Vegan Cosmetics Market 2023 – 2030 by Distribution Channel (Hypermarkets & Supermarkets, Specialty Stores, E-Commerce),Product (Skin Care, Hair Care, Color Cosmetics) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : FMCG | Pages : 179 Pages | Published On : Jul 2023
The global market for vegan cosmetics, valued at USD 15.17 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of 6.3% from 2023 to 2030. This growth is primarily driven by the increasing adoption of vegan consumerism worldwide, with consumers seeking cruelty-free cosmetics without animal ingredients. Ethically conscious consumers are causing a shift in the cosmetics market, favoring vegan products.
Vegan cosmetics refer to beauty and personal care products that exclude animal-derived ingredients such as beeswax and collagen. These products, including skincare, hair care, and color cosmetics, are readily available through various distribution channels like specialty stores, supermarkets, hypermarkets, and e-commerce.
The rise of veganism has prompted manufacturers to invest in research and development, introducing new products and variants to cater to the demand for vegan cosmetics. For instance, G&M, an Australian beauty products manufacturer, launched vegan cosmetics in February 2021 to tap into the growing market, particularly among millennial consumers.
Additionally, vegan cosmetics are becoming an integral part of consumers' grooming routines, especially among Generation Z. The awareness of the benefits associated with chemical-free and environmentally friendly vegan cosmetics is expected to drive market growth in the coming years.
The COVID-19 pandemic had a significant impact on the industry, disrupting production and sales of vegan cosmetics through online and offline channels. Lockdown measures and supply chain disruptions caused a standstill in new orders from retailers.
Moreover, there has been a substantial increase in the number of consumers adopting veganism, with a 350% rise in the UK over the past decade. Vegan cosmetics sales in the UK also experienced a 38% increase in 2018, with many companies reporting a surge in demand. Superdrug, a leading health and beauty retailer in the UK, witnessed a 750% increase in demand for vegan cosmetics in 2019.
The skincare segment held a market share of approximately 34.01% in 2021, driven by conscious consumers' preference for vegan skincare products. The use of plant-based ingredients in vegan skincare products is associated with fewer skin problems such as itchiness, irritation, and acne.
The hair care segment is expected to grow at the fastest CAGR of 6.8% from 2022 to 2030. Vegan hair care offers a wide range of products, including shampoo, hair oil, conditioner, and masks, catering to diverse customer requirements.
Key Companies & Market Share Insights:
The market for vegan cosmetics includes both international and domestic players. Key market players adopt strategies such as innovation and new product launches to expand their product offerings and strengthen their position in the market.
- In January 2022, Colorbar, a prominent manufacturer in the market, introduced a vegan nail lacquer with 128 different shades, aiming to broaden its range of vegan products in the Indian market.
- In March 2021, Hourglass, a manufacturer of vegan beauty products, partnered with the consumer goods giant Unilever to develop and launch carmine-free vegan lipstick in the market.
- In April 2019, the beauty brand Kat Von D Beauty introduced a 100% vegan mascara made from a blend of sunflower and olive oil.
Some of the key players operating in the vegan cosmetics market are:
- Zuzu Luxe
- Ecco Bella
- Bare Blossom
- Emma Jean Cosmetics
- Modern Mineral Makeup
- Urban Decay
- Nature's Gate
- Beauty Without Cruelty
- Billy Jealousy
- MuLondon Organic
The color cosmetics segment is projected to be the second fastest-growing segment in the vegan cosmetics market, with a CAGR of 6.3% during the forecast period. Key brands such as E.L.F Cosmetics, KVD Vegan Beauty, and Bite Beauty contribute to the growth of value sales in the vegan color cosmetics market.
Segments Covered in the Report
This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global vegan cosmetics market based on product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2017 - 2030)
- Skin Care
- Hair Care
- Color Cosmetics
Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
- Hypermarkets & Supermarkets
- Specialty Stores
Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
Table and Figures
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