The market size of the Global Vegan Cosmetics Market in the year 2021 is valued at 16.01 billion and is predicted to reach 29.47 billion by the year 2030 at an 7.25% CAGR during the forecast period.
Vegan cosmetics are made entirely of natural, organic plant-based substances and do not contain any ingredients of animal origin. By product type, the vegan cosmetics industry is divided into categories for facial cosmetics, cosmetic eye goods, lip and nail makeup, and hair styling and colouring. Because of the advantages consumers might get from using these products, the market for vegan cosmetics is expanding, as is the need for materials made from plants. Plant-based cosmetics with vegan ingredients are gaining popularity due to their many skin-friendly qualities, such as preserving skin by keeping harmful chemicals out of it. The sector is anticipated to grow as customers become more aware of using components made from animal products. The increased demand from mainstream consumers for products with vegan certification is expected to fuel revenue generation in the global market over the medium term. The need for vegan cosmetics is anticipated to expand dramatically in the following years. The trend is growing in the West at a never-before-seen rate, and it will soon be widespread and extremely promising across the entire planet. Additionally, the growth of e-commerce platforms has increased product offers backed by engaging discounts, doorstep delivery, and safe payment options. Some high-end clothing and accessory companies are including vegan cosmetic lines in their product lineups to appeal to a broader clientele, boosting the global industry's growth.
The vegan cosmetics market is segmented on the product type, price range and distributional channel. Based on product type, the market is segmented into skincare, hair care, and makeup. Based on price range, the vegan cosmetics market is segmented into low, medium and high. Based on distributional channels, the vegan cosmetics market is segmented into supermarkets/hypermarkets, departmental stores, speciality stores, online and others.
Based on distributional channels, the online segment is a major contributor to the vegan cosmetics market.
The market's leading segment is the online channel. Due to the rising internet usage and popularity of digital payments throughout emerging economies, such as India, where demonetization in 2016 significantly boosted digital transactions, online retail sales of vegan skincare products would have strong development in the following years. Many social media platforms and beauty bloggers advocate makeup tricks with vegan cosmetics, and the producers of vegan beauty products are benefiting from this, in turn.
The skin care segment witnessed growth at a rapid rate.
The skin care category has earned the most market share. Due to the continuous use of skin care products by customers worldwide to maintain healthy skin conditions, the skincare market is dominating. Consumers are more than willing to spend premium rates for high-quality vegan skin care products because they are among the primary necessities for a daily skin grooming program.
The North American vegan cosmetics market holds a significant regional revenue share.
The North American vegan cosmetics market is expected to register the highest market share. There is a growing market for vegan skincare products right now. As a result, significant local industry participants are launching fresh vegan goods for the North American market. Due to increased disposable incomes and stable economies, customers in North America have a strong purchasing power, which drives the demand for vegan cosmetics. Additionally, the changing lifestyles of consumers, as well as increased awareness of the benefits of vegan goods, are factors driving up cosmetics sales in North America. In addition, Asia Pacific is projected to grow rapidly in the global vegan cosmetics market. This is addressed by the rise in westernization and consumer acceptance of vegan cosmetics. The younger generation is also essential to expanding the business in this area.
Some major key players in the Vegan Cosmetics market are Zuzu Luxe, Ecco Bella, Bare Blossom, Emma Jean Cosmetics, Modern Mineral Makeup, Urban Decay, Arbonne, Pacifica, Nature’s Gate, Beauty Without Cruelty, Billy Jealousy, MuLondon Organic.