Vegan Cosmetics Market by the Product Type (Skin Care, Hair Care, Makeup and Color Cosmetics, and Others), Distribution Channel (Supermarkets and Hypermarkets, Department Stores, Specialty Stores, Online Stores), and Region - Global Forecast to 2028

Global Vegan Cosmetics Market: Introduction

“The global Vegan cosmetic Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Vegan cosmetic products are produced without harming animals hence these products do not contain any animal-derived ingredients or animal ingredients and are produced using plant-based extracts, ingredients, and derivatives.

Vegan cosmetic products include gelatin, vitamins, minerals, collagen, antioxidants, honey, and many more. In addition, vegan cosmetic products are very popular and most demandable among vegan populations. There are various types of vegan cosmetic products including hair care, skincare, makeup and color cosmetics, and others easily available in the market.

Global Vegan Cosmetics Market: Dynamics

Increasing physical appearance concern among individuals and growing awareness about different types of cruelty free beauty products among consumers resulting in rising demand for vegan cosmetics across the globe. In addition, growing consumer preference towards the vegan cosmetics due to increasing popularity of environment sustainable beauty products among consumers. These are major factors expected to drive growth of the global vegan cosmetics market over the forecast period.

Rising demand for vegan beauty products especially among vegan populations due to increasing awareness about different beneficial properties associated with these products including healing ailments, improve skin health, effective for sensitive skin, soothing skin, and others. Increasing penetration of vegan cosmetics products on e-commerce portals across the globe. These are other factors that are expected to boost growth of the global vegan cosmetics market during the forecast period.

Furthermore, increasing availability of plant-based personal care products in developed and developing countries and rising influence of social media, beauty blogs, advertising campaigns and others. Increasing vegan populations across the globe and rising adoption of chemical-free hair care and skin care products among female populations. These are among other factors that are expected to fuel growth of the target market over the forecast period.

Moreover, increasing cosmetics manufacturers focus on R & D activities and growing number of vegan cosmetics manufacturers and suppliers across the globe. Growing cosmetics industry across the globe and increasing production of plant-based or mineral-based beauty products by major beauty products manufacturers. These are some factors expected to propel growth of the global vegan cosmetics market in the next 10 years.

Nevertheless, high cost associated with vegan beauty products and low awareness about various vegan cosmetics products are major factors expected to hamper growth of the global vegan cosmetics products market. In addition, lack of awareness related to beneficial properties associated with vegan beauty products among consumer in under-developed countries is a challenging factor that may affect growth of the target market to a certain extent.

Ongoing trends in the global vegan cosmetics market is vegan beauty products manufacturers high focus towards entering untapped market especially in developing countries and expanding retail network chain across various countries. In addition, rising government initiatives to promote use of plant-based cosmetic products and stringent government rules and regulations for the use of animal-derived ingredients during production of cosmetics and personal care products.

Increasing cosmetics manufacturers focus on the production of cost-effective and viable products and increasing use of social media platforms to raise awareness about vegan cosmetic products by doctors and experts. These are some factors expected to create lucrative revenue opportunities for players operating in global vegan cosmetics market.

For example, according to Soil Association Certification, vegan beauty product launches increased by 175% from July 2013 to June 2018. The growth of the organic personal care market increased by 7% in 2018 over the previous year.

Global Vegan Cosmetics Market Analysis by Product Type:

On the basis of product type, the market is segmented into skincare, hair care, makeup & color cosmetics, and others. Currently, the hair care segment dominates in the global market in terms of CAGR and is expected to maintain its dominance over the forecast period.

In addition, the hair care segment is expected to register a CAGR of over 6.5%.

Global Vegan Cosmetics Market Analysis by Distribution Channel:

On the basis of distribution channels, the market is segmented into supermarkets & hypermarkets, department stores, specialty stores, and online stores.

Currently, the online stores segment dominates in the global market in terms of CAGR and is expected to maintain its dominance over the forecast period. In addition, the online stores segment is expected to register CAGR of over 6.6%.

Global Vegan Cosmetics Market Analysis by Region:

Based on the region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The market in North America is expected to account for a major revenue share in the global vegan cosmetics market in 2019. In addition, growing and emerging trend of veganism especially among teenagers and younger generation and high adoption of skincare and other vegan cosmetic products.

According to news published by VegNews Magazine, Google searches in the US had doubled for the word “vegan beauty” from 2016 to 2017.

According to a 2019 survey conducted by The Physicians Committee across North America, over 70% of population claims to prefer use vegan cosmetics over animal-based cosmetics, that are not animal tested and favors development of animal-tested alternatives.

Presence of vegan cosmetic products manufacturers and suppliers and advent of new vegan beauty products in countries such as Canada and US. These are major factors expected to drive the growth of the global vegan cosmetics market in North America region.

Initiatives taken by governments including the implementation of laws to preclude animal testing and easy availability of plant-based personal care products on e-commerce platforms are expected to boost the growth of the vegan cosmetics market in the North American region.

Cruelty-Free Cosmetics Act (SB 1249) was unanimously passed with majority votes in the State Assembly. The bill will prohibit the sale of cosmetics tested on animals after January 1, 2020, in the state of California, and violators would be subject to an initial fine of US$ 5,000 (with further fines of US$ 1,000 per day) until the violation is resolved.

The market in Europe is expected to account for second-highest share in terms of revenue over the forecast period. High demand for cruelty-free cosmetic products among consumers and stringent government regulations on use of several animal-derived ingredients including fur, hair, and others in cosmetic products manufacturing in various countries in the region.

Growing consumer awareness and demand for plant- or vegan- based cosmetic products and presence of well-established companies in different countries. These are major factors expected to fuel growth of the vegan cosmetics market in the Europe region.

In August 2018, French beauty brand L’Oréal announced acquisition of Logocos Naturkosmetik, a Germany-based beauty brand which sells organic and vegan beauty products. According to Alexis Perakis-Valat, L’Oréal President of the consumer products division, the move was picking up on a ‘major beauty ascending trend’, driving the company forward into the vegan market.

Market Segmentation of Global Vegan Cosmetics Market:

Segmentation by Product Type:

• Skin Care
• Hair Care
• Makeup and Color Cosmetics
• Others

Segmentation by Distribution Channel:

• Supermarkets and Hypermarkets
• Department Stores
• Specialty Stores
• Online Stores

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa