Vegan Cosmetics Market Size, Share, Growth Report 2030

Market Overview

The Global Vegan Cosmetics Market accounted for USD 12106 Million in 2020 and is expected to reach USD 18798 Million by 2028, growing at a CAGR of 6.1 % from 2021 to 2028.

Vegan cosmetics are clear of traces of animal origin or materials made from animal origin. Beeswax, honey, collagen, lanolin, elastin, and other animal-derived ingredients are substituted in vegan cosmetics by materials derived from minerals or plants. Rapidly evolving cosmetic trends are having an impact on the global marketplace, as most consumers consider animal cruelty to be immoral and are raising concerns about it. Furthermore, adopting healthier alternatives such as plant-based personal care goods is working in favor of the market. In addition, increased demand for vegan-certified products from mainstream customers around the world is projected to drive sales generation in the global industry. Market players are launching new outlets in different parts of the world. These outlets are critical for evaluating consumer buying habits, making it possible for marketers to develop new goods. Online stores are a growing sales outlet and can be a quick way for consumers to purchase these products.

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COVID-19 Impact Analysis

The vegan cosmetics segment suffered a slowdown as the beauty and personal care sector has witnessed a setback as a result of the COVID-19 pandemic, but not to the same extent as other sectors. Overall, the cosmetics market has been facing challenges due to the Covid-19 pandemic that has had a pronounced impact on the demand for cosmetic products, caused by a shift in consumer spending towards more essential and personal care products.

As a consequence, the demand and productivity of vegan cosmetics has decreased. Despite the fact that customer discretionary spending has decreased the industry has seen a behavioral change towards affordable and durable goods.

Growth Factors

In recent years, a significant increase in the number of beauty bloggers and social media pages dedicated to the benefits of going chemical-free has benefited the industry by increasing customer awareness. The market for animal free products is being fueled by a shift in consumer perceptions of animal-free products, as well as the popularity of environmentally sustainable products. Natural-derived commodity manufacturing helps to reduce emissions and dependency on petroleum-based materials.

In addition to these factors, the growing trend of veganism particularly among the younger generation, and is playing an important role in the market's growth. Veganism is no longer considered uncommon, as more millennials embrace the diet. It has become trendy, with many A-list celebrities endorsing the virtues of a vegan diet and more vegan choices available online and in stores.

Report Scope:

Makeup Segment Analysis Preview

Makeup segment held a share of around 40% in 2020. This is attributable to the various advantages associated with the use of makeup products that are animal-free such as they include fewer additives, no traces of toxic additives, zero presence animal byproducts, contain good amount of plant extracts’ moisture, and they are better for sensitive ad delicate skin. The demand is expected to grow as more people become aware of the advantages of these products. In addition to the regular cosmetics for women available worldwide, several key players are developing men's grooming products. Body wash, deodorants and face washing gels are among the most popular products used by men.

Sales Channel Segment Analysis Preview

The online segment will grow at a CAGR of over 5% from 2021 to 2028. This is attributable to the fact that consumers around the world have access to a variety of user-friendly websites that provide a seamless shopping experience. Women are the primary end consumers of vegan cosmetics, so e-commerce is a big part of the industry. The convenience of shopping provided, as well as the availability of promotional offers and listed promotions on a range of brands are all factors contributing to the segment's growth.

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Regional Analysis Preview

The European region held a share of over 25% in 2020. This is attributable to the fact that in the last few years, developed countries in Europe have seen an increase in vegan population. According to studies conducted by the Vegan Society in collaboration with Vegan Life magazine, the number of people identified as vegans in the UK has grown by about 350 percent in the last decade. This factor is expected to fuel sales of vegan cosmetics in the future. In addition to this a large majority of European consumers choose one brand to others because of its natural formulation. In recent years, this has fueled an increase in demand for clean, natural, and organic deodorant products. The sales are made based on effectiveness, as well as clinical properties and longer-lasting protection.

The Asia Pacific region is projected to grow at a CAGR of around 5 % over the forecast period. This surge can be attributed to the fact that consumers in Asia Pacific are becoming increasingly concerned about cosmetics' composition, which is fueling the development of animal-free cosmetics in the field. Color cosmetics, followed by skincare, hair care, and face care products, are becoming more common. In Asia Pacific, China and Japan are the two countries with the highest growth rates. The most popular retail platforms in the area are department stores and supermarkets. One of the key drivers of the regional market is the rising demand for cruelty-free items such as colour cosmetics, skin, sun care, and hair care.

Key Market Players & Competitive Landscape

Some of key players in vegan cosmetics market are Ecco Bella, Zuzu Luxe, Bare Blossom, Modern Minerals Makeup, Emma Jean Cosmetics, Arbonne, Urban Decay, Pacifica, Nature’s Gate, Billy Jealousy, Beauty Without Cruelty (BWC), and MuLondon Organic, among others. 

Keeping the growing environmental consciousness of the consumers, the key players are now rather than using animal-derived raw materials have turned to producing natural components that are comparable to and exceed traditional resources. As the market’s research and development activities grow, important firms are being pushed to extend their product portfolios to meet increasing demand. Cruelty-free and vegan makeup brand Milk Makeup, for example, expanded its famous CBD-infused makeup range to include brow gel in July of 2021. In June 2021, a new foundation product that caters to a diverse range of skin tones was launched by ColorPop.

The Global Vegan Cosmetics Market is segmented as follows:

By Product

• Makeup
• Skin Care
• Hair Care
• Others

By Sales Channel

• Online
• Hypermarket,
• Supermarket
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa