Global Vegan Cosmetics Market is Segmented By Type (Skin Care, Hair Care, Make Up, Others), By Distribution Channel (E-Commerce, Hypermarkets/Supermarkets, Departmental Stores, Specialty Stores, Others), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Vegan Cosmetics Market Size
Global vegan cosmetics market reached USD 11.7 billion in 2022 and is expected to reach USD 18.9 billion by 2030, growing with a CAGR of 6.2% during the forecast period 2023-2030. Due to the skin-related health advantages of vegan cosmetics, consumers are expected to favor these products over non-vegan cosmetics. Additionally, minimising skin damage caused on by numerous environmental changes and an increase in global pollution can be achieved by utilising vegan cosmetics.
Europe is home to several prominent vegan cosmetics manufacturers with a global reach. The development of the vegan cosmetics sector is supported by rules and standards that have been adopted in the UK. For instance, the Leaping Bunny accreditation from the Cruelty-Free International organization is well known in the UK and informs customers that the product has not been subjected to animal testing. Such guidelines and accreditations support consumer confidence and the uptake of vegan cosmetics.
For instance, according to a poll conducted by The Vegan Society in the UK in 2021, over 38% of buyers of beauty products believe that the term "vegan" implies the absence of animal substances, In response to Gen Z clients' demand for vegan skincare, brands have started launching vegan skincare lines. Therefore, Europe is accounted for nearby 1/3rd of the regional shares and is expected to grow at a significant CAGR during the forecasted period.
Vegan Cosmetics Market Scope
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Metrics |
Details |
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CAGR |
6.2% |
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Size Available for Years |
2021-2030 |
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Forecast Period |
2023-2030 |
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Data Availability |
Value (US$) |
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Segments Covered |
Type, Distribution Channel and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
Asia-Pacific |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Equipment Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Vegan Cosmetics Market Dynamics
Rising Trend for Green Cosmetics
In recent years, the market for cruelty-free (no animal testing), vegetarian (no animal byproducts) and vegan (no animal ingredients) beauty products has flourished. Vegan cosmetics are becoming more and more popular among consumers since they are ethical products because no animal products are used in their production.
For instance, in November 2022, NYX Professional Makeup unveiled a vegan makeup line based on Avatar: The Way of Water from 20th Century Studios. The company stated that in addition to offering a vegan and animal-free product line, the organization works to decrease its negative environmental effects. To reduce waste, recyclable materials were used to create paint, face spray, lipstick and palettes. Additionally, consumers are increasingly more curious to know the science and ingredients that go into cosmetics.
Growing Product Launches and Advencement Thrives the Market Growth
Products that are vegan have been produced with entirely chemical-free, plant-derived ingredients. Each product has a distinct formulation and the natural active ingredients are all very advantageous to customers.
Chemicals are not used in the vegan products' composition because every ingredient is derived from plants. Given that our bodies absorb 60% of the products we use on our skin and scalp. Additionally, due to the presence of plant-derived ingredients (such as coconut milk, ginger, aloe vera, seaweed, tea tree, green tea, and tec) in conventional formulas, vegan formulations naturally contain more vitamins, minerals, and antioxidants to repair and hydrate the skin than the chemical mixtures that predominate the market under the label of skincare.
The cosmetics industry's new face is veganism. It's a step in the right direction for society and the environment that more and more companies are developing vegan products. For instance, in June, 2023, La Mior began as a clean and vegan skincare product manufacturing company run by Aakriti and Shaunak Chhaparia. With about 100 SKUs, the pair also launched their D2C brand in 2022.
Availability of Counterfeit Products
The growth of the vegan cosmetics market globally may be hampered by the availability of counterfeit goods. Imitation items that have been misrepresented or improperly labelled as genuine goods are known as counterfeit goods.
Genuine vegan cosmetics brands may suffer from the reputation and credibility of counterfeit products. Customers could unknowingly buy fake goods under the impression that they are genuine vegan cosmetics. Consumers may become skeptical and lose faith in the entire market if these products fail to live up to standards for quality and standards. This could have an impact on the development and reputation of real vegan cosmetics companies.
Vegan Cosmetics Market Segment Analysis
The global vegan cosmetics market is segmented based on type, distribution channeland region..
