Vegan cosmetics are personal care products derived from plant and mineral raw materials and manufactured without any animal-derived ingredients or by-products. Vegan cosmetics offer benefits such as protection from sun damage, skin hydration, anti-aging effects, and protection from environmental pollutants. Demand for vegan cosmetics are increasing globally due to rising concerns about animal welfare and health issues associated with conventional cosmetics.
The global vegan cosmetics market is estimated to be valued at US$ 16.65 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the vegan cosmetics market is the growing demand for cruelty-free products. Many cosmetic companies conduct animal testing to check whether a particular product is safe for human application or not. However, animal welfare organizations are advocating for the adoption of alternate non-animal testing methods. Consequently, many consumers are switching to vegan cosmetic products that are not tested on animals. According to PETA, over 500 major brands have pledged to go completely cruelty-free. This is expected to benefit vegan cosmetic manufacturers significantly. Furthermore, increasing awareness about the benefits of a plant-based lifestyle is fueling the adoption of vegan cosmetics among consumers globally.
Segment Analysis
The global vegan cosmetics market is dominated by the skin care segment. Skin care products account for over 35% of the total market share as growing consumer preference for natural and cruelty-free ingredients is driving demand for vegan moisturizers, cleansers, and serums. Within the skin care segment, facial care products such as foundations, concealers, and powders constitute the largest sub-segment owing to increasing focus on personal grooming and appearance.
Key Takeaways
Global Vegan Cosmetics Market Size is expected to witness high growth over the forecast period of 2023-2030. Growing awareness about the toxic chemicals present in normal cosmetic products and their ill-effects on health and environment is driving consumers towards vegan alternatives. The market has seen increased innovation with the launch of several new vegan product ranges catering to various consumer requirements.
Regional analysis: Europe currently dominates the global vegan cosmetics market with over 30% revenue share. Countries like Germany, UK, and France have seen strong consumer preference for vegan lifestyles and cruelty-free cosmetic products. However, Asia Pacific is expected to witness the fastest growth during the forecast period supported by rising disposable incomes, growing millennial population, and awareness campaigns promoting veganism especially in India and China.
Key players: Key players operating in the vegan cosmetics market are Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L€TMOccitane Group, L€TMOreal S.A., LVMH Group, MuLondon, Pacifica Beauty, Unilever plc, Weleda, Coty Inc., Beauty with Cruelty, Elf Cosmetic Company, Urban Decay, and Nature€TMs Gate. Amway Corporation leads the market with its Artistry brand offering a wide range of vegan skincare and makeup products. L€TMOreal is another major player expanding its vegan offerings under brands like Garnier and Maybelline.
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