Asia-Pacific Vegan Cosmetics Market Outlook, 2028

The culture of vegan cosmetics in the Asia-Pacific region has been evolving over the years, driven by several factors such as changing consumer preferences, increased awareness of animal welfare and environmental concerns, and the influence of global beauty trends. In recent years, there has been a noticeable increase in conscious consumerism across the Asia-Pacific region. Consumers are becoming more mindful of the products they use, seeking out ethical and sustainable options. This shift in consumer behavior has led to a growing interest in vegan cosmetics, which are perceived as cruelty-free, environmentally friendly, and aligned with personal values. The influence of Korean beauty (K-Beauty) and Japanese beauty (J-Beauty) trends has been significant in shaping the culture of vegan cosmetics in Asia-Pacific. Both K-Beauty and J-Beauty emphasize skincare routines, natural ingredients, and product efficacy. As vegan beauty aligns with these principles, there has been an increasing interest in vegan skincare and makeup products in the region. The Asia-Pacific region has witnessed the rise of local vegan beauty brands that cater to the specific needs and preferences of Asian consumers. These brands focus on formulating products with Asian skin types and concerns in mind, providing vegan options that are culturally relevant and tailored to local markets. Various organizations, influencers, and beauty communities in the Asia-Pacific region have been actively promoting vegan cosmetics through educational initiatives and awareness campaigns. This includes providing information on vegan ingredients, sharing personal experiences, and debunking misconceptions surrounding vegan beauty. These efforts have helped create a supportive ecosystem for the growth of vegan cosmetics. Due to the increased investment in R&D and solution adoption in the region, Asia-Pacific is predicted to grow at a quicker rate throughout the forecasted period. The increasing number of Vegan Cosmetics Market participants across geographies is likely to fuel market expansion even more. Furthermore, leading suppliers' growing investments in product capabilities and business expansion are likely to fuel the market during the study period. Many market participants are discovering attractive prospects in growing economies such as China and India, where enormous populations are combined with innovative developments. According to the research report, “Asia-Pacific Vegan Cosmetics Market Outlook, 2028” published by Bonafide Research, the market is projected to grow at 7.12% CAGR by 2023-2028. As people become more aware of animal cruelty, there is an increasing demand for vegan cosmetics in countries such as India, Australia, and others. Furthermore, since the epidemic, veganism has grown in popularity in a number of countries, including India, Australia, and Japan. As a result, the region is expected to experience great growth during the forecast period. Over the forecast period, Asia Pacific is expected to experience the most substantial growth. Asian rising markets are likely to stimulate the entry of new competitors in the near future. Furthermore, current industry changes indicate to the attractive economic possibilities for existing and emerging Asian businesses. Taiwan, for example, banned animal testing on cosmetics on October 21, 2019. Taiwan has also joined the rapidly rising global movement against cosmetics cruelty as a result of this new rule. The removal of animal testing for cosmetics has a significant impact on the market for vegan-certified items. A growing number of social media sites and beauty bloggers are advocating vegan makeup skills. This will benefit the manufacturers of vegan cosmetic products. One of the primary factors fueling the growth of the vegan cosmetics market is the recent increase in the number of people embracing a vegan diet and lifestyle. Naturally, as the number of people practising strict veganism grows, so will the market for vegan cosmetics. Several governments are imposing tight limits and rules on animal testing. Furthermore, the growing desire for plant-based and organic personal care and cosmetics products is contributing in the growth of the vegan cosmetics market.

