Vegan Cosmetics Market Exhibiting a Growth Rate (CAGR) of 6% during 2023-2028 | IMARC Group

IMARC Group, a leading market research company, has recently releases report titled "Vegan Cosmetics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global vegan cosmetics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the vegan cosmetics market?

The global vegan cosmetics market is expected to exhibit a growth rate (CAGR) of 6% during 2023-2028

What are vegan cosmetics?

Vegan cosmetics refer to beauty products that are formulated without any animal-derived ingredients or by-products and are not tested on animals. These products are designed to be cruelty-free and environmentally friendly, catering to consumers who seek ethical and sustainable options in their beauty routines. Vegan cosmetics often feature plant-based ingredients, natural extracts, and synthetic alternatives to traditional animal-derived components, ensuring that no harm is inflicted on animals during the entire production process. In recent years, the demand for vegan cosmetics has witnessed a significant surge, as consumers increasingly prioritize ethical choices and sustainable practices. This trend has been driven by growing awareness of animal welfare concerns, environmental impact, and health considerations. As a result, many cosmetic companies and brands have embraced the vegan philosophy, incorporating it into their product lines to meet the needs of conscious consumers.

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What are the growth prospects and trends in the vegan cosmetics industry?

The rise of ethical consumerism has been a significant driving force behind the growth of the vegan cosmetics market. Consumers today are increasingly conscious of the impact their purchasing decisions have on animals and the environment. They seek products that align with their values, and vegan cosmetics, being cruelty-free and devoid of animal-derived ingredients, resonate strongly with these mindful consumers. Additionally, growing awareness of environmental issues, such as climate change and resource depletion, has led consumers to gravitate towards sustainable and eco-friendly products. Vegan cosmetics, often packaged in recyclable materials and formulated with sustainable ingredients, appeal to environmentally conscious consumers, driving demand in this market segment. Other than this, the health and wellness trend has influenced various industries, including cosmetics. Consumers are more health-conscious and cautious about the ingredients they apply to their bodies. Vegan cosmetics, which typically avoid harsh chemicals and synthetic additives, are perceived as safer and more skin-friendly options, driving their adoption among health-conscious individuals. Besides this, celebrity endorsements and influencer marketing have played a pivotal role in popularizing vegan cosmetics. Influential figures in the entertainment and beauty industries have embraced vegan beauty products, creating a ripple effect among their vast fan bases and followers. In line with this, the expansion of retail outlets specializing in vegan and organic products, coupled with the rise of e-commerce platforms, has made vegan cosmetics more accessible to a broader audience. Convenience and ease of purchase have further fueled the market's growth. Furthermore, the shifting demographics, with millennials and Gen Z becoming prominent consumer segments, have contributed to the growth of the vegan cosmetics market.  Not only this, but the ongoing research and innovation in the beauty industry have resulted in the creation of advanced vegan formulations that rival traditional cosmetics in terms of performance and aesthetics. Improved textures, colors, and long-lasting effects of vegan products have helped boost consumer confidence in this market.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Product Type:

Skin Care
Hair Care
Makeup
Others

Breakup by Distribution Channel:

Supermarkets and Hypermarkets
Convenience Stores
Specialty Stores
Online Stores
Others

Breakup by Region:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

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Who are the key players operating in the industry?

The report covers the major market players including:

Arbonne International LLC (Yves Rocher)
Billy Jealousy LLC
Coty Inc. (Cottage Holdco B.V.)
Debenhams Retail Ltd. (Celine Jersey Topco Limited)
Gabriel Cosmetics Inc.
Kosé Corporation
L'Oréal S.A.
Lush Retail Ltd.
MuLondon Ltd.
Shiseido Company Limited.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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