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

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.