Vegan Cosmetics Market
Report ID: SQMIG30L2195
Report ID:
SQMIG30L2195 |
Region:
Global |
Published Date: November, 2024
Pages:
242
|Tables:
116
|Figures:
78
Global Vegan Cosmetics Market size was valued at USD 15.89 billion in 2022 and is poised to grow from USD 16.86 billion in 2023 to USD 27.08 billion by 2031, growing at a CAGR of 6.1% during the forecast period (2024-2031).
Vegan cosmetics are those items used to beautify, maintain hygiene, or alter or enhance a person's appearance. These do not contain any animal substances, such as collagen, beeswax, or any other. Its primary types include skin care, hair care, and colour cosmetics. Through a variety of distribution channels, including specialised shops, supermarkets, hypermarkets, e-commerce, and others, these products are readily available to customers in the vegan cosmetics market.
Veganism, while still a niche concept, is quickly becoming mainstream in the cosmetic industry. With an increasing number of consumers concerned about sustainability, cosmetic companies are being forced to reconsider the ingredients used in their products. Aside from that, a production overhaul is likely as manufacturers strive to improve sustainability. Modern consumers are more aware than ever before, thanks to increased access to information and rising internet penetration. In addition, rising environmental concerns and depleting natural resources are causing a seismic shift in their behavior.
Furthermore, the growing trend of veganism has encouraged manufacturers to invest in R&D, launch new products and variants, and cater to consumers looking for vegan products. For example, G&M, an Australian beauty products manufacturer, launched vegan cosmetics in February 2021 to capitalise on the growing market for the same, particularly among millennial consumers.
US Vegan Cosmetics Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Vegan Cosmetics Market is segmented by product type, packaging type, consumer orientation, price range, sales channel, and region. Based on product type, the market is segmented into facial products, eye products, lip products, nail products. Based on packaging type, the market is segmented into pumps & dispensers, compact cases, jars, pencils and sticks, tubes, others. Based on consumer orientation, the market is segmented into men, women, kids. Based on price range, the market is segmented into mass, premium. Based on sales channel, the market is segmented into wholesalers/ distributors, modern trade, convenience stores, departmental stores, specialty stores, online retailers, others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Vegan Cosmetics Market Analysis by Product Type
In 2021, the skin care segment accounted for a significant market share. Vegan skin care products are increasingly popular among environmentally conscious consumers. This is due to rising consumer awareness about the benefits of using the product on their skin, as they are typically made with plant-based ingredients, resulting in less itchiness, irritation, acne, and other skin problems.
The hair care market is expected to grow at the fastest CAGR. Vegan hair care products include shampoo, hair oil, hair conditioner, hair mask, and others that are available in a variety of forms to meet the needs of customers, which is driving the demand for hair care products in general.
Vegan Cosmetics Market Analysis by Distribution Channel
In 2021, the specialty stores segment dominated the global vegan cosmetics market. These stores have focused on offering a variety of products, including vegan cosmetics, to cater to customers and give them the option of selecting from a variety of brands before making a purchase. Furthermore, these stores offer discounts and vouchers on such products, which has increased foot traffic in these stores.
Furthermore, supermarkets and hypermarkets account for approximately 24.8% of the market share. Supermarkets and hypermarkets typically cover a large area and offer a wide range of beauty products under one roof. Furthermore, these stores are strategically placed near residential areas for convenience and easy access to products such as vegan cosmetics.
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In 2021, Europe contributed the most, with a vegan cosmetics market share of over 36.81%. Demand for vegan cosmetics is anticipated to increase as a result of consumer trends toward veganism, particularly in developed nations like the U.K., France, and Germany. Additionally, in 2021, the beauty sector will account for almost 82% of all vegan products introduced in the U.K. Additionally, 97% of British consumers were found to be looking for more vegan-certified cosmetics and personal care items in 2021, according to The Vegan Society.
From 2022 to 2028, the market in North America is anticipated to grow at a notable CAGR. This is due to the existence of numerous vegan cosmetics manufacturers and suppliers in the region, particularly in the United States, including Bawse Lady, NYX Professional, ILIA, and others.
The fastest-growing regional market is predicted to be Asia Pacific. In nations like India, Australia, and others, there is a growing demand for vegan cosmetics as a result of increased awareness of animal abuse. Additionally, since the pandemic, veganism has become popular in numerous nations, including India, Australia, and Japan. Due to this, the region is anticipated to have tremendous growth during the predicted period.
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Vegan Cosmetics Market Driver
Vegan Cosmetics Market Restraint
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Global vegan cosmetics market is very competitive. This is because there are numerous domestic and international players in this segment. Loreal SA, Coty Inc., MuLondon, Billy Jealousy, and Beauty Without Cruelty are the major players in this market. These businesses are expanding their operations into new countries around the world. Major players are focusing on introducing new products into the market to cater to the interests of the players and improve their market position. Major emerging market players pursuing leading brands are strategically acquiring market leaders in more mature and sophisticated markets.
Vegan Cosmetics Market Top Player's Company Profiles
Vegan Cosmetics Market Recent Developments
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, conscious customers today are more likely to use vegan skin care products. This is due to consumers becoming more aware of the advantages of using the product on their skin as they are typically created using plant-based components, which reduces the likelihood of itching, irritation, acne, and other skin problems. Veganism has thus permeated a society that is here to stay, compelling all cosmetic brands to use ethical strategies without sacrificing product quality.
Consumers want their products to be highly effective while also focusing on clean ingredients. Of course, appealing packaging is still a plus. In some ways, vegan cosmetics must be as effective and appealing as their synthetic counterparts. Consumers, on the other hand, expect the former to be sustainable.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 15.89 billion |
Market size value in 2031 | USD 27.08 billion |
Growth Rate | 6.1% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Vegan Cosmetics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vegan Cosmetics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vegan Cosmetics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vegan Cosmetics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG30L2195
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