Vegan Cosmetics Market Report Probes the USD Billion Size, Share, Growth Report and Future Analysis by 2033

Key Insights

The Vegan Cosmetics Market size was valued at USD 16.92 USD Billion in 2023 and is projected to reach USD 25.37 USD Billion by 2032, exhibiting a CAGR of 5.96 % during the forecast period. Vegan cosmetics are a new concept in the beauty industry which caters to all those who want to use cruelty-free products and those who do not want to use products that contain animal-derived ingredients. This approach is sustainable and meets the needs of consumers with concerns for the environment and its animals. Vegan cosmetics have more to it like vegan skincare products, vegan makeup products, vegan hair cosmetics, and vegan perfumes. They have several characteristics including that they are made of natural and plant-based materials and do not exhibit common allergens like dairy and honey. They focus on sustainable products and are usually delivered in sustainable packaging and their products are ethically sourced from other countries. Lip products market among vegan shoppers, by demographic group, in mainstream stores and online platforms. The advantages of vegan cosmetics go far beyond the need to take care of one’s skin and hair – it refers to the preservation of nature and animals. Consumers, therefore, are leading a shift towards advanced cruelty-free practices and reduction in carbon emissions by choosing vegan alternatives based on their values.

Vegan Cosmetics Trends

• Increasing consumer awareness of animal welfare and the benefits of plant-based products
• Growing popularity of natural and organic cosmetics
• Demand for sustainable and cruelty-free cosmetics options

Driving Forces: What's Propelling the Vegan Cosmetics Market

• Rising ethical and environmental concerns among consumers
• Growth of vegan lifestyle and demand for vegan alternatives
• Innovations in vegan ingredient formulations and product development

Challenges and Restraints in the Vegan Cosmetics Market

• Limited availability and higher costs of vegan raw materials
• Consumer perception of reduced product performance and efficacy
• Competition from established non-vegan cosmetic brands

Emerging Trends in Vegan Cosmetics

• Innovations in vegan colour cosmetics, including lipsticks, eyeshadows, and nail polishes
• Development of new vegan hair care products to address specific hair needs
• Increasing use of plant-based pigments and extracts in vegan cosmetic formulations

Growth Catalysts in the Vegan Cosmetics Industry

• Government regulations supporting animal welfare and sustainability
• Collaborations between vegan cosmetics brands and retailers
• Increasing consumer willingness to pay a premium for ethical and sustainable cosmetics

Market Segmentation: Vegan Cosmetics Analysis

Type:

• Skin Care
• Hair Care
• Makeup
• Others

Distribution Channel:

• Online
• Retail
• Direct-to-consumer

Leading Players in the Vegan Cosmetics Market

• GABRIEL COSMETICS (U.S.)
• PHB Ethical Beauty Ltd. (U.K.)
• GoNature Sp. z o.o. (Poland)
• Seraphine Botanicals (U.S)
• Nutriglow Cosmetics (India)
• Plum (India)
• Disguise Cosmetics (India)
• COTY INC. (U.S.)
• G&M Cosmetics (Australia)

Significant developments in the Vegan Cosmetics Sector

• March 2023: Fruit Works introduces a new line of vegan bath, body, and skincare products.
• Feb 2023: Kinder Beauty launches vegan facial serums with science-backed formulations.
• August 2022: OrgaGlo launches vegan skin and hair care products in India.
• Sept 2022: Raw Beauty Wellness debuts a new line of vegan skincare and haircare products.
• June 2022: Plum appoints South Indian actress Rashmika Mandana as its brand ambassador.

Comprehensive Coverage Vegan Cosmetics Market Report

• Executive Summary
  • Market Overview
  • Key Market Trends
  • Growth Drivers and Challenges
• Market Analysis
  • Market Size and Forecast
  • Market Segmentation
  • Category Analysis
  • Regional Analysis
  • Competitive Analysis
• Industry Dynamics
  • Porter's Five Forces Analysis
  • PESTLE Analysis
  • Value Chain Analysis
• Future Outlook
  • Growth Opportunities
  • Challenges and Risks
  • Strategic Recommendations

Regional Insight

• North America: Largest market share
• Europe: Growing market due to consumer awareness
• Asia-Pacific: Emerging market with high growth potential

Consumer Side Analysis

• Growing demand for vegan cosmetics among millennials and Gen Z
• Preference for cruelty-free, sustainable, and ethical products
• Willingness to pay a premium for vegan cosmetics

Acqui-Merger

• Unilever acquires Seventh Generation, a leading vegan cleaning and personal care brand.
• Estée Lauder acquires Becca Cosmetics, a vegan cosmetics brand.