Hey. Hi. Hello. Welcome back to another THRILLING Makeup Monday post. In typical fashion, I’m writing this the Sunday before, which is my only day off, so my motivation to do anything besides sitting on my couch in a vegetative state is practically zero. But I made a promise to myself I would produce content this year, and here I am doing that. It may not be high-quality content, but did we really expect that from me? ABSOLUTELY NOT.
Today I was going to present you with another assignment from my Beauty Industry Essentials course, but I decided against that, so instead, we’re going to be talking about statistics and market trends!!!!!! On July 14, 2017, Market Research Future published a report stating that the global cruelty-free cosmetics market is projected to grow at a compound annual growth rate (CAGR) of over 6.1% between 2017 and 2023.
Now, I have no idea what Market Research Future is, or if it’s a credible source. It appears to be based out of India and as a website that doesn’t look fake AF, so I’m going to trust it. I’ll link their article down below so you all can check it out and see for yourself. I could look into this website more to check its credibility, but like I said before my motivation is LOW today.
So what does all of this mean? Well, it’s pretty obvious. Currently, the global cruelty-free market is one of the fastest growing markets in terms of personal care products. Consumers are becoming more and more informed about the conditions behind a company’s supply chain, from the mining of ingredients to testing that occurs before a product is stocked on shelves. With this increased awareness comes vocalization. Consumers will tell their friends and followers about discoveries in hopes that these individuals will begin to become more conscious about their own shopping habits.
In this day and age, a good majority of consumers are more inclined to spend their disposable income on products that are made with natural ingredients, don’t harm the environment etc. A higher consumer value is placed on these products because it allows the consumer to feel like they are giving back or “doing their part,” meaning that often times they are more likely to pick up a cruelty-free product over a comparable non-cruelty-free product.
I’ve personally seen that more often than not, new companies that are launching are launching as cruelty-free. These start-ups are willing to sacrifice potentially making a larger profit by selling overseas in certain markets (looking at you CHINA), in order to obtain values that more and more consumers are adopting. I think this is an incredible trend that I wish other well-established companies would follow. I’ve said it before on here, but I’m interested to see if cruelty-free consumers can impact a brand’s profit enough to that point where they pull out of certain markets.
Everyone was in an uproar when NARS made the decision to sell in China after being cruelty-free for such a short period of time. Obviously, the Asian market, especially China, is one where almost every industry has huge potential for growth, so for any company looking to turn a profit, it seems like a no-brainer to sell here. However, selling in a market like this where it is legally required to test on animals is dangerous. So many brands could uphold a cruelty-free status and thus gain a plethora of new consumers should they pull out of this large market. By 2023, it will certainly be interesting to follow these companies and see if the rise of cruelty-free cosmetics can impact large brands.
Here is a link to the full research page (which I’m a little skeptical about now because it lists L’oreal as the #1 cruelty-free brand and like we all know that’s not true). Let me know your thoughts and opinny’s on this and what impact consumers can make on brands. Until Friday xoxo