According to a new report by Fact.MR, a market research and competitive intelligence provider, demand for plant-based skincare products is projected to surpass a valuation of US$ 683 Mn in 2021, and surge at a CAGR of around 7.5% through the end of 2031.
Demand for plant-based skincare products is projected to experience exceptional rise in the worldwide personal care industry over the decade. Rising awareness about various organic and natural products made with safe ingredients that eliminate the risk of allergic reactions and other skin problems has convinced consumers to shift their focus towards using plant-based beauty products.
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Key Segments of Plant-based Skincare Products Industry Research
- Product Type
- Creams and Lotions
- Scrub Exfoliators
- Cleansers and Toners
- Essential Oil
- Balms and Butter
- Serums and Masks
- Makeup Removers
- Other Products
- Customer Orientation
- Organic Plant-based Skincare Products
- Conventional Plant-based Skincare Products
- Sales Channel
- Departmental Stores
- Convenience Stores
- Mono Brand Stores
- Specialist Retailers
- Drug Stores
- Online Retailers
- Direct Selling
- Packaging Type
- Pumps and Dispensers
- Compact Cases
- Pencils and Sticks
- End User
- Plant-based Skincare Products for Residential Use
- Plant-based Skincare Products for Commercial Use
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Key Takeaways from Market Study
- The North America market is estimated to be valued at US$ 319.2 Mn in 2021, and expand at a CAGR of 5.7% through 2031, due to expansion in retail chains, both, physical and digital.
- Europe is one of the dominant players in the market, and is projected to reach a value of US$ 339.6 Mn by 2031.
- Strong production footprint of key market participants in China has made it hold the largest market share of 41.6% in the East Asia market.
- The market is segmented based on product type, where creams and lotions hold a high share of 32.1%.
Consumers have become more beauty conscious and have increased their spending on skincare products. They are gradually adopting natural beauty care products due to changes in lifestyle and growing emphasis on external beauty, ensuring prevention from allergies and other skin problems.
Consumers are seeking organic products that can be applied on the face and remain all day long, and yet have no side effects on the skin or body. This has convinced manufacturers to provide large varieties of plant-based products that address the need and requirements of customers and offer products that enhance customer loyalty.
- Procter & Gamble Co. acquired a New Zealand-based Skincare Company called Snowberry in 2018. The company is known for offering skincare products such as cleansers, exfoliators, moisturizers, toners, and brighteners, focusing on anti-aging and helping in exfoliating skin, and are purely made from natural ingredients
- L’Oréal entered a partnership with Clue, is a period tracking app. This Reason behind this was to help consumers understand the relationship between the menstrual cycle and skin health.
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|Base Year Value (2020A)||US$ 640 Mn|
|Projected Year Value (2031F)||US$ 1.4 Bn|
|Value CAGR (2021-2031)||7.5%|
|Collective Value Share (U.S., U.K., Germany): Top 3 Countries||54.7%|
Why are Plant-based Skincare Products Gaining Traction?
Demand for plant-based skincare products is expected to show an escalation over the assessment period. This is attributed to rise in awareness about chemical-free products and the latest beauty trend of using natural and vegan skincare products.
Nowadays, women are concerned about their appearance and desire glowing and healthy skin. Working women are giving preference to plant-based skincare products to prevent allergies, breakouts, and skin irritation caused by chemicalized skincare products. This is expected to contribute to growth in demand for natural skincare products and promote the use of chemical-free beauty products across the globe.
Alongside, rising awareness among men related to skin nourishment and personal grooming is expected to contribute to demand for plant-based skincare products, which is anticipated to result in higher market growth through 2031.
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