Global Vegan Cosmetics Market Research Report: Forecast (2023-2028)
Vegan cosmetics are products that do not contain any animal-derived ingredients or by-products, are cruelty-free, and are made from plant-based sources. They may contain various beneficial compounds like vitamins and antioxidants, but their vegan status is not determined by the presence of these elements.
Market Insights & Analysis: Global Vegan Cosmetics Market (2023-28)
The Global Vegan Cosmetics Market size was valued at USD 17 Billion in 2022 and is projected to grow at a CAGR of around 7.0% during the forecast period, i.e., 2023-28. The market dynamics have been predominantly influenced by the shifting consumer preferences toward natural & clean-label products owing to the negative impact of animal-derived products on health, environment, & animal welfare, coupled with the increasing Green House Gas (GHG) emissions. The rising animal abuse in the cosmetics manufacturing & fashion industries, etc., has accelerated the species extinction rates, with grave impacts on the ecosystem.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain, and Others|
|Asia-Pacific: China, India, Japan, South Korea, Australia and Others|
|South America: Brazil, and Others|
|Middle East & Africa: GCC countries, South Africa and Others|
|Key Companies Profiled||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 Interantional Inc., MAV Beatury Brands Inc., The Estee Lauder Co. Inc., Lush Retail Ltd., Debenhams Plc., Charlotte Tilbury Beauty Ltd|
|Market Value (2022)||USD 17 Billion|
As a result, several countries across regions like North America, Europe, & Asia-Pacific are increasingly adopting strategies to ban cosmetic products involving animal abuse. For instance:
With these restrictions, cosmetic products made using animal ingredients would be replaced with natural ingredient-based products, which would lead to a potential increase in the demand for vegan cosmetics. Likewise, growing consumer concerns regarding the use of animal-derived ingredients in cosmetics, owing to increasing health problems, such as cancer, skin diseases, etc., and customer realization of various benefits associated with plant-based ingredients in cosmetics have increased the demand for vegan-certified cosmetic products globally. Companies like L’Oréal, Pacifica, Elf Cosmetics Inc., etc., are strategizing brand acquisitions in sophisticated markets worldwide to enhance their customer base.
Based on the current vegan cosmetics industry outlook, cosmetic manufacturers, earlier using animal testing on products, have started shifting towards cruelty-free cosmetics and are actively involved in various R&D activities for technological advancements & innovations in their product offerings in order to capitalize on this lucrative opportunity that emerged out of the surge in the environmentally conscious consumers. These efforts are anticipated to influence the market dynamics positively, resulting in the elevated vegan cosmetics market size during the forecast period.
Global Vegan Cosmetics Market Driver:
Increasing Government Initiatives for Promoting Chemical-Free Cosmetics: The regulatory frameworks for the cosmetics industry have been put in place owing to the rising cruelty towards animals, mounting concerns over skin allergies, and the possibility that some chemical contents within their products could cause long-term health risks. Governments across North America, Europe, & Asia-Pacific have introduced various policies to stop the use of animal-derived ingredients during the production of cosmetics & personal care products. For instance:
Similarly, many other countries like India, Israel, Brazil, Taiwan, Turkey, South Korea, China, etc., have imposed bans on animal testing for cosmetics. Such initiatives, supported by cosmetic giants like Unilever, L'Oréal, LUSH, Avon, etc., are projected to propel the demand for vegan cosmetics in the respective regions and, in turn, drive the global market in the coming years.
Global Vegan Cosmetics Market Possible Restraint:
Lack of Enough Awareness about Vegan Cosmetic Products: The overall prevalence of cosmetic products is increasing among both males & females. However, the associated awareness regarding the beneficial properties of vegan beauty products is not present widely. Additionally, significant health risks caused by using chemical cosmetics, especially in developing & underdeveloped countries of Asia-Pacific, Middle East & Africa, & Latin America, might hinder the market growth across these regions. Besides, the lower availability & higher costs of these cosmetic products are also considerable growth challenges for the global vegan cosmetics market during 2023-28.
