Vegan Cosmetics Industry Overview
The global vegan cosmetics market is expected to reach USD 26.16 billion by 2030, expanding at a CAGR of 6.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. Natural and organic vegan cosmetics are gaining traction among a growing number of vegan consumers, driven by the rising consumer awareness regarding the animal cruelty for developing various products. Moreover, the rising trend of veganism after the pandemic has driven the demand for vegan products including vegan cosmetics contributing to the overall growth of the market.
Vegan cosmetics are available in a wide variety of types, variants, and others to suit the requirements of vegan consumers. The demand for vegan cosmetics with plant-based ingredients is increasing owing to their various benefits to the skin such as protecting skin because the exclusion of harmful chemicals from it, further propelling their demand in the market.
Vegan Cosmetics Market Segmentation
Grand View Research has segmented the global vegan cosmetics market based on product, distribution channel, and region:
Based on the Property Insights, the market is segmented into Skin Care, Hair Care, Color Cosmetics, and Others
- The skin care segment accounted for about 34.01% market share in the market in the year 2021. Nowadays, conscious consumers are inclined towards using vegan skin care products.
- The hair care segment is anticipated to expand at the fastest CAGR of 6.8%from 2022 to 2030.
- Vegan hair care has a wide range of products such as shampoo, hair oil, hair conditioner, hair mask, and others and is available in different forms to cater to the customer requirements which in turn is driving the demand for hair care products in the market.
- Additionally, the color cosmetics segment is expected to be the second fastest growing segment in the vegan cosmetics market registering a CAGR of 6.3% during the forecast period.
- L.F cosmetics, KVD Vegan Beauty, and Bite Beauty are some of the key brands offering vegan color cosmetics in the market which in turn is propelling the growth in terms of value sales.
Based on the Distribution Channel Insights, the market is segmented into Hypermarkets & Supermarkets, Specialty Stores, E-commerce, and Others
- The specialty stores segment made the largest contribution of over 35.7% in 2021. These stores have been focusing on offering various products including vegan cosmetics to cater to customers and offer them a facility to choose from numerous brands before making a purchase.
- Moreover, these stores also offer discounts and vouchers on such products which in turn has increased footfall in these stores.
- Additionally, supermarkets & hypermarkets hold approximately 24.8% market share. Supermarkets and hypermarkets are generally spanning over a large area and display a wide variety of beauty products under a single roof.
- Moreover, these stores are especially located near residential areas for convenience and easy accessibility of products including vegan cosmetics. Thus, contributing to fueling the growth of the market.
- The e-commerce channel is projected to register a CAGR of 8.8% from 2022 to 2030. Rising internet penetration amongst consumers and target marketing fueling the growth of this segment.
Vegan Cosmetics Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches to enhance their portfolio offering in the market.
Some prominent players in the global Vegan Cosmetics market include:
- Zuzu Luxe
- Ecco Bella
- Bare Blossom
- Emma Jean Cosmetics
- Modern Mineral Makeup
- Arbonne, Pacifica
- Nature’s Gate
- Beauty Without Cruelty
- Billy Jealousy
- MuLondon Organic
Order a free sample PDF of the Vegan Cosmetics Market Intelligence Study, published by Grand View Research.
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