US Grand View Research, Annual Average Growth of 6% Since 2016
Boom in Launching Various Products such as Moisturizing Cream, Body Wash, and Shampoo
As the meaning of vegan, which means 'vegetarian' who does not eat animal products such as meat, milk, and eggs, has expanded to various markets, the beauty industry's competition to dominate the 'vegan cosmetics' market has been in full swing.
Recently, as awareness of ethical consumption that considers the environment has spread, consumption of eco-friendly and vegan cosmetics has increased, and this trend is accelerating.
Vegan cosmetics refer not only to organic cosmetics and cosmetics made from plant-based ingredients, but also to cosmetics that do not undergo animal testing or use animal-based ingredients in the development process.
According to a survey conducted by US market research firm Grand View Research on the 18th, the global vegan cosmetics market has grown by an average of about 6.3% annually since 2016, and the domestic vegan cosmetics market size has nearly quadrupled from KRW 160 billion in 2013 to KRW 570 billion in 2022. It is estimated that it will approach KRW 1 trillion in 2025.
As interest in 'good consumption' and 'ethical consumption' increases and the scale grows, the cosmetics industry is entering the vegan cosmetics market by launching various products such as moisturizing creams and body washes.
Dalba launched 'Vegan Double Cream'. This product contains 'Aqua Serum' that provides moisture and soothing functions and 'Intense Cream' that provides nutrition and increases elasticity.
Cita introduced 'Body Wash·Lotion'. This product is characterized by using upcycled fragrances and making the product with eco-friendly biodegradable plastic.
Nature Republic entered the vegan cosmetics market through 'Herbology', and Korean Cosmetics entered the vegan cosmetics market by launching 'Mild Soothing Pure Vegan Toner Pad' by 'O's'.
Yuhan Corporation launched four types of vegan sunscreens: △'Dinsi Premium Vegan Mild Moist Sunscreen' △'Dinsi Premium Vegan Tone Up Sunscreen' △'Premium Vegan 3 in 1 Sun Stick' △'Dinsi Premium Discovery Set'.
Vegan Earth launched 'Vegan Earth Forest Calming Sunscreen'. This low-irritation sunscreen mixed with sunscreen contains wheat sprout extracts that have whitening, skin regeneration, and anti-aging effects, broccoli sprout extracts that have anti-inflammation effects, and soybean sprout extracts that are effective in improving skin brightness.
LF's 'Atte' saw a 12-fold increase in sales compared to the same period last year through its vegan sunscreen, 'Vegan Relief Sun Essence'. In addition, there are LG Household & Health Care's 'Pressian' and Shinsegae International's 'Hourglass'.
In addition to cosmetics that are applied directly to the skin, vegan shampoos are also being launched.
Dr. Olga has launched 'Vegan Jojoba Tea Tree Natural Shampoo.' This product was confirmed to have a 36% reduction in scalp sebum in a clinical trial conducted on 21 women with oily scalps in their 20s to 60s.
Hyundai Pharmaceutical has launched 'Minoxel Vegan Scalp Refreshing Shampoo 480ml'. It contains 'Minoxel-V Complex', 'Soyact', a functional ingredient for hair loss relief, and natural plant-based surfactants. In addition, there are 'Elquaco Limpid Shampoo' by Elquaco and 'Clean Butter Shampoo Bar' by Juice to Cleanse.
In order to be certified as a vegan cosmetic, three procedures are required: △no animal ingredients used, △no animal testing conducted, and △no risk of cross-contamination in the production facility.
The certification review process is conducted in the following order: reviewing the raw materials of the product on paper and then conducting an animal DNA test to confirm whether or not it is not detected. Products that have completed vegan certification are registered on the Korea Vegan Certification Institute website and social media, and the vegan certification mark can be used on product packaging.
An industry insider said, "We expect the vegan cosmetics market to continue to grow," and "Simply 'vegan beauty' and 'clean beauty' may follow trends, but as vegan values and environmental awareness continue to increase, the outlook for vegan cosmetics will also improve."
Source: Seoul Finance (http://www.seoulfn.com)
