Market Trends of Cosmetic Products Industry
Inclination Toward Organic, Vegan and Cruelty-Free Cosmetic Products
- In recent years organic, cruelty-free (no animal testing), vegetarian (no byproducts of animal slaughter), and vegan (no animal ingredients at all) cosmetics market have gained increasing popularity in developed countries, and it has been finding their space in the growing market such as India, China, Brazil, etc. market. Moreover, with the advancement of vegan products, consumers are paying extra attention to a particular shade of lipstick that suits them and its manufacturing process.
- Prolonged use of synthetic cosmetics may cause various health issues, such as irritation, hormonal imbalance, and toxicity. However, cosmetic products made of organic ingredients, such as plant extracts and natural oils, do not harm the skin. Consumers have preferred vegan and organic cosmetics, which drives the market.
- Animal-free alternatives may lead companies to produce lab-grown human skin samples for testing cosmetic products. The ability to create samples on demand reduces costs and increases the accuracy of results. Advancement in techniques means that samples can replicate different skin ages and colors. The increasing demand for vegan cosmetics among millennials and technological advancements drive the market's growth.
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Increasing Usage of Cosmetic Products in Asia-Pacific
- The color cosmetics industry (including the eye, facial, and lip makeup categories) is the most prosperous in India, China, and others. Local companies, such as the Shahnaz Husain Group from India, are exclusively providing herbal/ayurvedic cosmetics products due to the prolonged health benefits it offers to the skin.
- Also, premium global brands register increased sales as Indian consumers move from functional items to more advanced and specialized cosmetic products. Many international brands, like Revlon, Elle18 MAC, Sephora, L'Oreal, and Oriflame, are increasing their presence further, by introducing more products in the Indian market, particularly with convenient and attractive packaging types and vegan ingredients, to attract the youth in the country.
- According to the World's Top Exporters, China was the third-largest importer of cosmetics in the world in 2021, with a total value of about USD 18.5 billion. Hong Kong, which imported skincare and cosmetics worth over USD 7.3 billion in 2021, was the next-largest cosmetics importer in Asia-Pacific.
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