In terms of revenue, the Global Vegan Cosmetics Market is expected to reach USD 21.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.80% from 2022 to 2028.
The rising popularity of plant-based products and the emerging veganism trends are anticipated to augment the market's growth over the forecast period. Further, the expansion and implementation of bans on animal-tested cosmetics are triggering consumer preferences for vegan products, which are also anticipated to augment the market's growth over the forecast period.
Key Highlights from Report:
The Skin Care sub-segment holds a significant share of the market. Numerous studies also imply that vegan skincare products are well-liked in global markets. Over the anticipated timeframe, domestic brands will likely be introduced to Asian nations thanks to the growing habit of Chinese students, visitors, and residents in Australia giving inexpensive cosmetics as gifts to friends and family.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is owing to the growing demand for Vegan Cosmetics and increasing awareness of animal abuse in this region.
Recent surveys show that British women are more inclined to purchase cruelty-free cosmetics. It is believed that social trends such as "clean beauty" have made a spark in the Vegan Cosmetics Market. Market leaders are frequently launching products in this industry. Cover Girl, for instance, has started 2020 with their brand-new vegan beauty products, boasting natural ingredients such as aloe extract and milk. Various brands are now moving to capitalize on the trend. In November last year, Sally Hansen introduced its vegan and plant-based nail paint range. Another brand that stood out was Avon. It debuted "The Distillery," a vegan skincare brand, in September 2019. The technique of product launches witnessed in the market is indicative of the impressive growth of the Vegan Cosmetics Market. Numerous new brands have also come up in this category over the last few years, challenging the positions of many established names. Consumers nowadays are getting more attentive to harmful ingredients the products contain; manufacturers are forced to change the production line. Hence, the Vegan Cosmetics Market will exhibit growth at an upbeat pace.
Furthermore, animal testing has become a significant consumer concern globally, most notably in European and North American countries. As animal-tested cosmetics are banned, there has been an increase in the number of U.S. states considering a ban on importing and distributing such cosmetics over the past few years. From a Vegan Cosmetics manufacturing point of view, the prohibition of animal testing will positively affect the demand for cruelty-free products and further drive market growth.
Europe held the most significant shares in 2021. This is due to the increased demand for organic, vegan & natural products, developments in the cosmetics sector, and influential businesses in this area. The market for Vegan Cosmetics is predicted to increase as more customers show an interest in becoming vegans, particularly in nations like the United Kingdom, France, and Germany. Additionally, in 2020, the beauty sector will account for almost 82 percent of all vegan products released in the U.K. According to The Vegan Society, 97 percent of British consumers were looking for more vegan-certified cosmetic goods in 2021. Thus, this is expected to support further the regional growth of the Vegan Cosmetics Market.