The Global Vegan Cosmetics Market size was valued at USD48 Billion in 2022 and is set to record around 7% CAGR during 2023-28, cites MarkNtel Advisors in their recent research report. The increasing health awareness regarding the negative health impact of chemical cosmetics and the government support for using natural ingredients in cosmetic products & curbing the use of animal-derived ingredients are driving the Global Vegan Cosmetics Market. Numerous countries in regions, including North America, Europe, & Asia-Pacific, have prohibited cosmetic products with animal-derived ingredients, like hair, fur, fat, etc., which has surged the demand for plant-based sustainable cosmetic products globally.
The demand for vegan cosmetics across North America, Europe, & Asia-Pacific has grown considerably with the increasing popularity of natural ingredients & their health benefits. Additionally, the high prevalence of several skin-related disorders like skin rashes, cancer, etc., coupled with mounting concerns over the negative impact of petroleum-based cosmetic ingredients, are also augmenting the market growth for vegan cosmetics, further states the research report “Global Vegan Cosmetics Market Analysis, 2023.”
Increasing Number of E-Commerce Platforms Worldwide to Contribute Significantly to the Market Growth
With the growing number of internet users and the rapidly expanding e-commerce sector globally, vegan cosmetic products are experiencing burgeoning sales through online platforms, which, in turn, is fueling the growth of the vegan cosmetics industry. As environmentally-conscious consumers continue to prioritize sustainability & ethical choices, the demand for vegan cosmetic products is expected to soar even higher. Moreover, the ease of accessibility & convenience offered by e-commerce platforms is also attracting a broader consumer base, transcending geographical barriers and allowing vegan cosmetic companies to expand their market reach to a global scale.
Nevertheless, the convenience of product selection, extensive availability of numerous brands, and intriguing promotional offers provided by e-commerce platforms are other crucial aspects that would drive the vegan cosmetics market during 2023-28.
Growing Demand for Chemical-Free Cosmetics drives the North America Vegan Cosmetics Market
During 2023-28, North America is set to witness a significant surge in demand for vegan cosmetic products, driven by the growing consumer awareness regarding the harmful effects of compounds like paraben & aluminum in conventional beauty products like hand creams & hair care items. As a result, more & more consumers are increasingly switching to natural cosmetics. The constant use of chemical-based beauty products has contributed to a rise in skin diseases among the regional population, thereby creating a prominent demand for plant-based alternatives and, in turn, fueling the vegan cosmetics market in North America.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including MuLondon, Beauty Without Cruelty, Nature’s Gat, Billy Gealousy, L’Oréal Groupe, Mo MI Beauty, Emma Jean Cosmetic Inc., Inika, Gabriel Cosmetic Inc., Groupe Rocher, Pacifica Beauty, E.l.f. Cosmetic Inc., Coty Inc., Kose Corp., Natura International Inc., MAV Beatury Brands Inc., The Estee Lauder Co. Inc., Lush Retail Ltd., Debenhams Plc., & Charlotte Tilbury Beauty Ltd. are looking forward to strengthening their market position.
Key Questions Answered in the Research Report