Consumers are switching to Vegan Cosmetic brands and preferring it over regular brands which have increased its market size.
According to the market research reports the Indian vegan cosmetic Industry is expected to grow in 2023. In between 2017–2023 the segment saw a 6.1% increase in its market size. The presence of Indian Vegan brands is making it easier for people to choose it over the regular brands. Vegan cosmetics are plant-derived and do not use anything which is derived from animals or tested on it. Consumers are opting for it as they believe it is cruelty free and good for their skin.
“I do not stand by anything which accounts for animal cruelty. I’ve invested in a vegan brand as it is good for my skin and it does not harm animals at all,” said Ridhima, a consumer from Bangalore. Earlier searching for vegan brands was difficult as lots of regular brands used products such as beeswax, or collagen in their products.
Since the market has gone up in recent years many brands are investing in this segment and local brands are also budding.
Many regular brands are also investing in this sector to match the trends.
Local manufacturers are able to capitalize on the demands. “I used things like shea butter, olive oil, aloevera, jojoba oil, and beetroot extract for making my products. I sell online through my social media. As compared to last year I have received more orders so yes demand is there. Earlier people were hesitant to go for vegan products as it wasn’t pocket friendly but now they are aware that it is worth the value, “said Aditi Nema, owner of Boundless Beauty Organics.
The shift in the market towards veganism is a result of people developing a sense of environmental awareness and empathy for animals. Indian brands are investing in their branding, packaging and inventive selling techniques to engage customers.
“The cosmetic industry is a significantly growing Industry in India but if you talk about the vegan category initially the arena wasn’t much explored due to a lot of factors like domination by bigger brands but it has risen after COVID due to sustainable market practices.
Also e-commerce platforms contribute a lot to it since a lot of brands are selling online also these products is easily available. This way potentially the export is also going up, balancing the demand and supply ratio, “said Gaurav Pare, FMCG data analyst.
Availability of products, cruelty-free beauty standards and eco-conscious choices has resulted in a health market of the Indian vegan cosmetic Industry.