The global Vegan Cosmetics Market is expected to surpass US$ 20 billion by 2030, likely to Grow Moderately during the assessment period -2030 . The market for vegan cosmetics will expand as a result of the fast shifting consumer preferences brought on by rising environmental concerns and the spiraling demand for cruelty-free and vegan cosmetics.
A recent survey conducted by The Physicians Committee reveals that nearly 70% of North America’s population prefers using vegan and cruelty-free cosmetics. As a result, the region is expected to maintain its position as a highly lucrative market for Vegan Cosmetics. L’Oréal’s CEO acknowledges the rising demand in North America, with consumers showing a growing inclination towards vegan products.
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The current cosmetics market in the region is witnessing a surge in demand for herbal products, which further supports the expansion of the vegan cosmetics market. However, in the Asia Pacific, the demand for cruelty-free cosmetics is also increasing, but the growth of vegan cosmetics may face limitations in China due to regulations requiring animal testing for cosmetics sold in the country.
Studies suggest that millennial account for the dominant buyer power hence the beliefs of this generation are crucial factors driving the beauty industry. Because their choices reflect concerns pertaining to animal cruelty an increasing number of brands are turning to the production of vegan cosmetics.
Ethical consumerism is not limited to millennial, an increasing number of consumers are expressing concerns towards sustainability. Animal cruelty is often a reason enough to change purchase decision among consumers. Besides this, they are rejecting products containing unrecognizable ingredients.
Online channels has therefore evolved into a crucial window of sales for the vegan makeup market. Future Market Insights offers exclusive information on the global vegan cosmetics market. Some of these are:
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- Sales via ecommerce platform is expected to rise at a higher pace than physical stores
- The U.S. market for vegan cosmetics is forecast to surpass US$ 3 Bn by the end of 2025
- The presence of several established and regional brands has rendered global vegan cosmetics market highly competitive.
Who is winning?
The global vegan cosmetics market is a fragmented one, exhibiting the presence of several leading companies. Some of the market players profiled in the report are Ecco Zuzu Luxe, Bella, Bare Blossom, Urban Decay, Modern Mineral Makeup, Emma Jean Cosmetics, Arbonne, Pacifica, Beauty without Cruelty, Nature’s Gate, Billy Jealousy, and MuLondon Organic.
These companies are expected to focus on product launches and research and development to gain competitive advantage in the market.
Vegan Cosmetics Market Key Segment
Product Type
- Facial Products
- Eye Products
- Lip Products
- Nail Products
Packaging Type
- Pumps & Dispensers
- Compact Cases
- Jars
- Pencils and Sticks
- Tubes
- Others
Consumer Orientation
- Men
- Women
- Kids
Price Range
- Mass
- Premium
Sales Channel
- Wholesalers/ Distributors
- Modern Trade
- Convenience Stores
- Departmental Stores
- Specialty Stores
- Online Retailers
- Others
Region
- North America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
- Latin America
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