Global Vegan Cosmetics Market

Vegan Cosmetics Market Size, Share, Growth Analysis, By Product Type(Skin Care, Hair Care), By Distribution Channel(Hypermarkets & Supermarkets, Specialty Stores), By Gender(Women, Men), By Price Point(Premium, Economic) - Industry Forecast 2024-2031


Report ID: SQMIG30L2195 | Region: Global | Published Date: April, 2024
Pages: 242 | Tables: 116 | Figures: 78

Vegan Cosmetics Market Dynamics

Vegan Cosmetics Market Driver

  • In the upcoming years, it is anticipated that the vegan cosmetics market would grow significantly. In the West, the trend is expanding at a never-before-seen rate, and very soon it will be pervasive with great potential everywhere. According to recent research, British women are more likely to buy cruelty-free cosmetics. It is thought that social trends like "clean beauty" have ignited the market for vegan cosmetics. In addition, market leaders are frequently launching products in this category. For instance, Cover Girl has kick-started 2020 with its brand-new range of vegan beauty products, boasting natural ingredients such as aloe extract and milk.
  • Globally, consumers are becoming concerned about animal testing, particularly in European and North American nations. The number of U.S. states seeking a ban on the import and distribution of such cosmetics has increased in recent years as a result of Europe's ban on products tested on animals. Additionally, a ban on the importation or sale of cosmetics tested on animals was implemented in 2020 in a number of U.S. states, including Illinois, Nevada, and California. Numerous animal-rights organisations, such as the Humane Society and Cruelty-Free International, work to convince more American states to enact such restrictions. From the standpoint of Vegan Cosmetics Market production, a prohibition on animal experimentation will increase consumer demand for cruelty-free goods and propel market expansion.

Vegan Cosmetics Market Restraint

  • The beauty and personal care industry is likely one of the hardest hit sectors during the pandemic. The industry is currently struggling to adapt to changing consumer behaviour. Consumers are more likely to spend money on safer products that have a lower risk of contamination and a longer shelf life. In addition, sales losses from closed hypermarkets/supermarkets and department stores have significantly hampered growth prospects. As a result, brands are focusing on improving their e-commerce presence. To keep their businesses afloat in the face of an impending slowdown, some of the leading cosmetics brands are offering at-home wellness products. Because consumers are reducing their spending on non-essential items, the cosmetics industry as a whole will suffer sales declines.
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FAQs

Vegan Cosmetics Market size was valued at USD 16 billion in 2019 and is poised to grow from USD 16.19 billion in 2023 to USD 26.16 billion by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).

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. 'Loreal SA', 'LUSH', 'Pacifica Beauty', 'Kat Von D Beauty', 'Cover FX', 'Inika Organic', 'Tarte Cosmetics', 'Arbonne International', 'Too Faced Cosmetics', 'Milk Makeup', 'E.l.f. Cosmetics', 'Hourglass Cosmetics', 'Beauty Bakerie', 'Aveda', 'The Body Shop', 'KVD Vegan Beauty', 'Urban Decay', 'Bare Minerals', 'Jeffree Star Cosmetics', 'Biossance', 'The Ordinary'

In the upcoming years, it is anticipated that the vegan cosmetics market would grow significantly. In the West, the trend is expanding at a never-before-seen rate, and very soon it will be pervasive with great potential everywhere. According to recent research, British women are more likely to buy cruelty-free cosmetics. It is thought that social trends like "clean beauty" have ignited the market for vegan cosmetics. In addition, market leaders are frequently launching products in this category. For instance, Cover Girl has kick-started 2020 with its brand-new range of vegan beauty products, boasting natural ingredients such as aloe extract and milk.

In recent years, the cruelty-free (no animal testing), vegetarian (no by-products of animal slaughter), and vegan (no animal ingredients at all) beauty markets have exploded. Vegan cosmetics are preferred by consumers because they are ethical, as the manufacturing process does not use any animal parts. Consumers eventually prefer vegan cosmetics to non-vegan cosmetics due to the medical benefits of vegan cosmetics on the skin. Furthermore, because vegan cosmetics can help to reduce skin damage caused by various environmental changes and increasing pollution around the world, for example, the anti-oxidants present in vegan cosmetics are naturally processed from plants and can help to reduce skin dryness. As a result of the advantages that consumers can derive from using these products, the demand for plant-based ingredients is growing, which is also elevating the growth of the vegan cosmetics market.

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.

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Global Vegan Cosmetics Market

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