Rapid Boom in E-Commerce Drives the Segmental Growth
Emerging markets, such as China, India, Mexico and Southeast Asian countries, have witnessed significant rise in E-commerce. Growing population in Asian countries drives the growth of the E-Commerce in the Asia-Pacific market, which in turn drives the global market. Even e-commerce sites are increasingly seeing that consumers are more interested in vegan beauty brands than traditional beauty products.
The growing online sales in these markets directly contribute to the demand for vegan cosmetics in the cosmetics sector. Therefore, E-commerce distribution channel segment holds the majority of the market shares in the global vegan cosmetics market.
Source: DataM Intelligence Analysis (2023)
Vegan Cosmetics Market Geographical Share
Due to the Presence of a Large Millennial Population, The Asia Pacific Dominates the Market
The largest regional market for vegan cosmetics is in the Asia Pacific, with China, Japan and India accounting for the majority of the market's sales in 2020. These nations' rapid economic growth has improved consumer lifestyles, which has increased demand for cosmetics for the face, body, lips and eyes.
Further boosting the market for vegan cosmetics is the expanding middle-class population. A growing number of younger people who are more affluent towards color beauty products and shifting demographics have made China's cosmetic sector the leading one in the region. Therefore, China accounts for more than half of the regional shares and is expected to dominate the regional market with a significant margin during the forecasted period.
Source: DataM Intelligence Analysis (2023)
Vegan Cosmetics Market Companies
The major global players include GABRIEL COSMETICS, PHB Ethical Beauty Ltd., Natur'Alley Ltd, GoNature Sp. z.o.o, Seraphine Botanicals, Nutriglow Cosmetics, Plum, Disguise Cosmetics, COTY Inc. and G&M Cosmetics.
COVID-19 Impact Analysis
COVID Impact
The widespread spread of COVID-19 stopped both consumer and commercial activity. As a result of lockdowns put caused by the pandemic, people were less exposed to the outside world, which decreased their need for cosmetics. Sales also decreased as a result of the closure of specialty cosmetic shops that allowed consumers to test goods while traveling. The lockout has severely hurt the cosmetics industry's supply chain and is likely to have an ongoing effect. Because of this, consumer dependency on cosmetics has significantly decreased.
For instance, the McKinsey research says that in China, the cosmetics business had a decline of up to 80% in February and a 20% year-over-year decline in March. Additionally, because of the lockdown, retail sales are down. Although the number of people buying cosmetics online has rapidly increased, neither the revenue nor the level of customer traffic is sufficient to make up for the drop in offline sales. Due to the higher costs of beauty products, even online sales suffered.
Russia-Ukraine War Impact
Trade difficulties in the region may result from tensions or war between Russia and Ukraine. The supply and distribution of vegan cosmetics in European markets may be impacted by trade restrictions or political unrest that disrupts the flow of goods, including cosmetics and raw materials.
A global supply chain is essential to the production of vegan cosmetics since it provides raw materials, packaging, and manufacturing services. Geopolitical concerns can cause supply chain interruptions or uncertainty, which can cause delays, higher costs, or difficulties acquiring raw materials for European vegan cosmetics manufacturers.
Scope
By Type
- Skin Care
- Hair Care
- Make Up
- Others
By Distribution Channel
- E-Commerce
- Hypermarkets/Supermarkets
- Departmental Stores
- Specialty Stores
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- In February, 2023, Celebrity co-founders Daniella Monet and Evanna Lynch has launched Kinder Beauty, which has released its first vegan skincare collection along with three facial serums: (Vitamin C) Hello Sunshine, Rewind Kindness (Bakuchiol) and Hyaluronic acid Dew-Gooder.
- In September, 2022, A new vegan and cruelty-free skincare collection from Stella McCartney has been launched. It offers natural cosmetics with a fashionable twist that are free of toxins. The STELLA brand is promoted as a simple, eco-friendly approach to superior skin care.
- In August, 2022, By releasing vegan skin care and hair care products made with the highest-quality natural ingredients in India, OrgaGlo has entered the personal care and cosmetics market.
Why Purchase the Report?
- To visualize the global vegan cosmetics market segmentation based on type, distribution channeland region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of vegan cosmetics market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global vegan cosmetics market report would provide approximately 53 tables, 50 figures and 181 Pages.
Application 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
