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 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.