longer shelf life and have labels such as clean-label, Certified USDA Organic and Vegan. Hence, beauty brands are increasingly investing in research activities to develop products that are organic and are easily certifiable with regulatory frameworks. This will improve the sales of cruelty-free makeup market and generate lucrative growth opportunities for the key players.”
Impact of COVID-19
With COVID-19, the world is facing a severe calamity. Although the pandemic has put many countries under lockdowns and halted normal activities, essential services such as food, healthcare, finance, infrastructure, and government administration continue to operate.
The pandemic influenced customer purchasing behaviour, resulting in increased spending on health and hygiene products. Consumers have shifted their focus from splurging on non-essential goods and services to preserving and extending the life of critical items.
COVID-19 negatively affected the sales of cruelty-free makeup due to several restrictions and imposition of lockdowns across regions. However, consumers shifted focus from offline stores to online stores, and have explored many online retailers, which is predicted to help gradually increase market growth.
Fact.MR reported that the beauty industry was one of the most affected markets during the COVID-19 pandemic.
The emergence of online sales channels and collaborations between leading beauty brands and e-commerce platforms was a saving grace for the cruelty-free makeup market. The market also benefited from the increasing trend of consumer preference for sustainable, environmentally friendly products that are not harmful to animals. Sales of cruelty-free makeup burgeoned during the last quarter of 2020, according to the report.
In today’s era, consumers have become more beauty conscious and have increased their spending on makeup products. They are consuming more makeup products due to changes in lifestyle and growing emphasis on external beauty.
Consumers are looking out for organic products that can be applied on the face and stay all day long, and yet have no side-effects on the skin. This has convinced manufacturers to provide large varieties of products that fulfil these requirements of customers and offer products that enhance the facial features while nourishing them.
- ILIA: This is a natural cosmetic line offering multi-use sticks, serum foundations, and formulas made from scratch to ensure that the makeup is the cleanest. All its ingredients are natural and USDA-certified packaged in sustainable materials.
- RMS Beauty has a cosmetic collection that is produced with raw, food-grade, and organic materials to hydrate and illuminate the skin while simultaneously enhancing and improving its natural complexion. The company’s products are non-toxic and nourishing.
- 100% Pure offers soaps, shampoos, and conditioners formulated with high-performing antioxidants, naturally occurring vitamins, and essential oils that promise fresh and glowing skin. The company aims to create the purest, all-natural line of cosmetics, beauty products, and skincare products.
Key Companies Profiled
- Nature’s Gate
- Billy Jealousy
- Beauty Without Cruelty
- Coty Inc.
- Emma Jean Cosmetics Inc.
- MO MI BEAUTY
- Groupe Rocher
- Loreal SA (Urban Decay)
- Gabriel Cosmetics Inc.
- Pacifica Beauty