Global Vegan Cosmetics Market Research Report: Forecast (2023-2028)

Market Definition

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.

• According to World Animal Protection, during 2014-19, Canada imported around 1.8 million wild animals from 76 countries for manufacturing traditional medicine, luxury fashion products, etc., or for their use as exotic pets. Likewise, the People for the Ethical Treatment of Animals (PETA) has reported the use of more than 100 million animals each year, including rats, frogs, dogs, monkeys, fish, & birds, in US laboratories for biology lessons, medical training, cosmetics manufacturing, experimentation, & cosmetics testing.

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:

• In April 2019, the House of Representatives in Columbia unanimously approved bill 120/2-019 to ban all animal testing for cosmetic products and animal-based ingredients used in manufacturing & imported cosmetics. Later, in May 2021, the National Medical Products Administration (NMPA) of China implemented & finalized the list of prohibited animal-based Ingredients for sale within Chinese territory.

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:

• In June 2021, the Ministry of the United States Senate introduced a bill to modernize safety standards for personal care products, focusing on using natural ingredients in them.

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:

• In March 2021, Unilever partnered with Onegevity to help evolve its array of skin-care products & treatments. It combines AI models with a multi-omic database to produce improved therapeutic products & compounds.

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:

• Skin Care
• Hair Care
• Makeup
• Others (Lip Care, Nail Care, etc.)

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.

• In March 2021, Artistry, an Amway brand, launched its Artistry Skin Nutrition™ for consumers across the globe. Under the brand, the company launched products like Balancing Jelly Cleanser, Balancing Matte Gel Lotion, Balancing Matte Day Lotion SPF 30, Balancing Fresh Shake Toner, etc. The same year, in February, G&M Group announced to launch more vegan beauty products to tap into the surging vegan product choice among millennials. Since 2019, the company has extended its portfolio to 15 vegan-certified products.

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:

• E-commerce
• Offline Stores
• Hypermarket/Supermarket
• Departmental Stores
• Specialty Stores
• Others

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:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

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.

• In January 2021, Baxter of California (parent company: L'Oréal) announced a ban on using badger hair in their cosmetic products, as influenced by PETA & many other supporters.

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

• In April 2023, L’Oréal announced that it had signed an agreement with Natura &Co to acquire A?sop, the Australian luxury beauty brand.

Gain a Competitive Edge with Our Global Vegan Cosmetics Market Report

1. Global Vegan Cosmetics Market report provides a detailed and thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics and make informed decisions.
2. This report also highlights current market trends and future projections, allowing businesses to identify emerging opportunities and potential challenges. By understanding market forecasts, companies can align their strategies and stay ahead of the competition.
3. Global Vegan Cosmetics Market research report aids in assessing and mitigating risks associated with entering or operating in the market.
4. The report would help in understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks and optimize their operations.

Frequently Asked Questions