A recent report from Shopify revealed that more than 50 per cent of Australian consumers say they will continue to shop sustainably. Over 60 per cent of respondents said they preferred to buy ethical and sustainable products and 39 per cent said they were willing to pay more for them.
The vegan cosmetic and beauty market is a major beneficiary of conscious consumerism, as more people actively pursue their sustainability goals and seek out cruelty-free products that don’t include animal-derived ingredients.
Research and Markets is the world’s largest market research store and connects some of the biggest businesses in the world with market insights and analysis across 800 industries from beauty to zoology.
The company reveals that the global vegan cosmetic market was valued at US$16.6 billion in 2021 and is predicted to reach US$28.5 billion by 2031.
Vegan beauty has long shed its niche image and major players in the ethical beauty market include Amway, the Estée Lauder Companies, L’Occitane, L’Oréal, Unilever, LVMH and Weleda, notes Research and Markets.
Vegan cosmetics cover all bases from makeup to skincare, haircare, bodycare and more, so ethical consumers don’t have to compromise on their beauty and personal care choices.
In addition to being cruelty-free and excluding animal-derived ingredients, the use of vegan emulsifiers in formulas has expanded in recent years, says Research and Markets. Vegan emulsifiers are more expensive to manufacture as it takes longer to extract them from plant-based sources, but they guarantee the authenticity of vegan principles to the end-product.
Many consumers are also looking to vegan skincare to decrease skin damage because of the natural antioxidants they contain, says the research major.
Research and Markets has also been tracking the global home fragrance market. Worldwide sales reached US$7.11 billion in 2021 and are expected to hit US$9.7 billion by 2027.
The Covid-19 pandemic accelerated the popularity of home fragrances because of their ability to ease tension and stress via candles, sprays and diffusers.
North America accounts for 30 per cent of global home fragrance sales, but Europe is the fastest-growing region led by Germany.
Market growth has been fueled by new research on fragrances and their effect on emotions, says Research and Markets. Core market drivers include elevated consumer confidence in aromatherapy, accelerating e-commerce channels and the rising use of aromatherapy candles and diffusers in regional markets.
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