Press release
Vegan Cosmetics Market To Touch US$ 25.51 Billion By 2028, At A CAGR Of 5.6%
Global Vegan Cosmetics Market size was valued at USD 17.42 Billion in 2021 and is projected to reach USD 25.51 Billion by 2028, growing at a CAGR of 5.6% from 2022 to 2028.
Vegan cosmetics are those that are made entirely of natural, organic plant-based substances and do not contain any ingredients of animal origin. Despite being a minority idea, veganism is quickly gaining popularity in the cosmetics sector. Cosmetic companies are being forced to reconsider the manufacturing processes utilized for their products due to the enormous number of consumers who are concerned with sustainability. Modern customers are more informed than ever before thanks to expanding informational access and rising internet usage. In addition to this, escalating environmental issues and the depletion of natural resources are leading to a significant change in their behavior. The impact of this trend is being felt in the cosmetics sector as consumers who care about the environment look for more cruelty-free products and make sustainable decisions.
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Market Dynamics:
Driver:
The global increase of vegan consumerism, where people are against animal cruelty and seek cosmetics without any animal substances, is one of the main causes propelling market progress. As a result, the cosmetics industry is changing, primarily due to consumers who are morally concerned choosing vegan goods.
Opportunities:
Cosmetics Made Without Cruelty
Over the past few years, interest in products that support social, environmental, or ethical concerns has increased. Customers are growing more mindful of how their purchases affect the environment and the circumstances under which the products were made. Consumers are more informed than ever about product production processes, how products harm the environment, and other information, such as how product testing affects the welfare of animals. The latter has led to the development and promotion of new product alternatives that combine essential commercial attributes with ethical and environmental considerations.
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Segmentation Analysis Of Vegan Cosmetics Market
By Product, the skin care segment held a dominant share of the market over the forecast period. Numerous studies also imply that vegan skincare products are well-liked in markets around the world. For instance, Australian Creams, a Sydney-based organic and cruelty-free cosmetic brand, outperformed nine Chinese cosmetic brands to take the top spot as the most trusted Australian brand in China in 2018, according to a survey conducted by Digital Crew Pty. Ltd., an Australian online marketing service provider, and Monash University, a Melbourne-based public research university.
By Distribution Channel, Hypermarkets/Supermarkets remain a prominent distribution channel for vegan cosmetics worldwide. Although the COVID-19 pandemic produced significant disruptions in the offline distribution market, current advances and product distribution trends indicate that offline distribution will resume its prioritization during the post-COVID-19 pandemic.
By Product
• Skin Care
• Hair Care
• Makeup
• Other Products
By Distribution Channel
• Hypermarkets/Supermarkets
• e-Commerce
• Specialty Stores
• Departmental Stores
• Other Distribution Channels
Regional Analysis Of Vegan Cosmetics Market
Due to growing consumer knowledge of the negative effects of some substances, such as paraben and Aluminium compounds found in skincare, hair care, and deodorants, the demand for natural and organic goods has increased throughout the European region. Many European consumers favor one brand above others due to its natural and ethical formulation. In the last several years, sales of vegan beauty products have significantly expanded in the United Kingdom. Because of this, there has recently been an increase in demand for secure, all-natural, and vegan cosmetics. The purchases are made based on therapeutic features, longer-lasting protection, and efficacy. The market has shown a clear desire for vegan ingredients. As a result, the majority of businesses have begun to introduce products with natural ingredients, such as premium botanical ingredients inspired by plants and those that have several functions. As an illustration, in 2019 Avon United Kingdom introduced a collection of vegan skincare and cosmetics called Distillery.
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)
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Top Key Players Covered In Vegan Cosmetics Market
• Arbonne(U.S.)
• Bare Blossom (Canada)
• PHB Ethical Beauty Ltd (U.K.)
• Billy Jealousy (U.S.)
• Ecco Bella(US)
• Emma Jean Cosmetics (U.S.)
• Modern Minerals Makeup (US)
• MuLondon Organic (UK)
• Nature's Gate (India)
• Pacifica (US)
• Nutriglow Cosmetics (India)
• GABRIELCOSMETICS (U.S.)
• Natur'Alley Ltd (Japan)
• GoNature Sp. z o.o. (Poland)
• Seraphine Botanicals (U.S)
• Plum (India)
• Disguise Cosmetics (India)
• COTY INC. (U.S.)
• G&M Cosmetics (Australia), and Other Major Players.
Key Industry Development In The Vegan Cosmetics Market
• In November 2021, A South Korean consumer goods company, LG Household & Health Care Ltd, added seven new items to their vegan makeup product lineup for the Belif x VDL brand. The business promotes its brand's products as having vegan certification from the Korea Agency of Vegan Certification and Services.
• In January 2021, On Christmas, Elf announced this launch in India, and on January 8th, 2021, it happened. The company sells a variety of items, from skincare to different kinds of makeup. Their entire line, including their beauty brushes, is vegan. Animal fur, mostly from minks, is used to manufacture the majority of beauty brushes on the market.
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