[205+ Pages Report] According to Facts and Factors, the global vegan cosmetics market size was valued at USD 2,305.14 Million in 2022 and is predicted to surpass USD 3,861.09 Million by the end of 2030. The vegan cosmetics industry is expected to grow by a CAGR of 6.66%.
Vegan cosmetics refer to personal care and beauty products that are formulated without the use of any animal-derived ingredients. These products are not tested on animals. Furthermore, these products also align with the broader trend of cruelty-free and ethical beauty practices. Vegan cosmetics entice environmentally conscious consumers.
Rising concerns regarding animal welfare are boosting the demand for cruelty-free products like vegan cosmetics. Consumers are looking for products that are not tested on animals and are environment-friendly. The beauty industry is witnessing a broader shift towards sustainability. Vegan cosmetic brands are incorporating eco-friendly packaging, responsibly sourced ingredients, and production practices to appeal to environmentally conscious consumers. Furthermore, advancements in cosmetic formulations have led to the development of high-quality vegan products.
Also, brands are highly investing in the research and development process to address the various arising skincare and beauty problems. Such a landscape is likely to boost the growth of the global vegan cosmetics market. For instance, G&M unveiled its vegan cosmetics line in February 2021 to monetize on the expanding market in the vegan category, particularly among millennial consumers.
Sourcing high-quality and vegan ingredients for cosmetics is quite challenging. The limited availability of the materials impacts the production capacity and thereby results in the higher cost of the end products. This high upfront cost deterrs the price-sensitive consumers and slows down the growth trajectory of the vegan cosmetics industry.
The availability of vegan products in mainstream retail, like specialty stores, beauty stores, departmental stores, supermarkets, and several others, is significantly expanding the scope of vegan cosmetics. The increasing accessibility of products to consumers is contributing to the growth of the global vegan cosmetics market.
For instance, Kat Von D Beauty came up with its unique vegan mascara in April 2019. The mascara is manufactured from a combination of sunflower and olive oil.
The absence of synthetic preservatives in vegan formulations creates a huge challenge in preserving the products and avoiding microbial contamination. This landscape requires brands to invest in alternative preservation methods. Therefore, it is likely to hamper the growth of the vegan cosmetics industry.
The global vegan cosmetics market can be segmented into sales channels, price range, consumer orientation, packaging type, product type, and region.
By sales channel, the market can be segmented into wholesalers, modern trade, convenience stores, departmental stores, specialty stores, online retailers, supermarkets, and others. The supermarket segment accounts for the largest share of the global market. Supermarkets and retail channels are stocking their stores with beauty and personal care sections with vegan and cruelty-free products because of their high demand.
However, it has also made it convenient for people to find these products during their routine shopping trips. Furthermore, supermarkets offer consumers a very familiar shopping environment, and this is a major factor propelling the growth of the vegan cosmetics industry.
Also, the inclusion of vegan cosmetics in the stores helps people to make ethical choices. The presence of vegan cosmetics in supermarkets reflects a broader trend in mainstream adoption. Increasing awareness among people regarding ethical and sustainable products is also contributing to the growth of the segment. As a result, supermarkets are diversifying their product offerings to meet the changing demands.
By price range, the market can be segmented into premium and mass. The premium price segment is expected to witness huge development in the coming years. Consumers associate premium-price products with high-quality and superior ingredients, which in turn is boosting the sales revenue of the segment.
Furthermore, vegan cosmetics focus on the use of organic, natural, and ethically sourced ingredients, which further justify a premium price. Moreover, premium vegan cosmetic brands invest heavily in research and development to create innovative formulations. It includes unique botanical extracts, cutting-edge processes, and advanced technologies, which further contribute to the perceived value of products.
By consumer orientation, the market can be segmented into kids, women, and men. The women segment is likely to swipe the larger share of the global vegan cosmetics market. Women have always been a primary consumer of the cosmetic and beauty industry. This established behavior is contributing heavily to the growth of the market.
The beauty and cosmetic industry offers a wide range of products, particularly catering to women, which includes makeup, skincare, and facial care products, among others, which are commonly associated with the women’s segment.
By packaging type, the market can be segmented into tubes, pencils & sticks, jars, compact cases, pumps & dispensers, and others. The pumps and dispenser segment is expected to dominate the vegan cosmetics industry. The pumps and dispensers offer a convenient and hygienic way of using the cosmetic products. They allow full control and measured dispensing, thereby reducing the risk of product wastage and contamination.
Also, these packaging formats are used in premium and luxury cosmetic products, and therefore, people associate these formats with high-end products, which further contributes to a perception of exclusivity and quality.
By product type, the market can be segmented into nail products, lip products, eye products, and facial products. The facial product segment is also likely to grow with a high CAGR during the forecast period. There is a global surge in awareness regarding the importance of skin care. Facial products like masks, serums, moisturizers, and cleaners are integral components of skin care routines. Vegan facial products are formulated without animal-derived ingredients, which aligns with consumers' emerging demands.
Market Size in 2022
USD 2,305.14 Million
Projected Market Size in 2030
USD 3,861.09 Million
CAGR Growth Rate
Key Market Players
Lush Cosmetics, Kat Von D Beauty, Tarte Cosmetics, Too Faced, Cover FX, Urban Decay, EcoTools, Pacifica Beauty, Axiology Beauty, Elf Cosmetics, and Others.
By Sales Channels, By Price Range, By Consumer Orientation, By Packaging Type, By Product Type, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
Request customized purchase options to meet your research needs. Explore purchase options
North America accounts for the larger share of the global vegan cosmetics market because of the surging awareness among consumers regarding ethical and sustainable choices in beauty products. Canada and the United States are at the forefront of driving the demand for cruelty-free cosmetics.
The regulatory landscape in the region is witnessing a big revolution associated with animal testing and the use of some specific ingredients in cosmetics. Certain countries have considered measures to ban animal testing, which in turn is further expected to boost the growth of the regional market.
Asia Pacific is also likely to witness a steady growth rate in the coming years due to shifting consumer preferences towards cruelty-free and ethical beauty products. The region is culturally diverse, and the beauty standards vary across different countries. The rising middle-class population in the APAC countries led to increased spending on personal care and beauty products like vegan cosmetics.
For instance, Colorbar launched a new line of vegan nail lacquer in January 2022 in the Indian market. This initiative to promote their vegan product range includes an impressive selection of 128 unique shades.
The key players in the global vegan cosmetics market include:
For instance, Hourglass collaborated with Unilever’ in March 2021 to come up with a carmine-free vegan lipstick. The former company is a manufacturer of vegan beauty products in the market.
The global vegan cosmetics market is segmented as follows:
Copyright © 2023 - 2024, All Rights Reserved, Facts and Factors