Millennials are Creating a $20.8 Billion Vegan Cosmetics Opportunity

With Millennials demanding plant-based products, the global vegan cosmetics market could be worth up to $20.8 billion over the next five years, says Grand View Research. All on the belief that plant-based products are far better for their health, consumers are pushing for natural alternatives. In fact, at the moment nearly a third of Millennials are already buying skin care products with organic, sustainable, or plant-based attributes, says Linkage Research.

In addition, “consumers are shifting their preference from chemical-based beauty products, owing to safety reasons, and are drawn towards ‘natural’ and ‘safe’ products. This, in turn, is likely to drive the adoption of vegan beauty products in the coming years. Furthermore, a growing number of social media channels and beauty bloggers are promoting makeup hacks using vegan beauty products. This, in turn, is boosting manufacturers of vegan beauty products,” added Prophecy Market Insights. Increased demand is creating opportunity for plant-focused companies including The Yield Growth Corp. (CSE:BOSS)(OTC:BOSQF), Else Nutrition Holdings Inc. (TSXV:BABY)(OTC:BABYF), The Very Good Food Company Inc. (CSE:VERY), Ulta Beauty Inc. (NASDAQ:ULTA), and Burcon Nutrascience Corporation (TSX:BU)(OTC:BUROF).

The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWSThe Yield Growth Corp. announced that its natural, plant-based Urban Juve products are now available in select Pharmasave stores in multiple provinces across Canada. Pharmasave stores in British Columbia, Ontario, Manitoba, and Saskatchewan are already carrying the Urban Juve Hand Sanitizer Liquid Spray, with potential for more products to follow. Additional stores have pre-ordered the Urban Juve Hand Sanitizer Gel, which is expected to be available in August 2020. Other Pharmasave locations have placed orders for all natural products from the Urban Juve skin care line, and those products are expected to hit store shelves in August.

With more than 700 stores across the country, Pharmasave is one of Canada’s leading independent pharmacy and drugstore retailers. Each Pharmasave store operates independently to serve its local community, which ensures programs and services are tailored to the unique needs of customers in each municipality.

“We are thrilled to be carried by such a well-known and respected Canadian brand,” says Amber Allen, Head of Sales for Urban Juve. “We feel confident that having our Urban Juve products on Pharmasave shelves will increase the profile of our brand in the Canadian market.”

Urban Juve has created a 100% pure plant-based extract line of face and body products that are superfoods for the skin. Urban Juve’s natural products let your skin breath and absorb vitamins to keep your skin hydrated. They are rich in Omega 3 fatty acids, vitamins, antioxidants, emollients and proteins with anti-inflammatory properties to provide skin the nutrition needed to stay smooth, healthy and vibrant.

The global vegan cosmetics market size is projected to reach USD $20.8 billion by 2025, according to a report by Grand View Research, Inc., progressing at a compound annual growth rate of 6.3% during the forecast period. Grand View Research reports that millennials are driving the vegan cosmetics movement pushed by the belief that plant-based products are better for their health than those that are animal-based.

The hand sanitizer market is expected to grow at a CAGR of over 17 per cent between 2019 and 2025 according to a report from Aritzon, with sales this year expected to reach USD $11-billion in 2020, a 600-per-cent increase over last year.

Other plant-based related developments from around the markets include:

Else Nutrition Holdings Inc. (TSXV:BABY) announced the U.S. launch of trial-sized pouches of Else Plant -based Complete Nutrition for Toddlers. Following successful production, the trial samples of Else's proprietary product will now be widely available for order via the e-store. "We are thrilled to hit this key milestone and to be sharing our product with the world. It is indeed a major inflection point as we continue down the path toward commercialization of our first product. We are excited to get the samples in the hands of eager parents looking for clean label, plant-based nutrition alternatives for their children," said Ms. Hamutal Yitzhak , CEO & Co-Founder. Else Plant-Based Complete Nutrition for Toddlers trial pouches (1.27 oz) will be available at no charge, with customers covering only the shipping costs. The sampling campaign will be promoted via Else social media channels and will precede the launch of the full-size version of the product, which will be available for pre-orders on our e-store this July.

The Very Good Food Company Inc. (CSE:VERY) announced a significant increase in its distribution network as part of its continued focus on scaling operations. As a result of the new agreements, the Company has expanded its points of distribution by over 30%. Effective July 1st, 2020, a new distribution agreement with Nesters Market and Buy-Low Foods came into effect for The Very Good Butchers brand, representing an additional 25 stores. On July 15th, 2020, a highly anticipated agreement with Sobeys Inc. will become active, which will initially include distribution in 30 Thrifty Foods stores in British Columbia and Alberta. The sum of the two agreements represents 55 new stores, increasing points of distribution from 150 to over 200 locations. "The Thrifty Foods agreement represents a particularly exciting milestone for the Company, as it opens up the potential for significant expansion across the 1500 store network operated by Sobeys. We are thrilled to have the support from one of North America's largest grocery chains as we look to rapidly scale from coast to coast," - Mitchell Scott, CEO

Burcon Nutrascience Corporation (TSX:BU)(OTC:BUROF) reported results for the year ended March 31, 2020. “Fiscal 2020 was truly a transformational year for Burcon,” said Johann F. Tergesen, Burcon’s president and chief executive officer, adding, “Coming out of the year, we have a strong balance sheet, we established the Merit Functional Foods joint venture and we partnered with Nestlé, the largest food and beverage company in the world.  Through the Merit Foods joint venture, we are well advanced in building a state-of-the-art production facility to produce our unique pea and canola proteins as well as our new protein blends.  The production facility, which is on track to be completed in Q4 2020, will be the only commercial facility in the world with the capability to produce non-GMO food grade canola proteins.”

Ulta Beauty Inc. (NASDAQ:ULTA) announced its partnership with clean beauty pioneer, Credo Beauty. The unique collaboration will offer Ulta Beauty guests an exclusive, clean beauty collection with more choices and unrivaled transparency related to sourcing, fragrance and ingredients. The clean beauty collection will premiere with eight exciting clean beauty brands, including EleVen by Venus Williams x Credo SPF, Innersense Organic Beauty and One Love Organics, among others, across 100 Ulta Beauty stores and on this fall. “As a trailblazer in ingredient authenticity and transparency, Credo Beauty is the perfect partner for us as we continue to evolve our clean beauty offerings for guests,” said Monica Arnaudo, chief merchandising officer, Ulta Beauty. “We know ninety percent of Gen-Z shoppers intend to buy clean beauty products in the next year1; this first effort together, a clean collection handpicked by the experts at Credo, offers amazing products and more beautiful, clean possibilities for their needs.”

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