Market Challenges And Opportunities

Drivers:

Vegan fashion have arrived the new horizon for consumers and brands that can help to boost the vegan fashion market growth in upcoming years. Furthermore, vegan cosmetics are better for the skin which can attract customers to purchase vegan cosmetics and help to increase the global vegan fashion market growth. Additionally the vegan cosmetics are derived from plants, they are considered to be a more nutritious and richest source of vitamins, minerals and antioxidants which are used to improve healthier looking skin.

For instance, in June 2022, a South Korea-based consumer goods company ‘LG Household & Health Care’, launched a vegan-certified color cosmetic brand ‘Freshian’, to attract Generation Y & Z beauty clients. It launched two different types of cushion compacts, a variety of lip balms, and a sunscreen that can help to increase the sale of vegan cosmetics in the market.

Market Restraints

High cost of vegan products such as shoes, handbags, lipstick, lip balm, and others is one of the major restraining factors in the vegan fashion market. As compared to animal by product, the vegan product such as footwear, clothing, and others has an overpriced which can reduce the market in price sensitive countries such as India and China. Vegan products, such as cosmetics are made from artificial ingredients that cannot last as long which can hamper the market growth.

Vegan Fashion Market Report Snapshots