Vegan Cosmetics Market
Report ID: SQMIG30L2195
Vegan Cosmetics Market Size, Share, Growth Analysis, By Product Type(Skin Care, Hair Care, Makeup), By Distribution Channel(Hypermarkets & Supermarkets, Specialty Stores, E-Commerce), By Gender(Women, Men, Children), By Price Point(Premium, Economic), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30L2195 |
Region:
Global |
Published Date: April, 2024
Pages:
242
|Tables:
116
|Figures:
78
Vegan Cosmetics Market Insights
Vegan Cosmetics Market size was valued at USD 16 billion in 2019 and is poised to grow from USD 16.19 billion in 2023 to USD 26.16 billion by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).
Vegan cosmetics are those items used to beautify, maintain hygiene, or alter or enhance a person's appearance. These do not contain any animal substances, such as collagen, beeswax, or any other. Its primary types include skin care, hair care, and colour cosmetics. Through a variety of distribution channels, including specialised shops, supermarkets, hypermarkets, e-commerce, and others, these products are readily available to customers in the vegan cosmetics market.
Veganism, while still a niche concept, is quickly becoming mainstream in the cosmetic industry. With an increasing number of consumers concerned about sustainability, cosmetic companies are being forced to reconsider the ingredients used in their products. Aside from that, a production overhaul is likely as manufacturers strive to improve sustainability. Modern consumers are more aware than ever before, thanks to increased access to information and rising internet penetration. In addition, rising environmental concerns and depleting natural resources are causing a seismic shift in their behavior.
Furthermore, the growing trend of veganism has encouraged manufacturers to invest in R&D, launch new products and variants, and cater to consumers looking for vegan products. For example, G&M, an Australian beauty products manufacturer, launched vegan cosmetics in February 2021 to capitalise on the growing market for the same, particularly among millennial consumers.
US Vegan Cosmetics Market is poised to grow at a sustainable CAGR for the next forecast year.
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Vegan Cosmetics Market Segmental Analysis
The global vegan cosmetics market is bifurcated into product type, distribution channel, gender, price point, and region. Based on product, the vegan cosmetics market is divided into skin care, hair care, makeup, and others. Based on distribution channel, the market is segmented into hypermarkets & supermarkets, specialty stores, e-commerce. Based on gender, the market is segmented into men, women, and elderly. Based on price point, the vegan cosmetics market is segmented into premium and economic. The market can be divided into five regions, namely North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
Vegan Cosmetics Market Analysis by Product Type
In 2021, the skin care segment accounted for a significant market share. Vegan skin care products are increasingly popular among environmentally conscious consumers. This is due to rising consumer awareness about the benefits of using the product on their skin, as they are typically made with plant-based ingredients, resulting in less itchiness, irritation, acne, and other skin problems.
The hair care market is expected to grow at the fastest CAGR. Vegan hair care products include shampoo, hair oil, hair conditioner, hair mask, and others that are available in a variety of forms to meet the needs of customers, which is driving the demand for hair care products in general.
Vegan Cosmetics Market Analysis by Distribution Channel
In 2021, the specialty stores segment dominated the global vegan cosmetics market. These stores have focused on offering a variety of products, including vegan cosmetics, to cater to customers and give them the option of selecting from a variety of brands before making a purchase. Furthermore, these stores offer discounts and vouchers on such products, which has increased foot traffic in these stores.
Furthermore, supermarkets and hypermarkets account for approximately 24.8% of the market share. Supermarkets and hypermarkets typically cover a large area and offer a wide range of beauty products under one roof. Furthermore, these stores are strategically placed near residential areas for convenience and easy access to products such as vegan cosmetics.
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Vegan Cosmetics Market Regional Insights
In 2021, Europe contributed the most, with a vegan cosmetics market share of over 36.81%. Demand for vegan cosmetics is anticipated to increase as a result of consumer trends toward veganism, particularly in developed nations like the U.K., France, and Germany. Additionally, in 2021, the beauty sector will account for almost 82% of all vegan products introduced in the U.K. Additionally, 97% of British consumers were found to be looking for more vegan-certified cosmetics and personal care items in 2021, according to The Vegan Society.
From 2022 to 2028, the market in North America is anticipated to grow at a notable CAGR. This is due to the existence of numerous vegan cosmetics manufacturers and suppliers in the region, particularly in the United States, including Bawse Lady, NYX Professional, ILIA, and others.
The fastest-growing regional market is predicted to be Asia Pacific. In nations like India, Australia, and others, there is a growing demand for vegan cosmetics as a result of increased awareness of animal abuse. Additionally, since the pandemic, veganism has become popular in numerous nations, including India, Australia, and Japan. Due to this, the region is anticipated to have tremendous growth during the predicted period.
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Vegan Cosmetics Market Dynamics
Vegan Cosmetics Market Driver
- In the upcoming years, it is anticipated that the vegan cosmetics market would grow significantly. In the West, the trend is expanding at a never-before-seen rate, and very soon it will be pervasive with great potential everywhere. According to recent research, British women are more likely to buy cruelty-free cosmetics. It is thought that social trends like "clean beauty" have ignited the market for vegan cosmetics. In addition, market leaders are frequently launching products in this category. For instance, Cover Girl has kick-started 2020 with its brand-new range of vegan beauty products, boasting natural ingredients such as aloe extract and milk.
