Global Vegan Cosmetics Market

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

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

Vegan Cosmetics Market Insights

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 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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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

Product ID: SQMIG30L2195