Vegan Cosmetics Industry Overview
The global Vegan Cosmetics Market reached a valuation of $15.17 billion in 2021. Projections indicate a compound annual growth rate (CAGR) of 6.3% from 2022 to 2030 for this sector. A key driver fueling this market's growth is the increasing prevalence of vegan consumerism worldwide, with consumers actively opposing animal cruelty and seeking cosmetic products free from animal-derived ingredients. Consequently, the cosmetics industry is witnessing a transformation, largely driven by ethically-minded consumers choosing vegan alternatives.
Vegan cosmetics encompass products formulated without any animal ingredients, such as beeswax and collagen, and are used for beautification, hygiene maintenance, or altering and enhancing one's appearance. The main categories of these products include skincare, haircare, and color cosmetics, among others. Consumers can readily access these products through diverse distribution channels, including specialty stores, supermarkets, hypermarkets, e-commerce platforms, and various other outlets.
Detailed Segmentation:
- Product Insights
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. This is owing to the rising consumer awareness regarding the benefits associated with the use of the product to their skin as they are usually made by using plant-based ingredients, thus having less chance of itchiness, irritation, acne, and other problems on the skin.
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.
- Distribution Channel Insights
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. In addition, the growth of online platforms across the globe majorly since the pandemic has contributed to driving the sales of the product. For instance, Blanka, an e-commerce platform where manufacturers can brand their line of vegan cosmetics is contributing to the market growth. Moreover, recently, Boohoo, a fashion e-commerce retailer has launched almost 50 vegan cosmetics products on its site.
- Regional Insights
North America is expected to witness a CAGR of 6.5% from 2022 to 2030. This is attributable to the presence of various suppliers and brands of vegan cosmetics such as Bawse Lady, NYX Professional, ILIA, and others in the region, especially in the U.S. is contributing to the growth.
Asia-Pacific is expected to be the fastest-growing regional segment witnessing a CAGR of 7.4% from 2022 to 2030. Rising awareness regarding the mistreatment of animals has resulted in the rise in the demand for vegan cosmetics in countries such as India, Australia, and others. Moreover, veganism after the pandemic is trending in many countries such as India, Australia, and Japan. This in turn is likely to offer immense opportunities for growth in this region during the forecast period.
Gather more insights about the market drivers, restraints, and growth of the Vegan Cosmetics Market
Key Companies & 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.
- In January 2022, Colorbar, one of the leading manufacturers in the market, unveiled a vegan nail lacquer with 128 different shades to expand its range of vegan products in the Indian market
- In March 2021, Hourglass, one of the manufacturers of vegan beauty products has a partnership with the consumer good giant ‘Unilever’ to develop and launch carmine free vegan lipstick in the market
- In April 2019, the beauty brand ‘Kat Von D Beauty’ launched its 100% vegan mascara made from the blend of sunflower and olive oil in the market
Some of the key players operating in the vegan cosmetics market include:
- Zuzu Luxe
- Ecco Bella
- Bare Blossom
- Emma Jean Cosmetics
- Modern Mineral Makeup
- Urban Decay
- Arbonne, Pacifica
- Nature’s Gate
- Beauty Without Cruelty
- Billy Jealousy
- MuLondon Organic
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