The study by Fact.MR tracks vegan cosmetics sales all over Asia, including key markets of Japan, South Korea, China, India, Indonesia, and Malaysia. An analysis on the key trends driving growth of vegan beauty products market in Asia, along with the leading players and new entrants is provided in the study.
Growing Preference for Cruelty-free and Plant-based Products
According to the study, as is the case in Europe and North America, Korean and Japanese consumers continue to show a marked preference for cruelty-free and plant-based products.
The shift toward vegan is driven as much by conscience as rising awareness on the harmful impact of chemical-based products. In the recent past, various studies and research papers have been published which clearly link growing use of chemicals with skin diseases.
Although a significant percentage of Asian consumers is aware of the benefits of vegan beauty products, high price point, unavailability of sizeable options, and confusion regarding labelling and certification remain key challenges.
“Although government and industry bodies are working toward standardization and labelling, there is ambiguity, which has led the spread of counterfeit products in the market”, says the lead analyst of the study.
According to Fact.MR’s analysis, China and Japan collectively have nearly 70 million people who identify themselves as vegan. In addition, there are millions of flexitarians, who are keen to use vegan beauty products.
The percentage of people using vegan beauty products may be less in Asia, but considering the sheer population, there is an opportunity many cosmetics companies may not like to miss.
Cosmetics Companies Ramp Up their Vegan and Plant-based Portfolio
Considering these opportunities, many cosmetics companies are ramping up their portfolio of vegan cosmetics products. Acquisition of niche players also remains a key strategy for market players.
For instance, Australia’s G&M Cosmetics acquired P’URE Papayacare skincare in 2019, and since then it has been boosting its vegan beauty product portfolio. The company is planning to launch more vegan-friendly cosmetics products in 2021.
The Fact.MR study finds that companies are turning to natural ingredients to meet consumer expectations in Asia. For example, South Korean cosmetics manufacturer Skinfood is using broccoli extract in its formulation, whereas Hong-Kong based Beyond Organics is using Yunan tea plant in its products.
In addition to these naturally-occurring ingredients, Asian cosmetics manufacturers are also using rice and coffee formulations in their offerings. The study also finds that the use of persimmon is also growing among cosmetics companies.
The Fact.MR study profiles leading Asian cosmetics manufacturers, providing a detailed analysis on their product and business strategies. The study also incorporates a lucid COVID-19 analysis on cosmetics industry in general and vegan cosmetics industry in particular.
Key Questions Answered by the Report
Which ingredients will be in demand among vegan beauty product manufacturers?
How will regulation impact the manufacture and marketing of vegan beauty product companies?
How big will be the market for vegan cosmetics in 2030, and what will be yearly growth rates?
Which companies will maintain leading market share in Asia’s vegan beauty products landscape?
How will COVID-19 impact sales of plant-based cosmetics in Asia?
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