Vegan Cosmetics Market Overview
According to the latest market research report by Infiniti Research, the vegan cosmetics market is projected to witness stable growth through 2025 owing to the increasing preference for vegan products from consumers and rising consciousness to using cruelty free makeup products. In addition, ethical consumerism and growing environmental awareness are other key trends spurring the vegan cosmetics market growth. However, with consumers becoming more conscious than ever of the choices they make while purchasing cosmetics products, the demand for information and transparency is rising. As such, vegan cosmetics companies are compelled to innovate cosmetics products and experiment with new ingredients.
With the growing trend of veganism among millennials, cosmetics brands are in the need to introduce cosmetics products with natural ingredients. Our experts can help you to conduct a thorough market research study and strategize your product development approaches to meet the rising market demand. RFP for more insights.
Business Challenge
A cosmetics company, based out of Central Europe, noted increasing demand for vegan cosmetics products in the market. To succeed in the long run, they wanted to focus on formulating vegan cosmetics and marketing them efficiently. They wanted a research partner to support them in their market research and new product development needs. They chose to partner with Infiniti Research to leverage their expertise in offering new product development strategy.
By partnering with Infiniti Research, the client wanted to:
- Identify the right suppliers to provide them with the right ingredients for production. Also, the client wanted to refer to the MSDS (material safety data sheet) for gathering data related to the origin of the ingredients
- Devise a sound marketing strategy to communicate their ethical choices clearly with customers
- Experiment with new ingredients and avoid widely used natural ingredients such as beeswax. By doing so, the client wanted to build a brand image
- Have a sound knowledge of the FDA’s regulations of manufacturing and selling vegan cosmetics products
- Create an e-commerce store for selling vegan cosmetics products online
- Evaluate customer satisfaction rate and make changes in their new vegan cosmetics products accordingly
With a well-considered new product development strategy, you can avoid wasting time, money, and business resources. Contact us today to leverage our product development strategy.
Our Integrated Approach
To help the client tackle the above-mentioned challenges, the experts at Infiniti Research conducted a SWOT analysis to examine vegan cosmetics market trends and generate potential product ideas. In the next phase of the engagement, the experts analyzed the company’s key strengths and weaknesses, customer needs, desired ROI, and competitors’ new strategies. The next phase involved concept development and testing, where the experts helped the client to identify third-party service providers to ease their product testing processes. Once the product’s testing was successful, the experts conducted demo campaigns to test their effectiveness and response. The experts also helped the client in identifying the right partners to support them in creating an e-commerce store.
Results Obtained
By partnering with Infiniti Research, the client was able to understand the FDA’s regulations of manufacturing and selling vegan cosmetics products in Europe. Also, the experts at Infiniti Research helped the client in identifying the right suppliers to provide them with the right ingredients for production. This helped them experiment with new ingredients and develop vegan liquid mineral foundations.
Besides, the experts helped the client to devise a sound marketing plan for promoting their newly developed vegan liquid mineral foundations. Also, the experts helped the client to regularly monitor the customer satisfaction rate and bring minor changes in product design and quality. By creating an e-commerce store, the client was able to promote their product online and attract millennial customers.
Within two years of introducing the new product in the market, the client was able to achieve huge commercial success and increase sales by 31%.
Want to know how our services can help vegan makeup brands strategize their business functions? Request more info and our experts will get in touch with you with detailed insights.
