Vegan Cosmetics Market

Global Vegan Cosmetics Market Size (2024 to 2029)

As per our analysis report, the global Vegan Cosmetics Market is expected to reach USD 21.76 billion by 2029 from USD 16.17 billion in 2024, growing at a compound annual growth rate (CAGR) of 6.12% during the forecast timeline.

Current Scenario of the Global Vegan Cosmetics Market

Vegan Cosmetics are manufactured in a factory that does not hurt animals; hence they do not include any animal-derived components. Plant-based extracts, components, and derivatives are used to create them. Vitamins, minerals, gelatin, antioxidants, collagen, honey, and a variety of other ingredients can be found in vegan Cosmetics. Vegan Cosmetics are incredibly popular and in high demand among vegans. Vegan Cosmetics, including skincare, hair care, makeup, and color Cosmetics, are widely available on the market. Vegan Cosmetics come in a variety of kinds, variants, and other variations to meet the needs of vegan clients. Vegan Cosmetics with plant-based components are becoming more popular because of their numerous benefits to the skin, such as protecting it from hazardous chemicals and propelling their demand within the market. Veganism is a separate sector concept that is rapidly gaining traction in the Cosmetics industry. With an unusually large number of clients interested in real estate, Cosmetics companies are being forced to reconsider the components they use in their products.

MARKET DRIVERS

The demand for vegan skincare products is growing aggressively in several countries, which is promoting global market growth. For instance, Superdrug Stores plc, a UK-based health and beauty retailer, experienced a 750% increase in sales for the vegan cosmetics brand in January 2019.

An increase in vegan consumerism throughout the world, where people are opposed to animal cruelty and seek cosmetics that do not include any animal components is one of the key drivers propelling the vegan cosmetics market growth. As per the estimations published by the Humane Society Australia, an estimated 500,000 animals die for the purpose of cosmetics every year worldwide. As a result, there is a shift in the Vegan Cosmetics Market, mostly driven by ethically conscious clients who choose vegan products.

The growing vegan population worldwide is another notable factor fueling the growth rate of the vegan cosmetics market. The population of vegetarians and vegans is growing rapidly in several countries. As per a study conducted by the World Animal Foundation, an estimated 22% of the worldwide population are vegetarians. As per the same source, the vegan population in the world is approximately 88 million. As mentioned in Alliance in Science, an estimated 9.7 million Americans are vegetarians. These numbers are expected to grow further in the coming days due to the growing awareness of cruelty-free movements and an increasing number of people deciding to go vegan. This increase is expected to boost the demand for vegan cosmetics too and drive the market growth. The growing awareness among the millennial and Gen Z generations regarding the various types of vegan cosmetic products and their impact on enhancing beauty is aiding the market growth.

The rising preference from customers for vegan cosmetics because of the improving quality of environmental property beauty products is another significant factor driving the growth of the global market. The growing concern for beauty among people and increased awareness of various types of cruelty-free beauty products are further supporting the vegan cosmetics market growth. The growing emphasis on research and development by the manufacturers of vegan cosmetics is contributing to the global market growth.

MARKET RESTRAINTS

Despite the growing popularity of vegan Cosmetics throughout the world, the proliferation of counterfeit goods is impeding the expansion of the vegan cosmetics market. The widespread availability of counterfeit products in the cosmetics industry makes it even more difficult for real vegan cosmetics firms to compete in both local and foreign markets. In addition, a lack of understanding of the beneficial characteristics of vegan beauty products may have a detrimental impact on market growth. Vegan Cosmetics are those that do not include any animal substances, such as beeswax or collagen, and are used to beautify, maintain cleanliness, or dynamically enhance the appearance of clients. Its main categories include skincare, hair care, and color Cosmetics, among other things. Customers may easily obtain these items through a variety of distribution channels, including specialized stores, supermarkets, hypermarkets, e-commerce, and others.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Vegan Cosmetics Market By Product

The skin care segment was the dominant segment in the global vegan cosmetics market in 2022 and is estimated to continue its domination in the global market throughout the forecast period.

Skincare encompasses a variety of procedures that help to maintain the integrity of the skin, improve its appearance, and alleviate skin disorders. The awareness among people regarding the effect of harmful chemicals that are being used in traditional skin care products has been growing significantly, which is resulting in the increasing usage of cruelty-free beauty products and propelling the growth of the skin care segment in the global market. The sales of vegan beauty accessories such as brushes and applicators and cruelty-free sunscreens and deodorants have been consistently growing over the last few years and the demand levels for these products are expected to increase further during the forecast period and contribute to the growth of the skin care segment in the worldwide market.

