Market Overview:

The market for Vegan Cosmetics was valued at approximately USD 17.28 Billion in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 6.3%, reaching a value of USD 27.42 Billion by 2031.

The global development of vegan consumerism, wherein people seek for cosmetics free of animal components and oppose animal cruelty, is one of the main drivers of industry increase. As a result, people who value ethics are driving a revolution in the cosmetics industry by choosing vegan goods.

Vegan cosmetics are those that are used for beautifying, maintaining cleanliness, or altering or improving the appearance of customers but do not contain any animal substances, such as collagen, beeswax, or any other type of ingredient. Among its main categories are items for skin care, hair care, and color cosmetics. Customers can readily obtain these products on the market through a variety of distribution channels, such as e-commerce, supermarkets, hypermarkets, specialized shops, and others.

In addition, the growing popularity of veganism has prompted producers to spend money on R&D and to introduce new products and their variations in order to satisfy the demand from customers who prefer vegan goods. For instance, to capitalize on the expanding demand for vegan cosmetics, particularly among millennial consumers, G&M, an Australian maker of beauty products, introduced vegan makeup in February 2021.

Furthermore, vegan cosmetics—including skin care, color cosmetics, hair care, and others—are fast becoming a necessary component of consumer grooming, particularly for Gen Z. This can be attributed to the growing consciousness among consumers about the advantages of utilizing vegan cosmetics due to its chemical-free and eco-friendly nature. Consequently, it is anticipated that this will accelerate market expansion in the years to come.

The ongoing COVID-19 epidemic has had a negative impact on the industry's growth. Due to social isolation and stay-at-home rules, the pandemic affected both the manufacture and sales of vegan cosmetics through offline and online channels. Due to the lockdown of major markets, there was no longer any demand from merchants for fresh orders, which significantly changed supply chains throughout the world.

In addition, The Vegan Society reports that in the United Kingdom, the number of people embracing veganism has increased by 350% in just ten years. Furthermore, sales of vegan cosmetics rose by 38% in the United Kingdom in 2018. Vegan Avenue reports that numerous businesses have disclosed a rise in consumer demand for these kinds of goods. For example, one of the top health and beauty stores in the UK, Superdrug, announced a 750% rise in demand for vegan cosmetics in 2019.

Market Dynamics:

Market Drivers:

Increasing Awareness of Animal Welfare

• The increasing public's understanding of animal welfare issues is driving the vegan cosmetics sector. Consumer attitudes are shifting in favor of cruelty-free and vegan cosmetics as a result of growing worries regarding animal experimentation and the usage of chemicals obtained from animals in cosmetic products. Customers are actively looking for cosmetics that are not tested on animals & lack components obtained from animals as they become more aware of the ethical ramifications of their purchase decisions. The demand for vegan beauty products, which are made without using substances originating from animals and without injuring them during production, has increased as a result of this awareness. The market is predicted to develop as demand for vegan cosmetics rises in response to growing awareness of animal welfare issues.

Rising Demand for Natural and Organic Products

• The growing desire for organic and natural beauty products is driving the vegan cosmetics industry. Customers are gravitating for cosmetics created with natural and organic ingredients rather than those with harsh preservatives, artificial perfumes, or synthetic chemicals. Vegan cosmetics are in line with the increasing trend for sustainable, eco-friendly, and clean beauty products.  Additionally, people with dermatological conditions or allergies find vegan cosmetics appealing since they are thought to be safer and kinder to the skin. The market is growing and cosmetic businesses are being encouraged to increase their range of vegan beauty products due to the growing demand for natural and organic cosmetics as well as the ethical considerations surrounding vegan formulations.

Market Trends:

Rising Consumer Awareness and Demand for Ethical and Sustainable Products

• The market for vegan cosmetics is driven by consumers' growing need for sustainable and ethically produced cosmetics. The customers are increasingly seeking beauty products that align with their values; these include cruelty-free, vegan, and environmentally friendly options. Vegan cosmetics are in high demand because they are made without materials originating from animals and are not tested on animals. Concerns among consumers include personal health, animal welfare, and environmental sustainability. Since more people are becoming conscious of how their purchases affect the environment and animals, vegan cosmetics are gaining popularity as morally and environmentally sound alternatives to conventional beauty products. In order to meet consumer demand, cosmetic companies are being encouraged by this trend to develop new vegan lines or reformulate their current products, which is fueling market growth.

Innovation in Formulations and Ingredients

• The vegan cosmetics market is distinguished by advancements in ingredient and formulation technologies that improve the vegan cosmetics' usability, potency, and sensory appeal. Producers are spending money on R&D to create cutting-edge vegan formulas that fulfill ethical and sustainable criteria and produce outcomes that are on par with or better than traditional cosmetics. This includes enhancing the texture, color, and lifespan of vegan cosmetics with cutting-edge ingredients made from plants, botanical extracts, natural oils, & mineral colors. Furthermore, thanks to technological developments, vegan substitutes for conventional animal-derived components including collagen, keratin, & beeswax have been created. By emphasizing innovation in ingredient and formulation development, cosmetic companies can stand out from the competition and satisfy the changing needs of consumers who are eco-aware and vegan.

Market Restraining Factors:​

Limited Product Availability and Variety

• In compared to traditional cosmetics, the vegan cosmetics sector is characterized by a narrow range of available goods. Although there is a rising market for vegan cosmetics, there are still issues with product diversity and availability. The careful selection of synthetic or plant-based components to substitute for animal-derived compounds, which are frequently present in conventional cosmetic formulations, is necessary for vegan formulations. Manufacturers may find it difficult to source and formulate vegan substitutes that satisfy safety, performance, and legal criteria. Customers looking for vegan cosmetics may thus have fewer alternatives, especially in specific product categories or hues. Insufficient product availability and variety can discourage some customers from switching to vegan cosmetics or restrict their options, which could slow down the market's expansion.

Key Industry Developments:

• In January 2022, One of the top producers in the industry, Colorbar, launched a vegan nail lacquer in 128 shades to increase the availability of its vegan products in the Indian market.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Vegan Cosmetics Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Vegan Cosmetics Market Players Analysis:

• 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

Vegan Cosmetics Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2024-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Market Segmentation Analysis:

The market is divided into segments based on By Product, By End-Use.

By Product

• Skin Care
• Hair Care
• Color Cosmetics
• Others

In 2021, the skin care category has a market share of approximately 34.01%. Consumers who are conscientious now days are more likely to use vegan skin care products. This is because more people are becoming aware of the advantages of applying products to their skin because they typically contain plant-based substances, which reduces the likelihood of itching, irritation, acne, and other skin issues.

The hair care sector is expected to expand at the quickest rate between 2022 and 2030, with a 6.8% CAGR. The wide range of vegan hair care products—which include shampoo, conditioner, hair oil, masks, and more—is driving the market demand for hair care products. To satisfy the needs of the consumers, these products are offered in a variety of formats.

Furthermore, the color cosmetics sector is expected to develop at the second-fastest pace in the vegan cosmetics market, with a compound annual growth rate (CAGR) of 6.3% throughout the projected period. Vegan color cosmetics are available from several well-known brands, such as Bite Beauty, KVD Vegan Beauty, and E.L.F Cosmetics. Value sales are rising, and this growth is being driven by these brands.

By Distribution Channel

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

The specialty retailers segment accounted for the highest share, contributing nearly 35.7%. These shops have been concentrating on providing a range of goods, such as vegan cosmetics, in order to satisfy clients and provide them the option to select from a variety of brands before making a purchase. Additionally, these shops provide coupons and discounts on these goods, which has enhanced customer traffic.

Supermarkets and hypermarkets also account for about 24.8% of the market. Supermarkets and hypermarkets typically cover a sizable floor space and have an extensive assortment of beauty products all under one roof. Additionally, these shops are strategically placed close to residential areas to provide convenient access to a variety of products, including vegan cosmetics. Consequently, supporting the market's expansion.

The e-commerce channel is expected to develop at a compound annual growth rate (CAGR) of 8.8% between 2022 and 2030. Targeted marketing and rising consumer internet usage are driving this industry's growth. The globalization of digital platforms has also helped the product's sales, especially since the outbreak. One way the market is growing is by using Blanka, an online retailer where manufacturers may brand their line of vegan cosmetics. Also, the trendy e-commerce site Boohoo has recently added almost fifty vegan cosmetics products.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.

Europe made the largest contribution in 2021, with a market share of more than 36.81%. It is anticipated that as more individuals adopt vegan diets, especially in countries like the United Kingdom, France, and Germany, the demand for vegan cosmetics would increase. Furthermore, the cosmetics industry will account for nearly 82% of all vegan products introduced in the UK in 2020. Additionally, according to The Vegan Society, in 2021, 97% of British customers planned to look for additional beauty and toiletry products that were certified vegan.

North America is expected to expand at a CAGR of 6.5% between 2022 and 2030. The growth of the vegan cosmetics sector can be ascribed to the existence of several suppliers and brands in the region, especially in the United States, such as Bawse Lady, NYX Professional, ILIA, and others.

The Asia-Pacific region is expected to grow at the quickest rate between 2022 and 2030, with a CAGR (compound annual growth rate) of 7.4%. Growing public awareness of animal abuse has led to an increase in demand for vegan cosmetics in nations like Australia, India, and others. Furthermore, following the pandemic, veganism is becoming popular in numerous nations, including Australia, Japan, and India. Consequently, during the foreseeable term, this is probably going to present this region with a ton of growth chances.

Vegan Cosmetics Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase:

• To gain insightful analyses of the Vegan Cosmetics market and have comprehensive understanding of the global market and its commercial landscape.
• Assess the production processes, major issues, and solutions to mitigate the development risk.
• To understand the most affecting driving and restraining forces in the market and its impact in the global market.
• Learn about the Vegan Cosmetics market strategies that are being adopted by leading respective organizations.
• To understand the future outlook and prospects for the Vegan Cosmetics market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of Vegan Cosmetics Market:

• Historic year: 2019- 2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million