Vegan Cosmetics Market Research, 2031
The global vegan cosmetics market size was valued at $16.6 billion in 2021, and is projected to reach $28.5 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031.
Vegan cosmetics are made up of chemical compounds taken from natural or synthetic sources that do not contain any animal-derived ingredients. Ingredients produced from animals include, honey, beeswax, lanolin, collagen, albumen, carmine, cholesterol, gelatin, and many others. Vegan cosmetics are also devoid of animal cruelty and testing. Vegan cosmetics are meant for personal care, skincare, face care, and hair care and are used to cleanse or protect the body or hair. Vegan cosmetics are used to enhance or modify a person's appearance (makeup) by hiding imperfections, accentuating natural features (such as brows and eyelashes), adding radiance to the face, or completely redefining the look.
The vegan cosmetics market is segmented into product type, price point, gender, end user, sales channel, and region. On the basis of product type, the market is categorized into skincare, cosmetics, hair care, and others. On the basis of price point, it is divided into premium and economic. On the basis of gender, the market is segmented into women, men, and children. On the basis of end user, the market is divided into personal and commercial. By sales channel, the market is divided into hypermarkets/supermarkets, specialty stores, online channels, and others. On the basis of region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, India and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Chile, South Africa, and rest of LAMEA).
On the basis of product type, the skincare segment gained a major share in the global market in 2021 and is expected to sustain its market share during the forecast period. The skincare segment was growing, with a CAGR of 5.2% in 2021. The growth of this segment is due to the usage of skincare products by the global consumers to maintain proper skin condition.
On the basis of price point, the economic segment gained a major share in the global market in 2021 and is expected to sustain its market share during the vegan cosmetics market forecast period. The growth of this segment is due to the high usage of economic vegan cosmetic products by global consumers as the pricing was economic and the availability of these products was high.
According to vegan cosmetics market analysis, on the basis of gender, the women segment gained a major share in the global market in 2021 and is expected to sustain its market share during the forecast period. The growth of the women segment is due to the high usage of vegan cosmetic products by the global women population as cosmetics is an integral part of women.
On the basis of end user, the personal segment gained a major share in the global market in 2021 and is expected to sustain its market share during the forecast period. The growth of the personal segment is due to the high usage of vegan cosmetic products by the global population for personal use as cosmetics is needed by the consumers on a regular basis.
On the basis of distribution channel, the hypermarkets/supermarkets gained a major share in 2021 and is expected to sustain its market share during the forecast period, with a CAGR of 4.8%. Hypermarkets/supermarkets are the most common place that consumers prefer to but cosmetics products and offers an access to various vegan cosmetic products that are unavailable in other channels. The availability of vegan cosmetic products in the hypermarkets is fueling the vegan cosmetics market growth.
Region-wise, North America dominated the vegan cosmetics market in 2021, with a CAGR of 4.6%, owing to the higher percentage of population, which prefers to use vegan cosmetic products in the North American countries and North America is home to the highest vegan population.
The players operating in the global vegan cosmetics market have adopted various developmental strategies to expand their vegan cosmetics market share, increase profitability, and remain competitive in the market. The key players profiled in this report include, Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L'Occitane Group, L'Oréal S.A., LVMH Group, MuLondon, Pacifica Beauty, Unilever, and Weleda.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vegan cosmetic market analysis from 2021 to 2031 to identify the prevailing vegan cosmetic market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the vegan cosmetics industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global vegan cosmetics market trends, key players, market segments, application areas, and market growth strategies.
Vegan Cosmetics Market Report Highlights
By Price Point
By Product Type
By End User
By Distribution Channel
Key Market Players
L'Oréal S.A., LVMH Group, Estee Lauder Companies Inc., Groupe Rocher, MuLondon, Pacifica Beauty, L'Occitane Group, Weleda, Amway Corporation, Unilever plc
In terms of value sales, top-level CXOs believe that innovation is the key to the success of the vegan cosmetics market. Customers' increased demand for vegan cosmetics goods has prompted producers to develop herbal or organic skincare products at reasonable rates and in environmentally friendly packaging.
CXOs also stated that the growing awareness of one's physical appearance among individuals and working-class professionals fuels the expansion of the cosmetics sector. The use of natural substances, such as aloevera, tea, and black sugar in cosmetics, decreases the adverse effects of goods, which drives the global expansion of the cosmetics industry. Men are increasingly adopting vegan cosmetic goods in their daily lives, and the use of cosmetics by males is predicted to expand in the future, supplementing the expansion of the global cosmetics business.
Furthermore, vegan cosmetics products have seen widespread popularity in emerging countries such as India, owing to rapid changes in consumer lifestyle and increase in demand for cosmetics produced from natural extracts. Furthermore, the increased penetration of various online portals globally, and the growth in various offers or discounts by manufacturers entice a huge customer base to acquire cosmetic products through online channels. Furthermore, the internet sales channel has expanded customer reach, making it a critical source of revenue for many businesses.