The Vegan Cosmetics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vegan Cosmetics, The vegan cosmetics market size has grown strongly in recent years. It will grow from $17.24 billion in 2023 to $18.61 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to growing awareness of animal cruelty in cosmetics, increased demand for natural and organic beauty products, rise in health and environmental concerns, celebrity endorsements and influence, expansion of veganism as a lifestyle choice.
The vegan cosmetics market size is expected to see strong growth in the next few years. It will grow to $25.61 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to rising consumer preference for sustainable and ethical products, increased regulatory support for cruelty-free and vegan beauty, growing focus on transparency in product labeling, expansion of the vegan demographic to include a broader consumer base, increased demand for plant-based ingredients. Major trends in the forecast period include advancements in vegan cosmetic formulations and technology, emergence of vegan and cruelty-free certifications, innovation in packaging with a focus on eco-friendly materials, integration of technology for personalized vegan beauty solutions, collaborations between beauty brands and influencers
The emerging popularity of veganism is expected to drive the growth of the vegan cosmetics market going forward. Veganism refers to abstaining from using products that are made from animals. A lot of animal abuse and animal cruelty are involved in making cosmetics. Therefore, people have been going vegan and preferring plant-based products to avoid being part of this animal cruelty. For instance, in October 2021, according to Vegan Beauty Takeover report, released by The Vegan Society it is estimated that over 80% of all the new vegan items were launched in the beauty category. Furthermore, according to Vegetarian Times, a US-based publication focused on food, culture, and lifestyle for vegetarians, in 2022, 9.7 million Americans will follow a vegetarian diet, and one million of whom will be vegan. Also, women make up 59% of plant-based eaters, while men make up 41%. Therefore, the emerging popularity of veganism is driving the demand for the vegan cosmetics market.
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The vegan cosmetics market covered in this report is segmented –
1) By Product: Skin Care, Hair Care, Color Cosmetics, Other Products
2) By Nature: Organic, Conventional
3) By Customer Orientation: Women, Men, Unisex, Kids
4) By Distribution Channel: Hypermarkets and Supermarkets, Specialty Stores, E-commerce, Other Distribution Channles
Product innovation is the key trend gaining popularity in the vegan cosmetics market. Major companies operating in the vegan cosmetic market are focused on developing new and innovative vegan products to strengthen their market position. For instance, in June 2022, LG Household & Health Care, a South Korea-based consumer goods company, launched Freshian, a vegan-certified color cosmetic brand, in an effort to attract millennial and Generation Z beauty clients. This brand is introduced with two different types of cushion compacts, a variety of lip balms, and a sunscreen. The products’ components, including five different forms of hyaluronic acid and madecassoside, were chosen to soothe the skin. Corn starch is used in the cushion puffs, and raw materials generated from sugarcane are used in the packaging to lessen the brand’s environmental effect.
The vegan cosmetics market report table of contents includes:
1. Executive Summary
2. Vegan Cosmetics Market Characteristics
3. Vegan Cosmetics Market Trends And Strategies
4. Vegan Cosmetics Market – Macro Economic Scenario
5. Global Vegan Cosmetics Market Size and Growth
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26. South America Vegan Cosmetics Market
27. Brazil Vegan Cosmetics Market
28. Middle East Vegan Cosmetics Market
29. Africa Vegan Cosmetics Market
30. Vegan Cosmetics Market Competitive Landscape And Company Profiles
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