Vegan Cosmetics Market

Vegan Cosmetics Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Vegan Cosmetics Market grew at a CAGR of 6.2% between 2017-2021 and is estimated to be US$ 13,503.4Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.0% and is expected to reach a valuation of US$ 24,182.5Mn by 2032 end.

The global increase in vegan consumerism, where people are against animal cruelty and seek cosmetics without any animal substances, is one of the main causes propelling market progress. As a result, the cosmetics industry is changing, primarily due to consumers who are morally concerned about choosing vegan goods.

Market Dynamic

CHANGING PREFERENCES OF MILLENNIALS WILL HAVE A POSITIVE INFLUENCE ON THE VEGAN COSMETICS MARKET

According to studies, millennials have the most purchasing power. Thus the beliefs of this generation are key drivers of the beauty industry. A rising number of firms are producing vegan cosmetics because their decisions reflect worries about animal cruelty.

An increasing percentage of consumers are voicing worries about sustainability, showing that ethical purchasing is not just a trend among millennials. Consumers frequently change their purchase decisions because of animal cruelty. In addition, people are turning down goods with unknown components.

As a result, many companies are concentrating on creating completely vegan and cruelty-free cosmetics. Naturally, the term “Vegan” draws attention to a particular diet. However, as more people choose to give up meat by becoming vegans, environmental concerns and animal cruelty influence their lifestyle.

HIGH CIRCULATION OF COUNTERFEIT PRODUCTS TO HAMPER MARKET GROWTH

Vegan cosmetics are becoming increasingly popular worldwide, but the fastest-growing prevalence of counterfeit goods is hampering their market growth. Genuine vegan cosmetic firms find it difficult to compete in domestic and foreign markets due to the widespread availability of counterfeit goods in the cosmetics industry. Over 2 million fake body care goods, including fragrances and cosmetics, were confiscated in the U.K. during the 2017–18 period, according to Crime and Enforcement data issued by The Intellectual Property Office (IPO).

CELEBRITIES LAUNCH THEIR VEGAN COSMETIC PRODUCT LINES TO AUGMENT MARKET VOLUME

Recent years have seen a sizable number of celebrities globally enter the cruelty-free beauty sector amid intense competitive rivalry. Harry Styles, a British actor, songwriter, and musician, debuted Pleasing in November 2021 as his new and first vegan beauty company. It features a whole line of vegan skincare items and nail polish. Another example is the announcement of E.l.f. Cosmetics, Inc., a cosmetics company with headquarters in California (U.S.), will collaborate with actress, singer, and songwriter Alicia Keys to introduce a new range of vegan beauty products in August 2020. An increasing number of celebrity products also shows the expanding consumer interest in fresh & inventive items launched across the globe.

Market Segments Covered in Report

By Product:

• Skin Care
• Hair Care
• Color Cosmetics
• Others

By Distribution Channel:

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

By Price Range:

• Mass
• Premium

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Which product is dominating Vegan Cosmetics consumption?

The skin care category accounted for about 35.11% of the market. Conscious customers today are more likely to use vegan skin care products. This is due to consumers becoming more aware of the advantages of using the product on their skin as they are typically created using plant-based components, which reduces the likelihood of itching, irritation, acne, and other skin problems.

Which distribution channel of Vegan Cosmetics to gain traction in the coming years?

The specialty store segment contributed the most, with a total of nearly 35.7%. To serve clients and provide them the option to select from a wide range of brands before making a purchase, these businesses have been concentrating on providing various products, including vegan cosmetics. Additionally, these shops offer discounts and coupons on these goods, which has increased customer traffic.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a market share of 34.5%, North America is anticipated to experience a CAGR of 6.5% from 2023 to 2032. This is due to numerous manufacturers and producers of vegan cosmetics in the area, particularly in the United States, including Bawse Lady, NYX Professional, ILIA, and others.
• With a share of the market of nearly 36.8%, Europe contributed the most. Demand for vegan cosmetics is anticipated to increase due to consumer trends toward veganism, particularly in developed nations like the U.K., France, and Germany.

Competition Analysis

Participants from both domestic and foreign markets are present. Important market participants concentrate on tactics like innovation and new product launches to diversify their product offerings.

The key developments in the Global Vegan Cosmetics Market:

• In January 2022, to increase its selection of vegan products in the Indian market, Colorbar, one of the industry’s top producers, released a nail lacquer in 128 various colors.
• In March 2021, with the help of the consumer goods behemoth “Unilever,” one of the producers of vegan cosmetics, Hourglass, will create and commercialize carmine-free vegan lipstick.

A list of some of the key suppliers present in the market are:

• Zuzu Luxe
• Ecco Bella
• Bare Blossom
• Emma Jean Cosmetics
• Modern Mineral Makeup
• Urban Decay
• Arbonne, Pacifica
• Nature’s Gate
• Beauty Without Cruelty
• Billy Jealousy
• MuLondon Organic

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.