According to the Market Statsville Group (MSG), the global vegan cosmetics market size is expected to grow from USD 15.2 billion in 2021 to USD 26.2 billion by 2030, at a CAGR of 6.2% from 2022 to 2030. Vegan cosmetics are organic beauty products comprising plant extracts and environmentally beneficial derivatives. These goods are deemed cruelty-free as it includes no animal by-products or hazardous chemical testing on animals. Vegan cosmetics contain naturally derived vitamins, minerals, antioxidants, gelatin, collagen, and other nutrients. These toxin-free beauty products have various advantages over chemical-based cosmetics in terms of minimizing skin acne, preserving skin nutrition, and enhancing skin health. As a result, vegan cosmetics in face beauty goods, eye cosmetics, nail make-up products, hair styling, and coloring products are widely accessible.
The increase of vegan consumerism worldwide, where consumers are opposed to animal cruelty and seek cosmetics that eliminate any animal components, is one of the key causes driving market expansion. As a result, there is a movement in the cosmetics sector, mostly driven by ethically concerned consumers who choose vegan goods.
Global Vegan Cosmetics Market Dynamics
The growing popularity of veganism and expanding consumer awareness about the origins of cosmetic goods are largely driving the demand for vegan cosmetics. Furthermore, the increasing frequency of numerous skin-related illnesses and growing health concerns about the detrimental impact of petroleum-based cosmetic components are driving the market expansion. Aside from that, the development of many awareness campaigns by various organizations aimed at decreasing unethical practices and animal cruelty while manufacturing beauty goods is also supporting the global market growth. In accordance with this, enforcing strict rules prohibiting animal-derived derivatives has increased the demand for vegan-certified beauty products.
Moreover, the expanding impact of social media beauty trends and the growing number of celebrity endorsements for the usage of vegan cosmetics are rising product demand. Aside from the standard cosmetics accessible to women, some firms are developing vegan male grooming items to meet their evolving preferences and needs. Furthermore, the rise of e-commerce platforms has boosted product offers supported by attractive discounts, doorstep delivery, and secure payment methods. Furthermore, some luxury apparel and accessory businesses are incorporating vegan cosmetic lines into their product portfolios to broaden their client base, which in turn, is augmenting the global market growth.
The COVID-19 pandemic has had a global impact on many aspects of life. Many vegan cosmetics are used as adhesives, waterproofing, and varnishes in the building sector. In the middle of this worldwide epidemic, construction activity has nearly ended worldwide, resulting in a sharp drop in demand for vegan cosmetics. Furthermore, supply chain disruption has resulted in transportation constraints both nationally and globally. The mobility of raw materials and final products has significantly hampered the vegan cosmetics business and its end-user sectors. This contributes to the worldwide vegan cosmetics market's diminishing growth.
Product advances in the pharmaceutical business, such as creating microcapsules and nano-particles, enable the use of vegan cosmetics in this industry. It contains a high THC (delta-9-tetrahydrocannabinol) content and a rich terpene profile, making it exceedingly medicinally powerful. Moreover, vegan cosmetics have unique film formation and coating capabilities. As a result, it is also employed for tablet film and enteric coating, which leads to customer preference for vegan cosmetics.
Manufacturers operating in the worldwide vegan cosmetics market are constantly developing new manufacturing methods to increase yield, decrease environmental impact, drastically cut energy consumption, and enhance product quality. Furthermore, high-efficiency analytical techniques, such as mass spectrometry and gas chromatography have contributed to the purity and quality of pine chemical compounds.
The global vegan cosmetics market is a competitive market sector where end users seek cost-effective solutions for their final goods. Manufacturers are producing high-quality, low-cost items to fulfill this need. This element is also in charge of product innovation, which boosts the demand for and sale of vegan cosmetics.
The study categorizes the vegan cosmetics market based on product type and distribution channel at the regional and global levels.
By Product Type Outlook (Sales, USD Billion, 2017-2030)
By Distribution Channel Outlook (Sales, USD Billion, 2017-2030)
Based on source, vegan cosmetics market is divided into hypermarkets & supermarkets, specialty stores, e-commerce, and others. In 2021, the specialty stores segment contributed the highest market revenue. These retailers have focused on selling various items, including vegan cosmetics, catering to clients, and providing them the option of selecting from various brands before making a purchase. Furthermore, these businesses give discounts and coupons on such items, which has increased foot traffic in these locations.
Asia-Pacific is expected to account for the highest CAGR during the forecast period
Based on the regional analysis, the global vegan cosmetics market has been segmented into North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia-Pacific is anticipated to be the fastest-growing regional segment, with the highest CAGR due to raising public awareness of animal cruelty and increasing demand for vegan cosmetics in nations such as India, Australia, and others. Moreover, veganism has been popular in several nations following the epidemic, including India, Australia, and Japan. This, in turn, is expected to offer enormous market growth potential in this region throughout the forecast period.
The global vegan cosmetics market is highly competitive, with key industry players adopting several strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the global vegan cosmetics market are:
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