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Vegan Cosmetics Market: Swift Growth, Key Drivers, and Market Trends (2024-2029)
Vegan Cosmetics Market
What Is The Projected Market Size Of The Global Vegan Cosmetics Market And Its Growth Rate?
The vegan cosmetics market has been experiencing strong growth in recent years with significant forecasted growth for the future:
• The market size stood at $18.25 billion in 2024.
• It is expected to reach $19.59 billion in 2025, growing at a compound annual growth rate (CAGR) of 7.3%.
• By 2029, it is predicted to hit $27.77 billion, with a CAGR of 9.1%.
What Is Driving The Growth In The Vegan Cosmetics Market?
The overarching driver of the vegan cosmetics market is the emergent popularity of veganism, a lifestyle choice marked by abstaining from the use of products derived from animals. Increasing awareness of animal cruelty in cosmetics production has led to a surge in demand for plant-based products. The growing number of individuals embracing veganism can be seen in an April 2023 report by Veganuary, a UK-based non-profit organization. The number of people globally signing up for Veganuary reached 706,965 in 2023, an increase from 629,000 in 2022.
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Who Are the Key Players Driving Vegan Cosmetics Market Growth?
Leading players in the vegan cosmetics market include:
• MuLondon Organic Skincare.
• Loreal SA
• Beauty Without Cruelty
• Nature's Gate
• MO MI BEAUTY
• e. l. f. Cosmetics Inc.
• COTY Company
• Gabriel Cosmetics Inc.
What Are The Key Trends In The Vegan Cosmetics Market?
Major market trends for 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.
What Are The Segments Of The Global Vegan Cosmetics Market?
The vegan cosmetics market is segmented by:
1) Product: Skin Care, Hair Care, Color Cosmetics, Other Products
2) Nature: Organic, Conventional
3) Customer Orientation: Women, Men, Unisex, Kids
4) Distribution Channel: Hypermarkets and Supermarkets, Specialty Stores, E-commerce, Other Distribution Channels
Which Region Leads The Vegan Cosmetics Market?
Europe held the largest share in the vegan cosmetics market in 2024. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Vegan Cosmetics Market Global Market Report?
- Market Size Analysis: Analyze the Vegan Cosmetics Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Vegan Cosmetics Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Vegan Cosmetics Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Vegan Cosmetics Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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