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Trends in the Vegan Beauty Industry The demand for ethical and sustainable living is only expected to rise in the coming times and hence grows the vegan beauty industry

By Shankar Prasad

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Veganism which was once considered a niche concept has rapidly found acceptance and has gone mainstream.

The previous years have seen an increased proliferation of plant-based business stories, vegan diets & vegan cosmetics in the market. The Data from Market Research Future predicts a 6.1% growth in the cruelty-free cosmetics market between the years 2017-2023 while also identifying India as one of the top markets.

In this article we attempt to explore the trends behind the vegan phenomenon.

Ethical Consumerism is on the rise

    The consumer today is well-informed and has a wide variety of products & ethical alternatives to choose from, so making the right one has become easier. More environmentally conscious users are entering the scene that prefer opting for sustainable life choices and seek out cruelty-free products with kindness, reduced carbon emissions and strain on the planet's depleting natural resources.

    Wellness Oriented Consumers demand information

      Today's consumer is dumping products with unrecognizable chemicals & toxins for more benign and natural choices, both in products and processes, which are beneficial for their skin and wellness. Better ingredients and formulations, led by rapid innovation from younger start-ups, are tipping the scale in their favor . Even big budget brands do not want to get left behind in meeting this ethos of the new-age customer.

      Consumers today more than ever before are reading up & doing research on the products & services they buy.

      • Innovation is fuelling the Beauty industry

      Every day, younger and newer start-ups with strong ideals are creating a clever branding for themselves with stylish intelligent packaging. Recyclable, biodegradable packaging holding effective attractive products filled with the goodness of Aloe Vera, Avocado, Argan Oil, Matcha Tea and the like, are increasingly becoming irresistible on the market shelves. Backed by clever stories of exotic sounding, yet pronounceable natural ingredients blended together by hand, these businesses are carving out a sizeable niche for themselves by making an instant connect with the thinking consumer.

      Marketing & the marketplace are undergoing a revolution

        In the past, being able to stand out and tell your story was a difficult thing to do in a crowded space. But interactive marketing has allowed businesses to not only penetrate this space but also engage with its prospective clientele. No longer is making your business philosophy be known a sluggish, leaden-footed journey.

        Chat bots, review collection and data analysis become the sensory organs of organizations whether big or small and data is easily available to one and all to tap your market potential and fix the kinks in product and distribution, ensuring your standards are never compromised and customer satisfaction is maintained.

        The online market space allows for deeper and wider proliferation of the market space, and directly connecting brands with consumers who identify with your ideals and ethos, and increasing your client base.

        Best of both worlds

          Healthy planet and great skincare products mutually exist in the modern consumers' mind, and indeed in their world of consumption. Having said that, ethical products, made from the best natural ingredients benefitting their unique needs, must also be effective and not compromise on delivering promised benefits. The vegan cosmetic industry is offering just such a sustainable, accountable and effective solution through a combination of listening to customers, innovating rapidly, and keeping in mind ever-evolving preferences.

          The demand for ethical and sustainable living is only expected to rise in the coming times and it's a matter of time before veganism loses its tag of an outlier fad for a conscientious lifestyle choice, and becomes a mainstream choice for discerning consumers.

          Shankar Prasad

          CEO & Founder, Plum & PHY

          I'm a Chemical Engineer from IIT Bombay and my first love is still science & technology. After 8 years at HUL working in manufacturing and product development, I completed my MBA from the ISB, Hyderabad. MBA after 8 years of working was a fantastic experience, and I also secured the gold medal in my batch. After my MBA, I was a management consultant at McKinsey for 2 years - I served FMCG and financial services clients. My financial services work took me to Everstone Capital, where I worked on several of Everstone's consumer sector investments as part of the ops team. I also got the opportunity to be part of the founding team for FACES Cosmetics in India. 
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