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.
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 Distribution Channel:
By Price Range:
By Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product, Distribution Channel, Price Range, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.0%.
Changing preferences of millennials will have a positive influence on the vegan cosmetics market.
Major global Vegan Cosmetics Market players are Zuzu Luxe; Ecco Bella; Bare Blossom; Emma Jean Cosmetics; Modern Mineral Makeup; Arbonne; Pacifica; Nature’s Gate; Beauty Without Cruelty; Billy Jealousy; MuLondon Organic.
High circulation of counterfeit products hamper the market growth.
North America is expected to account for the largest market revenue share in the Global Vegan Cosmetics market.
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