The hair care segment is the dominating segment as the skin care segment, however, the hair care segment is also anticipated to account for a significant share of the global market during the forecast period. The rising demand for sulfate-free, paraben-free, and cruelty-free vegan shampoos is primarily driving the growth of the hair care segment in the global market. The rapid adoption of vegan hair care by major beauty brands worldwide is another key factor propelling the growth of the hair care segment in the global market.

Global Vegan Cosmetics Market By Distribution Channel

The offline retail stores segment held the largest share of the global vegan cosmetics market in 2022, however, the leading sport of the offline retail stores segment is expected to be changed by the e-commerce segment by the end of the forecast period.

Nonetheless, the offline retail store segment is also expected to grow at a moderate CAGR during the forecast period. An offline retailer is one that sells things in person at a physical location. Unlike internet merchants, they usually allow customers to try on items before purchasing them, and some even provide expert fitting services. Brands may acquire new consumers in the real world and then continue to connect with them online with an offline presence. The transition of traditional beauty stores to include vegan product lines is one of the factors contributing to the growth of the offline retail segment in the global market.

The e-commerce segment is expected to grow at a significant CAGR during the forecast period and account for the major share of the worldwide market by 2028 end. The convenience of online shopping and the wide availability of various vegan cosmetic brands over online channels are mainly driving the growth of the e-commerce segment.

REGIONAL ANALYSIS

The European region held the largest share of the global vegan cosmetics market in 2022 and is predicted to rise at a noteworthy CAGR during the forecast period.

The presence of stringent regulations on animal testing and an increasing number of certifications for cruelty-free and vegan cosmetics are primarily driving the growth of the European vegan cosmetics market. For instance, Vegan Society, Certified Vegan, V-Label, Eve Vegan, Leaping Bunny, Cruelty-Free and Vegan, and One Voice are some of the certifications that are applicable for vegan cosmetic and household products in the European region. The UK and Germany are playing the leading role in the European market. Germany, France, the United Kingdom, Italy, and Spain are major European markets for cruelty-free Cosmetics. Numerous research and development facilities devoted to the creation of Cosmetics and personal care products may be found in the European market.

The North American region had a substantial share of the global market in 2022 and is expected to grow prominently during the forecast period.

Due to the growing demand for cruelty-free and sustainable beauty products and an increasing number of people choosing veganism. The U.S. occupied the largest share of the North American market in 2022 and the domination of the U.S. market is expected to continue throughout the forecast period. An increase in the sales of vegan beauty products in the U.S. and a surge in online sales of vegan cosmetics are contributing to the U.S. market growth.

The Asia Pacific region is estimated to grow at a promising CAGR in the global vegan cosmetics market during the forecast period.

The APAC region is predicted to see the most substantial rise. In the near future, emerging Asian markets are likely to attract new companies to enter. Furthermore, current industry changes point to significant commercial potential in Asian nations for both new and existing businesses.

KEY MARKET PLAYERS

Companies playing a leading role in the global vegan cosmetics market include Urban Decay, Ecco Bella, Zuzu Luxe, Bare Blossom, Billy Jealousy, Emma Jean Cosmetics, MuLondon Organic, Modern Minerals Makeup, Arbonne and Pacifica.

RECENT HAPPENINGS IN THE MARKET

• In November 2021, the product line-up of LG Household & Health Care's first-ever vegan make-up brand, Belif x VDL, was finalized with the addition of seven new products to the current line-up. LG H&H (LG Household & Health Care) is a South Korean personal care corporation that owns a number of worldwide beauty brands, including History of Whoo.
• In November 2021, Clean Fresh Skincare, a 100 percent vegan and clean range of products that have been demonstrated to significantly enhance the look of skin quickly and over time is COVERGIRL's first-ever skincare collection. COVERGIRL has always been the go-to brand for everything from foundation to mascara to lipstick. With this wholly new skincare range, the business will go beyond color Cosmetics and into a new area.
• In January 2021, Elf Cosmetics, a well-known vegan and cruelty-free Cosmetics brand, debuted its line in India in January. Nykaa, an online Cosmetics portal, will start selling the brand. The company offers a wide range of items, from skincare to Cosmetics. All of their goods, including their Cosmetics brushes, are vegan.

DETAILED SEGMENTATION OF THE GLOBAL VEGAN COSMETICS MARKET INCLUDED IN THIS REPORT

This research report on the global vegan cosmetics market has been segmented and sub-segmented based on product, distribution channel, and region.

By Product

• Skin Care
• Hair Care
• Makeup
• Others

By Distribution Channel

• E-Commerce
• Hypermarkets/Supermarkets
• Departmental Stores
• Specialty Stores
• Offline Retail Stores

By Region

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• The Middle East and Africa