- Globally, consumers are becoming concerned about animal testing, particularly in European and North American nations. The number of U.S. states seeking a ban on the import and distribution of such cosmetics has increased in recent years as a result of Europe's ban on products tested on animals. Additionally, a ban on the importation or sale of cosmetics tested on animals was implemented in 2020 in a number of U.S. states, including Illinois, Nevada, and California. Numerous animal-rights organisations, such as the Humane Society and Cruelty-Free International, work to convince more American states to enact such restrictions. From the standpoint of Vegan Cosmetics Market production, a prohibition on animal experimentation will increase consumer demand for cruelty-free goods and propel market expansion.
Vegan Cosmetics Market Restraint
- The beauty and personal care industry is likely one of the hardest hit sectors during the pandemic. The industry is currently struggling to adapt to changing consumer behaviour. Consumers are more likely to spend money on safer products that have a lower risk of contamination and a longer shelf life. In addition, sales losses from closed hypermarkets/supermarkets and department stores have significantly hampered growth prospects. As a result, brands are focusing on improving their e-commerce presence. To keep their businesses afloat in the face of an impending slowdown, some of the leading cosmetics brands are offering at-home wellness products. Because consumers are reducing their spending on non-essential items, the cosmetics industry as a whole will suffer sales declines.
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Vegan Cosmetics Market Competitive Landscape
Global vegan cosmetics market is very competitive. This is because there are numerous domestic and international players in this segment. Loreal SA, Coty Inc., MuLondon, Billy Jealousy, and Beauty Without Cruelty are the major players in this market. These businesses are expanding their operations into new countries around the world. Major players are focusing on introducing new products into the market to cater to the interests of the players and improve their market position. Major emerging market players pursuing leading brands are strategically acquiring market leaders in more mature and sophisticated markets.
Vegan Cosmetics Market Top Player's Company Profiles
- Loreal SA
- LUSH
- Pacifica Beauty
- Kat Von D Beauty
- Cover FX
- Inika Organic
- Tarte Cosmetics
- Arbonne International
- Too Faced Cosmetics
- Milk Makeup
- E.l.f. Cosmetics
- Hourglass Cosmetics
- Beauty Bakerie
- Aveda
- The Body Shop
- KVD Vegan Beauty
- Urban Decay
- Bare Minerals
- Jeffree Star Cosmetics
- Biossance
- The Ordinary
Vegan Cosmetics Market Recent Developments
- In January 2022, Colorbar one of the market's leading manufacturers, unveiled a vegan nail lacquer in 128 different shades to expand its vegan product line in the Indian market.
- In March 2021, Hourglass, a vegan beauty product manufacturer, partnered with consumer goods behemoth 'Unilever' to develop and market carmine free vegan lipstick.
Vegan Cosmetics Key Market Trends
- In recent years, the cruelty-free (no animal testing), vegetarian (no by-products of animal slaughter), and vegan (no animal ingredients at all) beauty markets have exploded. Vegan cosmetics are preferred by consumers because they are ethical, as the manufacturing process does not use any animal parts. Consumers eventually prefer vegan cosmetics to non-vegan cosmetics due to the medical benefits of vegan cosmetics on the skin. Furthermore, because vegan cosmetics can help to reduce skin damage caused by various environmental changes and increasing pollution around the world, for example, the anti-oxidants present in vegan cosmetics are naturally processed from plants and can help to reduce skin dryness. As a result of the advantages that consumers can derive from using these products, the demand for plant-based ingredients is growing, which is also elevating the growth of the vegan cosmetics market.
- Because of increased consumer awareness about the harmful effects of certain compounds, such as paraben and aluminium compounds found in skincare, hair care, and deodorants, the European region has seen an increase in demand for natural and organic products. Many European consumers prefer one brand over others because of its natural and ethical formulation. Vegan beauty product sales have increased significantly in the United Kingdom in recent years. This has recently increased the demand for vegan cosmetics that are safe, natural, and organic. The purchases are made based on efficacy, long-term protection, and clinical properties. The market has seen a surge in demand for vegan ingredients.
Vegan Cosmetics Market SkyQuest Analysis
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, conscious customers today are more likely to use vegan skin care products. This is due to consumers becoming more aware of the advantages of using the product on their skin as they are typically created using plant-based components, which reduces the likelihood of itching, irritation, acne, and other skin problems. Veganism has thus permeated a society that is here to stay, compelling all cosmetic brands to use ethical strategies without sacrificing product quality.
Consumers want their products to be highly effective while also focusing on clean ingredients. Of course, appealing packaging is still a plus. In some ways, vegan cosmetics must be as effective and appealing as their synthetic counterparts. Consumers, on the other hand, expect the former to be sustainable.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 16 billion |
| Market size value in 2031 | USD 26.16 billion |
| Growth Rate | 6.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vegan Cosmetics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vegan Cosmetics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Vegan Cosmetics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vegan Cosmetics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vegan Cosmetics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vegan Cosmetics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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