Vegan Cosmetics Market

Vegan Cosmetics Market Size:

The global vegan cosmetics market size is expected to exhibit a growth rate (CAGR) of 5.4% during 2024-2032. The market is propelled by the growing concerns about animal welfare, increasing environmental concerns, rising health consciousness among individuals, stringent regulatory standards, and rising disposable income levels globally.

Vegan Cosmetics Market Analysis:

• Major Market Drivers: The increasing awareness about animal welfare among individuals, growing demand for natural and organic beauty products, and increasing number of vegan individuals, are some of the major market drivers propelling the vegan cosmetics market growth.
• Key Market Trends: New product lines offered by major key players, numerous partnerships between cosmetic companies and influencers, and significant technological advancements are some of the key market trends.
• Geographical Trends: Presently, Europe holds maximum number of vegan cosmetics market share on account of rising consumer awareness and strong retail store network. Whereas, North America, holds second position in the market due to numerous attractive marketing campaigns.
• Competitive Landscape: Arbonne International LLC (Yves Rocher), Billy Jealousy LLC, Coty Inc. (Cottage Holdco B.V.), Debenhams Retail Ltd. (Celine Jersey Topco Limited), Gabriel Cosmetics Inc., Kosé Corporation, L'Oréal S.A., Lush Retail Ltd., MuLondon Ltd. and Shiseido Company Limited, are among some of the key players in the vegan cosmetics industry.
• Challenges and Opportunities: The two most common challenges faced by the market include increasing production prices and rising skepticism about the efficacy of vegan cosmetic products among consumers. On the other hand, opportunities of the market include numerous advancements in product formulations and expansion of the market in untapped regions.
   

Vegan Cosmetics Market Trends:

Increasing Concerns about Animal Welfare

One of the primary factors driving the market include the growing concerns about animal welfare. This ethical shift has been increasing constantly with the rising awareness about the harm caused to animals and the environment during the production and testing procedures of cosmetics. According to a report published by THE TIMES OF INDIA, more than 70% of millennials and Gen-Z individuals choose sustainability over a brand name and are willing to pay more for sustainable products. On account of this shift major cosmetic producers are working toward producing products which are cruelty free, eco-friendly and vegan so as to cater to the rising vegan standards, thereby creating a positive vegan cosmetics market overview. Moreover, the rising proliferation of social media in daily lives is another factors which is significantly propelling the vegan cosmetics demand. As celebrities and influencers are advocating these products, their popularity amongst individuals is significantly rising.

Increasing Health and Environmental Concerns

Another major factor creating a positive vegan cosmetics outlook is the increasing health and environmental concerns. With the rising awareness about the hazardous chemicals used in skincare and makeup products is rising, on account of which consumers are seeking safer and more sustainable options. Certain chemicals used in these products including parabens and phthalates have the ability to hamper the hormone function and contribute to health problems including reproductive issues, allergies, and at times even cancer. Other than this, discarding of traditional beauty products have a significantly negative impact on the environment, such as pollution of water sources and soil degradation. Opposed to this, vegan cosmetics are produced with plant-based ingredients are believed to safer and less harmful to the human body and environment. According to a report published by GITNUX, 70% of consumers in the Unites States state they seek beauty and personal care products produced with natural ingredients.

Rising Male Attraction toward Cosmetic Products

The increasing interest of males in cosmetic products is adding to the vegan cosmetics market revenue. This rapid shift depicts inclusivity and self-care within the society, as men openly embrace grooming products which were conventionally associated with women. As per a report published by the IMARC GROUP, the global male grooming products market reached US$ 85.2 Billion in 2023, and is expected to reach US$ 148.9 Billion by 2032, exhibiting a CAGR of 6.3% during 2023-2032. With the rising number of men indulging in skincare and makeup, the demand for vegan products is significantly rising. Social media marketing and influencer marketing is playing a crucial role in making the grooming practices for men normal and promoting vegan beauty products.

Vegan Cosmetics Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product type and distribution channel.

Breakup by Product Type:

• Skin Care
• Hair Care
• Makeup
• Others
   

Skin care accounts for the majority of the market share

The market research report has provided a detailed breakup and analysis of the market based on the product type. This includes skin care, hair care, makeup, and others. According to the report, skin care represented the largest segment.

Skincare holds the largest vegan cosmetics market share on account of numerous factors. According to GITNUX, skincare holds more than one-third of the value sales of the global personal care market. This prominence can be supported by the fact that all individuals, regardless of demographics or gender, need to take care of their skin. The growing understanding of the significance of skincare for health and aesthetics, as well as high demand for cruelty-free and environmentally friendly alternatives, has allowed vegan products to gain popularity. Additionally, the development of new plant-based ingredients and manufacturing methods has made vegan products more effective, attracting a broader consumer base.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others
   

Specialty stores holds the largest share in the industry

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. According to the report, specialty stores accounted for the largest market share.

Specialty stores dominate the market on account of the rising demand for niche and specialty products. These stores also provide a wide range or vegan cosmetic products while offering a customized shopping experience with knowledgeable staff who are capable of guiding the consumers toward suitable products. Due to these factors, specialty stores hold a significant market share in this industry.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Europe leads the market, accounting for the largest vegan cosmetics market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe accounted for the largest market share.

The European market has strong regulatory frameworks that advocate for cruelty-free and eco-friendly products. Notably, the European Union ban on cosmetic animal testing since 2004 highly influenced consumers to demand vegan alternatives. Additionally, Europe has a robust beauty industry and a financially stable consumer population, which increases the demand for high-end vegan cosmetics. Moreover, the rise in veganism indicates that Europe will remain the dominant market player in vegan cosmetics.

Competitive Landscape:

• The vegan cosmetics market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the metal fiber industry include Arbonne International LLC (Yves Rocher), Billy Jealousy LLC, Coty Inc. (Cottage Holdco B.V.), Debenhams Retail Ltd. (Celine Jersey Topco Limited), Gabriel Cosmetics Inc., Kosé Corporation, L'Oréal S.A., Lush Retail Ltd., MuLondon Ltd. and Shiseido Company Limited.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Market leaders are developing new and ecological solutions to satisfy growing demand for cruelty-free cosmetics. For instance, in September 2022 Stella by Stella McCartney announced the launch of a new beauty line from the fashion designer. These manufacturers also use environmentally friendly packaging and ingredients procured from ethical sources to target the growing number of environmentally conscious clients. Additionally, large cosmetic corporations such as Unilever and Estée Lauder are adding vegetarian and vegan products to their current product line, demonstrating adjustment to industry standards. To create viable alternatives to traditional cosmetics, these businesses spend money on research and testing. To assure consumers of the good nature of a product, vendors join forces with vegan certification organizations.

Latest News: 

• October 2023: Organic Harvest entered into the color cosmetics industry by introducing its new line of 100% vegan makeup collection.
• March 2023: Fruit Works launched a new product line of bath, body, and skin care vegan products. These products are produced from 100% natural fruit complex procured from sugarcane, lemon, and orange.

Vegan Cosmetics Market Report Scope:

Key Questions Answered in This Report:

• How has the global vegan cosmetics market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global vegan cosmetics market?
• What is the impact of each driver, restraint, and opportunity on the global vegan cosmetics market?
• What are the key regional markets?
• Which countries represent the most attractive vegan cosmetics market?
• What is the breakup of the market based on the product type?
• Which is the most attractive product type in the vegan cosmetics market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the vegan cosmetics market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global vegan cosmetics market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the vegan cosmetics market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global vegan cosmetics market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the vegan cosmetics industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.