The growing popularity of veganism across large sectors of the population is primarily responsible for the regional market's expansion. The Asia Pacific market for vegan cosmetics is expanding as a result of women's increased interest in these developing trends. The existence of several large product manufacturers in the region is a significant contributor to the growth of the Asia Pacific vegan cosmetics market. This has made it easier for a wide range of items to enter the local market and has promoted the development of new and imaginative products to fulfil changing customer needs. As a result of these factors, the market for vegan cosmetics in Asia and the Pacific is growing. However, the label "vegan" does not guarantee that a product is totally natural, organic, or has not been exposed to animal experimentation. Many people believed that vegan cosmetics were not of high quality, durability, usability, or beauty. Lotte Duty Free, the duty-free division of South Korean retail powerhouse Lotte, recently debuted a line of vegan cosmetics on its online shopping portal LDF BUY. Grown Alchemist, an Australian natural skincare firm, and Hunter Lab, a similarly gender-inclusive skincare company, will both sell vegan cosmetics through LDF BUY. Because vegan cosmetics are not duty-free commodities, South Korean buyers do not need to leave the country to purchase them online through LDF BUY. All of the aforementioned brands use eco-friendly ingredients and do not test on animals. According to data, the South Korean market for meat alternatives is expanding as more young Koreans choose for plant-based diets. LG Household & Health Care (LG H&H) has created Freshian, a vegan-certified colour cosmetic brand, in an effort to cater to the young demographic of millennial and Generation Z beauty customers. The new brand made its debut with two distinct types of cushion compacts, a range of lip balms, and a sunscreen. The products' components, which include five types of hyaluronic acid and madecassoside, were chosen to "soothe the skin." Consumers in the Asia-Pacific region are becoming more conscious about the ingredients they put on their skin. They are paying attention to the potential harmful effects of certain chemicals and are seeking out products that are perceived as cleaner, safer, and more natural. Vegan cosmetic products, which are formulated without animal-derived ingredients and are often free from potentially harmful substances, align with these consumer preferences. Environmental consciousness is on the rise in the Asia-Pacific region. Consumers are becoming aware of the impact of their purchasing choices on the environment, including the beauty products they use. Vegan cosmetics are often associated with sustainability, as they avoid ingredients that involve animal exploitation and may also focus on eco-friendly packaging and production methods. This resonance with environmental concerns has contributed to the growing popularity of skin care vegan cosmetic products. In addition to that, the Asia-Pacific region has witnessed the emergence of local and international vegan beauty brands that offer a range of hair care products. These brands cater to the specific needs of diverse hair types and concerns in the region. They focus on formulating vegan hair care products using botanical extracts, essential oils, and other plant-based ingredients known for their nourishing and strengthening properties. The expansion of these brands has made vegan hair care products more accessible to consumers in the Asia-Pacific region. The beauty and personal care industry is probably one of the most adversely hit by the pandemic crisis. The industry is currently struggling to adapt to shifting consumer behaviours. Customers are more likely to spend money on safer products that are less likely to be contaminated and have a longer life cycle. Furthermore, the potential for expansion has been severely hampered by the loss of sales caused by the closure of department stores, hypermarkets, and supermarkets. As a result, brands are working harder to improve their online stores. Some of the largest cosmetics companies are now offering at-home wellness solutions to stay afloat in the face of an impending slump. By Gender, the Women segment dominated the market in 2022 with more than 75% share of the market & expected to dominate the market in the forecasted year. Because of the growing availability of women's cosmetics, the Women segment dominated the market. Many people who are interested in chemical-free products study about personal care products and the many chemicals found in the skincare products we use. As a result, there is a growing public interest in and demand for vegan cosmetic and cosmetics products. However, allergies and sensitivities in children are becoming more prevalent in the Asia-Pacific region. Parents are looking for cosmetic products that minimize the risk of triggering allergies or skin irritations. Vegan cosmetics often avoid common allergens, such as dairy, eggs, and certain plant-based ingredients that may cause sensitivities. This emphasis on allergen-free formulations contributes to the growing popularity of vegan children's cosmetics. Parenting and health trends play a significant role in shaping consumer preferences in the Asia-Pacific region. Trends such as eco-conscious parenting, natural parenting, and clean living influence parents' choices when it comes to children's cosmetics. Vegan children's cosmetics align with these trends as they are seen as a healthier and more eco-friendly option for young ones. For instance, Bubba Organics is an Australian brand that specializes in natural and organic skincare products for babies and children. They offer a range of vegan-friendly baby lotions, creams, bath products, and more. Petit Vour is an online retailer that offers a curated selection of cruelty-free and vegan beauty products, including some options suitable for children. They have a Kids & Baby section featuring brands that provide vegan and safe skincare products for little ones.

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Manmayi Raval

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In Asia-Pacific, governments often enforce labeling regulations to ensure accurate and transparent information for consumers. This includes specifying the use of terms such as "vegan," "cruelty-free," or "animal-free" on product packaging. Some countries may require specific labeling symbols or logos to indicate the vegan status of a cosmetic product. Governments have regulations on the use of certain ingredients in cosmetics, including those derived from animals. This can involve restrictions on the use of animal-derived ingredients like beeswax, lanolin, or carmine. Additionally, specific regulations may govern the use of synthetic ingredients that may have animal origins. Some countries in the Asia-Pacific region have implemented restrictions on animal testing for cosmetics. These regulations may include prohibitions on animal testing for finished products or ingredients, as well as restrictions on the import and sale of cosmetics tested on animals. Governments often establish standards and guidelines for good manufacturing practices to ensure the safety, quality, and efficacy of cosmetic products. These guidelines cover areas such as ingredient sourcing, manufacturing processes, quality control, and product testing. Each country in the Asia-Pacific region have its own regulatory agency responsible for overseeing cosmetics and ensuring compliance with regulations. These agencies may conduct inspections, review product registrations, and enforce penalties for non-compliance. ? Considered in this report • Geography: Asia Pacific • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Countries covered in the report:

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• China • Japan • India • Australia • South Korea Aspects covered in this report • Asia Pacific Vegan Cosmetics market with its value and forecast along with its segments • Country-wise Hair Care market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type • Skin care • Hair Care • Color Cosmetics • Others By Gender • Men • Women • Children By End Users • Commercial • Personal By Price Range • Economic • Premium By Distribution Channel • Specialist Retail Stores • Supermarket/Hypermarket • Online Channels • Other Distribution The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Hair Care industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.