The rise of vegan and cruelty-free cosmetic products
Animal cruelty has been a longstanding issue and the past few years now, the cosmetics industry is becoming more aware of this. Many consumers and companies are protesting the use of animals on product-related experiments.
The growing trend of veganism is making a significant difference in providing a solution to this problem. In a nutshell, a vegan is someone who totally avoids the consumption of meat and other animal-derived products such as milk. Therefore, vegan and cruelty-free makeup is manufactured without the use of any animal-based ingredients or animals for testing.
A 2017 report indicated that about six percent or approximately 19.4 million Americans identify themselves as vegans. This is a dramatic increase compared to the 2014 figures of only one percent.
Meanwhile, the market for vegan and cruelty-free cosmetics is fast growing.The total revenue of the cosmetic industry in the US in 2016 was US$84 billion. Consumers of beauty products in the US is about 100 million people.
Based on a survey conducted by Nielsen, 43 percent of the surveyed 1,000 respondents would be willing to pay extra for products that were not tested on animals. Meanwhile, the 57 percent of those surveyed indicated that they would prefer products that were not tested on animals. The vegans are a potential market for cruelty-free products plus those who are non-vegans but indicated that they would pay extra for cruelty-free products.
Paradigm shift drives growth
While veganism advocates animal welfare and environment concerns, it also answers the demand for healthy, natural and organic beauty products. This shift in consumer perception about wellness and ethical considerations is changing the landscape of the multi-billion dollar global beauty industry. More companies like Saavy Naturals are expanding the high-quality, vegan, organic and natural alternatives for the various cosmetic needs.
The increasing competition in the industry is with good reason. In the US, the skin care segment alone is worth $24 billion, while makeup sits at about $18 billion. The hair care sector is estimated to be $38 billion and perfumes is a $15 billion market. On a global scale, the cosmetics industry, in general, is projected to grow to US$498 billion by 2022.
Meanwhile, the global market for organic beauty products is expected to grow to $22 billion by 2024. PETA has a database of more than 3,000 cruelty-free brands that are mostly organic.
The CBD cosmetics and skin care sector could be the answer to the issue of cruelty-free and vegan-based beauty products. The established big companies will have some difficulty shifting but the CBD sector is already rooted.
Among the promising companies in this niche is Trimax Corporation (OTCMKTS:TMXN). Through its subsidiary, Saavy Naturals, the company is already investing in the research and development of CBD-based beauty products. These products are purely organic, natural and free from animal testing. Their products include body care and hair care products.
Major retailers like Whole Foods Markets, Gelson’s Market, Bristol Farm and Earth Fare have noticed Saavy’s products. Whole Food’s parent company Amazon.com, for instance, assisted Saavy to sell online. This is a significant development considering the strict standards of Whole Foods in choosing goods that they promote.
The company will introduce CBD-infused body care products during the first quarter of this year. This is potentially a game-changer in the industry since it could cater to a significant portion of consumers that prefer cruelty-free and organic beauty products.
Consumers are now more conscious of the ethical issues and health issues of the products they are buying. This is particularly true for cruelty-free goods. Big corporations are also recognizing the shifting priorities of consumers but totally revamping their businesses will take some time and will be costly. CBD-based companies are responding to the rising demand for cosmetic goods that are free from animal testing. The growth in the industry is inevitable.