Market Snapshot

Vegan Cosmetics Market

Market Synopsis:

Global Vegan Cosmetics Market is valued at USD 15.1 Billion in 2021 and is projected to reach a value of USD 21.5 Billion by 2028 at a CAGR of 6.10% over the forecast period.

Vegan Cosmetics are those that do not contain any animal ingredients, such as beeswax or collagen, and are used to beautify, maintain hygiene, or change or enhance the appearance of consumers. Its major categories include skin care, hair care, and color cosmetics, among others. These products are widely available to consumers through a variety of distribution channels, including specialty stores, supermarkets, hypermarkets, e-commerce, and others. 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 is driving their market demand. 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 to capitalize on the growing market for the same, particularly among young customers.

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 Cosmeticss, which are chemical-free and environmentally friendly. This, in turn, is expected to boost market growth in the forecast years.

Market Segmentation:

The Vegan Cosmetics Market is segmented on the basis of Product and Distribution Channel. Based on Type of Product the market is segmented as Skin Care, Hair Care, Color Cosmetics and Others. Based on Distribution Channel the market is segmented as Hypermarkets & Supermarkets, Specialty Stores, E-commerce and Others.

Based on Type of Product-

On the basis of type of product, the skin care Vegan Cosmetics segment contributed the majority 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, as well as rising vegetarian diet, has fueled market demand for vegan skin care products. In turn, this has fueled the overall growth of the Vegan Cosmetics market in terms of value sales.

Based on Distribution Channel-

On the basis of distribution channel, 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, as have attractive discounts, doorstep delivery, and secure payment gateways. Furthermore, several luxury clothing and accessory brands are including Vegan Cosmetics in their product portfolios in order to widen their customer base. Furthermore, the growing influence of social media beauty trends, as well as 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 are now offering 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 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, 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 the majority of 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.

Competitive Landscape:

The key players in the Vegan Cosmetics Market include- Zuzu Luxe, Ecco Bella, Bare Blossom, Emma Jean Cosmetics, Modern Mineral Makeup, Arbonne, Pacifica, Nature’s Gate, Beauty Without Cruelty, Billy Jealousy, MuLondon Organic.

Segmentation of Vegan Cosmetics Market:

• Product
  • Skin Care
  • Hair Care
  • Color Cosmetics
  • Others

• Distribution Channel
  • Hypermarkets & Supermarkets
  • Specialty Stores
  • E-commerce
  • Others

• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa