April 20, 2024
Vegan Cosmetics Market

Vegan Cosmetics Market is Expected to be Flourished by Rising Consumer Preference for Cruelty-Free Products

Vegan cosmetics refer to the cosmetic products that do not contain any animal-derived ingredients and are not tested on animals. Vegan cosmetics include products such as skin care, hair care, makeup, and fragrances. Skin care products dominated the market in 2020 due to the rising demand for natural skin care formulations. Vegan makeup products are also gaining traction due to their lightweight formulations and natural appearance on the skin. The increasing awareness about animal welfare and cruelty-free products has been a major driver for the growth of vegan cosmetics.

The global vegan cosmetics Market is estimated to be valued at US$ 16.65 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Rising consumer preference for cruelty-free products is expected to be a major driver for the vegan cosmetics market over the forecast period. Consumers today are more informed and aware about issues such as animal welfare and sustainability. This has boosted the demand for vegan and cruelty-free alternatives to conventional cosmetic products. According to Vegan Society data, the number of vegans in the UK grew by 350% between 2014 and 2019. Moreover, key players launching innovative vegan formulations made with natural ingredients is also spurring the market growth. For instance, L’Occitane Group offers organic and vegan skincare products developed with natural plant extracts from France. The brand focuses on sustainability and ethics by eliminating all animal-derived ingredients from formulations.

Segment Analysis
The vegan cosmetics market is dominated by skin care segment. Skin care products account for over 45% share of the total vegan cosmetics market. Rising awareness about cruelty-free products and benefits of plant-based ingredients are driving the demand for vegan skin care products. Moreover, rising pollution levels have increased various skin issues such as acne, pimples, dark spots etc. Vegan skin care products containing natural ingredients like aloe vera, coconut oil, vitamin E etc. are gaining popularity for their hydrating and healing properties.

PEST Analysis
Political: Stringent regulations by EU and US FDA regarding animal testing in cosmetics are promoting vegan cosmetics market. Many governments offer tax rebates and subsidies to companies producing plant-based cosmetics.
Economic: Growing millennial population and rising income levels are increasing spending on premium vegan cosmetic products. However, high costs of natural ingredients and limited availability pose challenges for manufacturers.
Social: Increasing consumer awareness about cruelty-free lifestyle and environmental protection is driving demand for vegan cosmetics. Social media is playing a significant role in promotion of vegan brands.
Technological: Advancements in biotechnology help manufacturers develop innovative plant-based formulations that mimic animal-derived ingredients. Technologies like 3D printing allows customized vegan products.

Key Takeaways
Global Vegan Cosmetics Market Size is expected to witness high growth over the forecast period of 2023 to 2030, supported by rising ethical concerns, health awareness and innovations. Regionally, Europe dominates the vegan cosmetics market currently due to stringent regulations and high vegan population. North America is expected to the fastest growing market over the coming years led by the US. Key players operating in the vegan cosmetics market are Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L’Occitane Group, L’Oreal S.A., LVMH Group, and MuLondon, Pacifica Beauty, Unilever plc. Weleda, Coty Inc., Beauty with Cruelty, Elf Cosmetic Company, Urban Decay, and Nature’s Gate. Companies are launching natural and cruelty-free ranges targeting young millennial population. They are also investing in digital marketing platforms to promote their brands.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it