Wellness brand Fitspire enters $17 billion vegan skincare market
Fitspire, a vegan and plant-based personal wellness brand has entered into the $17 billion global skincare market by launching plant-based biotin, collagen, and omega products.
While the category caters to the burgeoning demand for cruelty-free skin-care products in India, Fitspire said it aims to tap into Indian consumers seeking vegan, natural, clean, and cruelty-free products to support their lifestyle.
“The demand for cruelty-free and eco-conscious choices is gaining momentum, and the rise of vegan beauty products has become a phenomenon. Consumers are now embracing products that are manufactured ethically.
The global market is expected to touch $21.4 billion by 2027, and we expect to be a significant player globally by then,” Vipen Jain, Founder and CEO at Fitspire, said.
Founded by IIM Lucknow alumni Vipen Jain in 2020, Fitspire offers over 80 vegan products to promote a healthy lifestyle.
The Indian vegan cosmetic market is expected to grow above 7.17% CAGR from 2023 to 2028.
The skincare range is experiencing a shift towards vegan and plant-based products. “Keeping in mind the massive growth potential, Fitspire expects to penetrate 5 percent of the market that will help boost our overall revenue by 10 percent by 2025,” Vipen added.
Fitspire's sales have increased by ten times since its launch more than two years ago.
The company has set a revenue target of Rs300 crore within the next three years. The brand, owned by StarCap Wellness Pvt.
Ltd, has over one million customers and a network of 10,000 fitness influencers.
It recently secured an undisclosed amount of funding in a pre-Series A round. The funding was spearheaded by investors such as the founders of LC Nueva, an alternate investment fund, and
