[193 Pages Report] The Vegan Cosmetics Market size was estimated at USD 17.34 billion in 2023 and expected to reach USD 18.67 billion in 2024, at a CAGR 7.77% to reach USD 29.29 billion by 2030.
Vegan cosmetics encompasses various beauty and personal care products that do not use any animal-derived ingredients or by-products in their composition, with a particular focus on reusable or recyclable packaging. This market aims at end-users seeking cruelty-free, eco-friendly alternatives in their daily skincare and makeup routine. Spiraling customer awareness about animal welfare, along with an increasing number of people adopting vegan lifestyles, is primarily fueling the increase in the usage of vegan cosmetics. Rising demand for plant-based products and increasing endorsements by celebrities and social media influencers for vegan cosmetics drive the market growth. Higher production costs due to the expensive raw materials and manufacturing processes and limited shelf-life of vegan cosmetics hamper the market growth. Rising investments by market vendors in thorough R&D for diversifying their product range, sourcing unconventional plant-based materials, and improving the longevity of their products are expected to create opportunities for market growth. Pertinent advancements in biotechnology and green chemistry are expected to create a platform for the growth of the market.
The preference for vegan hair care products has grown tremendously in the last few years as consumers become increasingly conscious about the ingredients used in their hair care products. Vegan hair care products exclude any kind of animal-derived components, in addition to prioritizing organic and natural ingredients. Within the vegan cosmetics industry, the makeup segment has witnessed a shift towards vegan products with a sharp surge in the demand for cruelty-free and vegan makeup. The need-based preference varies from foundations and concealers for an everyday natural look to bold lipsticks and vibrant eyeshadows for special occasions. Vegan skincare is a rapidly growing segment, with varied choices of products ranging from cleansers, moisturizers, and toners, to exfoliators. The growing understanding of the possible hazards of certain cosmetic ingredients has fueled consumer demand for vegan and cruelty-free skincare solutions.
The traditional brick-and-mortar stores account for a significant proportion of the vegan cosmetics market. These include supermarkets, hypermarkets, specialty stores, and drug stores. They offer the advantage of facilitated purchase decision-making due to the physical inspection of the product. Need-based preferences here characteristically include immediacy and hands-on decision-making influenced by product touch, feel, and smell. With the increase in internet penetration and a surge in e-commerce, online channels have undoubtedly become a leading sales platform for vegan cosmetics. Brands and consumers are gravitating towards online shopping due to factors such as convenience, broader selection, and detailed product information. The bulk of the need-based preferences for this channel include ease of access, convenience, and home delivery services.
The vegan cosmetics market in the Americas region is highly developed, with a large number of prominent players making the market highly competitive. The manufacturers strive to launch innovative products based on consumer reviews and requirements to fit the needs. The increasing demand for vegan cosmetics in the Americas is attributed to women being more aware of the importance of self-care with rising pollution that harms the body and the rising trend of using the products on social media platforms. In the EU countries, strict regulations against animal testing and a significant increase in ethical consumerism are significant driving factors for the rise in vegan cosmetics. Moreover, Middle Eastern countries are also gradually shifting their preference towards such cruelty-free products, primarily due to their Halal properties. The Asia-Pacific region contains several emerging economies with large population densities, which provides plenty of opportunities for the vegan cosmetics market to grow profusely. The brand value of South Korean and Japanese products in the global market is considerably high, creating a platform for vegan cosmetics.