Global Vegan Cosmetics Market Trend:
Cosmetic Brands Embracing AI Platforms to Offer Tailored Beauty Solutions: Customers worldwide are turning to customized cosmetic products based on their skin types & complexities. As such, companies like Unilever, LOTUS, etc., are pacing toward developing personalized or customized vegan cosmetic products by integrating AI-powered platforms to analyze skin & hair selfies taken by customers, offering them relevant product recommendations. For instance:
Global Vegan Cosmetics Market (2023-28): Segmentation Analysis
The Global Vegan Cosmetics Market study from MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified:
Based on Product:
Of them all, the vegan cosmetics market is anticipated to witness notable growth within the skincare segment during 2028-28. Skin allergies are a critical concern associated with chemicals present in animal-based cosmetic products. As a result, consumers are gravitating towards vegan skincare products, owing to which sunscreens & lotions with natural ingredients that exhibit superior benefits like healing ailments, soothing skin, etc., are gaining traction in the market. To capitalize on this opportunity, many cosmetic manufacturing companies worldwide are incorporating vegan skincare products into their product offerings in order to expand their consumer base.
Thus, the mounting inclination of consumers toward plant-based cosmetic products due to increasing awareness regarding the high concentration of chemical substances in conventional cosmetics as well as their ill effects on human skin is likely to augment the revenue growth of the Global Vegan Cosmetics Market during 2023-28.
Based on Sales Channel:
Here, E-commerce is expected to attain a sizeable revenue share in the Vegan Cosmetics Market during 2023-28. The booming e-commerce sector worldwide has led to increased product offerings with lucrative discounts, doorstep deliveries, and secured payment options. The Vegan Cosmetics Market has benefitted significantly from the e-commerce industry, and thus a substantial market growth is likely in the coming years due to benefits of online platforms, such as convenience in product selection, availability of diverse brands, and various promotional offers. Other than these, several initiatives by celebrities for promoting plant-based cosmetic products worldwide are also fueling the sales of vegan cosmetic products through e-commerce platforms.
Global Vegan Cosmetics Market Regional Projection:
Geographically, the Global Vegan Cosmetics Market expands across:
Of all regions globally, North America is expected to witness a significant rise in demand for Vegan Cosmetic Products during 2023-28. The increasing consumer awareness regarding the ill effects of compounds like paraben & aluminum compounds in cosmetic products used in conventional hand creams, hair products, etc., has shifted consumers toward natural cosmetics.
Using chemical-based cosmetic products globally has led to increasing skin diseases among North Americans, i.e., surging the demand for chemical-free cosmetic products across the region. According to the Cancer Treatment Centers of America (CTCA), using chemicals like paraffin and some types of oil in skin & hair care products may increase the risk for certain types of non-melanoma skin cancers.
Hence, such continued efforts by regional governments & other concerned authorities toward prohibiting the use of animal-derived ingredients in cosmetics are expected to drive the North America Vegan Cosmetics Market during 2023-28.
Global Vegan Cosmetics Industry Recent Development
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Frequently Asked Questions
A. The Vegan Cosmetics Market is projected to grow at a CAGR of around 7.0% during 2023-28.
A. The Vegan Cosmetics Market size was valued at USD 17 Billion in 2022.
A. Increasing government initiatives for promoting chemical-free cosmetics is likely to drive the Vegan Cosmetic Market through 2028.
A. During 2023-28, the Vegan Cosmetics Market share is likely to be held mainly by the skincare segment.
A. The Vegan Cosmetic Market leaders include 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 Interantional Inc., MAV Beatury Brands Inc., The Estee Lauder Co. Inc., Lush Retail Ltd., Debenhams Plc., and Charlotte Tilbury Beauty Ltd.
A. Globally, North America would generate lucrative prospects for the Vegan Cosmetics Market in the years ahead.
Global Vegan Cosmetics Market Research Report (2023-2028) - Table of Contents