Vegan Cosmetics Market Size, Share, Trends, and Outlook Report 2024-2033: Exploring Growth Insights

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Vegan Cosmetics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $25.61 billion In 2028 At A CAGR Of 8.3% :

The vegan cosmetics market size has grown strongly in recent years. It will grow from $17.24 billion in 2023 to $18.61 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to growing awareness of animal cruelty in cosmetics, increased demand for natural and organic beauty products, rise in health and environmental concerns, celebrity endorsements and influence, expansion of veganism as a lifestyle choice.

The vegan cosmetics market size is expected to see strong growth in the next few years. It will grow to $25.61 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to rising consumer preference for sustainable and ethical products, increased regulatory support for cruelty-free and vegan beauty, growing focus on transparency in product labeling, expansion of the vegan demographic to include a broader consumer base, increased demand for plant-based ingredients. Major trends in the forecast period include advancements in vegan cosmetic formulations and technology, emergence of vegan and cruelty-free certifications, innovation in packaging with a focus on eco-friendly materials, integration of technology for personalized vegan beauty solutions, collaborations between beauty brands and influencers .

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Vegan Cosmetics Market Major Segments
The vegan cosmetics market covered in this report is segmented -

1) By Product: Skin Care, Hair Care, Color Cosmetics, Other Products
2) By Nature: Organic, Conventional
3) By Customer Orientation: Women, Men, Unisex, Kids
4) By Distribution Channel: Hypermarkets and Supermarkets, Specialty Stores, E-commerce, Other Distribution Channles

Key Driver - The Rising Popularity Of Veganism Fuels Growth In The Vegan Cosmetics Market

The emerging popularity of veganism is expected to drive the growth of the vegan cosmetics market going forward. Veganism refers to abstaining from using products that are made from animals. A lot of animal abuse and animal cruelty are involved in making cosmetics. Therefore, people have been going vegan and preferring plant-based products to avoid being part of this animal cruelty. For instance, in October 2021, according to Vegan Beauty Takeover report, released by The Vegan Society it is estimated that over 80% of all the new vegan items were launched in the beauty category. Furthermore, according to Vegetarian Times, a US-based publication focused on food, culture, and lifestyle for vegetarians, in 2022, 9.7 million Americans will follow a vegetarian diet, and one million of whom will be vegan. Also, women make up 59% of plant-based eaters, while men make up 41%. Therefore, the emerging popularity of veganism is driving the demand for the vegan cosmetics market.

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Prominent Trend - Vegan Cosmetics Market Sees Surge In Product Innovations

Product innovation is the key trend gaining popularity in the vegan cosmetics market. Major companies operating in the vegan cosmetic market are focused on developing new and innovative vegan products to strengthen their market position. For instance, in June 2022, LG Household & Health Care, a South Korea-based consumer goods company, launched Freshian, a vegan-certified color cosmetic brand, in an effort to attract millennial and Generation Z beauty clients. This brand is introduced with two different types of cushion compacts, a variety of lip balms, and a sunscreen. The products' components, including five different forms of hyaluronic acid and madecassoside, were chosen to soothe the skin. Corn starch is used in the cushion puffs, and raw materials generated from sugarcane are used in the packaging to lessen the brand's environmental effect.

Vegan Cosmetics Market Players
Major companies operating in the vegan cosmetics market report are MuLondon Organic Skincare., Loreal SA, Beauty Without Cruelty, Nature's Gate, MO MI BEAUTY, e. l. f. Cosmetics Inc., COTY Company, Gabriel Cosmetics Inc., Groupe Rocher, Pacific Beauty, Billy Jealousy LLC, Zuzu Luxe by Gabriel Cosmetics, Emma Jean Cosmetics, Modern Mineral Makeup, Arbonne International LLC, Estee Lauder Companies Inc., Unilever plc, Cottage Holdco B. V., E. L. F. Cosmetics Company, Korres S. A. Natural Products, Beiersdorf AG, Aubrey Organics Inc., Dr. Bronner's Magic Soaps., Desert Essence, Avalon Organics, California Baby LLC, Earth Mama Organics LLC, EO Products Inc., Nourish Organic Inc., Tata Harper Skincare., Alba Botanica, Andalou Naturals, Badger Balm, John Masters Organics, Acure Organics, Shea Terra Organics LLC

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Largest And Fastest Growing Region In The Market
Europe was the largest region in the vegan cosmetics market in 2023. The regions covered in the vegan cosmetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Vegan Cosmetics Market Report Structure
3. Vegan Cosmetics Market Trends And Strategies
4. Vegan Cosmetics Market - Macro Economic Scenario
5. Vegan Cosmetics Market Size And Growth
…..
27. Vegan Cosmetics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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