Vegan Cosmetics Market

Market Synopsis:

The Global Vegan Cosmetics Market was valued at USD 15.87 Billion in 2022 and is expected to reach a value of USD 24.91 Billion by 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.80% over the forecast period.

Vegan Cosmetics are those that do not contain animal ingredients, such as beeswax or collagen, and are used to beautify, maintain hygiene, or change or enhance the appearance of its users. Its significant categories include skin care, hair care, and color cosmetics. These products are widely available to consumers through various Distribution Channels, including Specialty Stores, Supermarkets, Hypermarkets, and E-Commerce. Vegan Cosmetics are available in a wide range of types, variants, and other variations to meet the needs of vegan consumers.

The demand for Vegan Cosmetics containing plant-based ingredients is growing due to the numerous benefits they provide to the skin, such as skin protection due to the absence of harmful chemicals, which drives their market demand. Furthermore, the growing trend of veganism has encouraged manufacturers to invest in Research and Development (R&D), launch new products and variants, and cater to consumers looking for vegan products. For example, G&M, an Australian beauty products manufacturer, found Vegan Cosmetics to capitalize on the growing market for the same, particularly among young customers.

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Furthermore, Vegan Cosmetics such as skin care, color cosmetics, hair care, and others are becoming an essential part of consumer grooming, particularly among Gen Z. This is due to increased consumer awareness of the benefits of using Vegan Cosmetics, which are chemical-free and environmentally friendly. This, in turn, is expected to boost the market growth in the forecast years.

Market Segmentation:

The Vegan Cosmetics Market is segmented based on Product Type, Distribution Channel, and Region. Based on the segment Product, the market is sub-segmented as Skin Care, Hair Care, Color Cosmetics, and Other Products. Furthermore, based on the segment Distribution Channel, the market is sub-segmented as Hypermarkets & Supermarkets, Specialty Stores, E-Commerce, and Other Distribution Channels.

Based on Type of Product:

Based on the segment Product Type, the Skin Care Vegan Cosmetics sub-segment contributed most of the share to become the largest division in global revenue. Rising consumer awareness of the importance of nourishing their skin, treating acne, wrinkles, and dryness, and increasing preference for vegan products, has fueled market demand for vegan skin care products. In turn, this has fueled the overall growth of the Vegan Cosmetics Market regarding value sales.

Based on Distribution Channel:

Based on the Distribution Channels segment, the rise of E-Commerce is expected to boost the growth of the Vegan Cosmetics Market. Product offerings have expanded with the rise of E-Commerce platforms. This significant rise is affiliated with the factors like attractive discounts, doorstep delivery, and secure payment gateways. Furthermore, several luxury clothing and accessory brands include Vegan Cosmetics in their product portfolios to widen their customer base. Again, the growing influence of social media beauty trends and the increasing number of celebrity endorsements promoting the use of Vegan Cosmetics is increasing demand for the product. In addition to traditional women's cosmetics, several manufacturers now offer vegan men's grooming products to meet their changing preferences and needs.

Europe Holds the Largest Market Share in Terms of Revenue

Europe is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. The European region has seen an increase in demand for natural and organic products due to increased consumer awareness about the harmful effects of certain compounds, such as paraben and aluminum compounds found in skincare, hair care, and deodorants. A high percentage of European consumers prefer one brand over others based on its natural and ethical formulation. This shift in preference is expected to boost the market growth with Vegan Cosmetics sales increasing significantly in the United Kingdom alone in recent years. In recent years, there has been an increase in the demand for safe, natural, and organic Vegan Cosmetics. The purchases are based on efficacy, long-term protection, and clinical assets. The market has seen a notable increase in the demand for vegan ingredients, leading to most companies launching products with nature-inspired ingredients, such as plant-inspired and premium botanical ingredients, combined with multi-functional properties. For example, Avon United Kingdom introduced a vegan skincare and make-up line distillery to the market.