The FPNV Positioning Matrix is pivotal in evaluating the Vegan Cosmetics Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Vegan Cosmetics Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Organic Harvest Launches 100% Vegan Organic Makeup
Organic Harvest has recently introduced its debut line of color cosmetics, catering to the growing demand for vegan and cruelty-free beauty products. The collection features an array of six product categories, including matte lipsticks, liquid lipsticks, BB cream, compacts, kohl, and liquid eyeliner. This comprehensive range ensures that consumers can enjoy toxin-free formulations while still achieving their desired makeup looks. [Published On: 2023-10-20]
Hourglass Expands Tiktok-favourite Lip Range in Korea as it Rides Vegan Wave
Hourglass Cosmetics, a luxury vegan beauty brand which is owned by Unilever, plans to release four new shades in line with the fall trends of its best-selling Phantom Volumising Glossy Balm in South Korea. Additionally, the brand launched Veil Hydrating Skin Tint at the beginning of the summer season, which is formulated with 94% naturally derived ingredients such as hyaluronic acid, plant-based squalene, meadowfoam seed oil, and rambutan blend. [Published On: 2023-10-05]
Nykaa Cosmetics Launches Vegan Nail Enamels
Nykaa Cosmetics celebrated Environment Day by expanding its product portfolio with the launch of vegan nail enamels. These nail enamels are formulated to be non-toxic and free from harmful chemicals such as acetone, formaldehyde, camphor, and toluene. They also contain trace elements such as magnesium, zinc, and manganese, along with the nourishing properties of biotin. [Published On: 2023-06-07]
The report delves into recent significant developments in the Vegan Cosmetics Market, highlighting leading vendors and their innovative profiles. These include ADORN IP PTY LTD., AROMATICA, ASA Beauty Private Limited, AU NATURALE COSMETICS, Axiology, Beauty Without Cruelty by Lotus Brands, Inc., BEIGIC, Benton Inc., Billy Jealousy LLC, BlushBee Organic Beauty, BYENA Beauty GmbH, Daughter Earth by Eternite Elements Pvt Ltd., Debenhams Brands Limited, e.l.f. Beauty Inc., Ecco Bella, Emma Jean Cosmetics, Inc., Ethical Elephant, Ethique Limited, Gabriel Cosmetics Inc., Hiro Cosmetics, INIKA Organic, Jillian Dempsey, Lethal Cosmetics GmbH & Co. KG., LOGOCOS Naturkosmetik GmbH & Co. KG by L'Oréal S.A., Lush Limited, MO MI Beauty, Monave, MuLondon LTD, New Milani Group LLC, Nui Cosmetics, Nykaa E-Retail Pvt. Ltd., Organic Harvest, PURE U. Cosmetics, The Body Shop International Limited, Und Gretel, and Unilever PLC.
This research report categorizes the Vegan Cosmetics Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Product
- Hair Care
- Makeup
- Skin Care
- Sales Channels
- Offline
- Departmental Stores
- Hypermarket & Supermarket
- Specialty Stores
- Online
- Offline
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Vegan Cosmetics Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Vegan Cosmetics Market?
- What are the technology trends and regulatory frameworks in the Vegan Cosmetics Market?
- What is the market share of the leading vendors in the Vegan Cosmetics Market?
- Which modes and strategic moves are suitable for entering the Vegan Cosmetics Market?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Vegan Cosmetics Market, by Product
- Vegan Cosmetics Market, by Sales Channels
- Americas Vegan Cosmetics Market
- Asia-Pacific Vegan Cosmetics Market
- Europe, Middle East & Africa Vegan Cosmetics Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 20]
- List of Tables [Total: 284]
- List of Companies Mentioned [Total: 36]
Veganism is a lifestyle that emphasizes compassion towards animals. It is a way of life that focuses on consuming plant-based food and avoiding animal-derived products. The growth of veganism has paved the way for eco-conscious companies to create cruelty-free, vegan, and organic alternatives to skincare products.
Firstly, vegan cosmetics contain harmless and non-toxic ingredients, making them safe for all skin types. Many animal-based ingredients can cause allergies and inflammation, causing harm to your skin. Vegan products make use of plant-based alternatives to these ingredients. Hence, these products are ideal for sensitive skin and give long-lasting benefits to your skin.
Secondly, vegan cosmetics are environmentally friendly. The beauty industry has significant environmental impacts that often go unnoticed. The chemicals in mainstream skincare and beauty products contaminate our ecosystem as they drain. The production of animal-based cosmetics requires using natural resources and pollutes the environment. Using vegan products reduces the industry's carbon footprint, making it eco-friendlier.
Thirdly, technological advancements have revolutionized the vegan cosmetic industry, leading to improved and enhanced formulations. With innovation and research, companies are making plant-based ingredients that can perform better than animal-derived ingredients.
Fourthly, makeup has been a limiting category for vegan consumers. However, recently, vegan cosmetic manufacturers have started to produce vegan-friendly makeup products. Such skin-friendly makeup products not only help you achieve your desired look but also provide you with long-lasting benefits.
Finally, purchasing vegan cosmetic products contributes to the well-being of our planet. It's, therefore, essential to choose ethical, environmentally sustainable, chemically safe, and cruelty-free products that are also beneficial to your skin.
Overall, the rise of vegan cosmetics is good news for conscious consumers. The growth of this industry has observed the production of high-quality and eco-friendly products that prioritize not only your skin's health but also planet Earth's. The vegan cosmetic industry has made significant strides, and we have seen the impressive technological achievements it has made. By choosing and supporting vegan skincare and makeup, you not only take care of your skin but also help prevent animal cruelty, environmental pollution, and depletion of our natural resources. Choices have consequences, so let's make the right choice to benefit ourselves and our planet.
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