Vegan Beauty Products Market is projected to record a CAGR of over 6% through 2028
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According to a new study by Fact.MR, sales of vegan beauty products are expected to surpass US$ 3,500 Mn in 2019, up from US$ 3,352 Mn in 2018. Gains of vegan beauty products market is further underpinned by a slew of factors, including proliferation of veganism in beauty & cosmetics space, surging demand for natural beauty products, and others. The market for vegan beauty products is booming, in parallel with the ever-growing consumer aversion to animal products on account of environmental- and ethical-led reasons. Growing desire to purchase products that address the aforementioned issue sans compromising on quality is fuelling the growth of vegan beauty products market. says Fact.MR report.
Australian manufacturer G&M Cosmetics will be launching more vegan beauty and baby care products this year to tap into the growing vegan lifestyle choice among millennial consumers.
The company moved into the vegan beauty space with the acquisition of P’URE Papayacare skincare in 2019.
Since then, it has extended the brand to 15 vegan-approved and certified products. The firm also launched a spin-off baby care range under the P’URE Papayacare label.
Additionally, G&M launched the Kakadu Plum Collection, another vegan range under its Australian Creams brand.
“We’ve known for the last two years or so that the demand for vegan products was coming from both consumers and our distributors,” said Peter Bosevski, global marketing and sales manager, G&M Cosmetics.
Is Biotechnology the Answer to a More Sustainable Beauty Industry?
Scientists are replicating endangered botanicals to produce renewable versions of rare active ingredients.
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Scientists are replicating endangered botanicals to produce renewable versions of rare active ingredients.
In Borneo, the balmy forests of the Malay Archipelago are home to some of the richest biodiversity on Earth. The ecosystems of this island nation, the third-largest in the world, and the largest in Asia, support more than 15,000 plant species and 1,400 amphibians, birds, fish, mammals, reptiles and insects. But since 2000, Borneo s wildlife has faced critical endangerment. Because in just the last two decades, the island has experienced a forest loss that rounds out to at least 39%.