PUBLISHER: Grand View Research | PRODUCT CODE: 1552557
PUBLISHER: Grand View Research | PRODUCT CODE: 1552557
The global cruelty-free cosmetics market size is anticipated to reach USD 23.54 billion by 2030, growing at a CAGR of 6.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The beauty industry's shift toward conscious consumerism is driving growth in the market. Despite nearly half of cosmetic consumers desiring cruelty-free products, a staggering 88% of current brands do not meet these standards, according to the ThinkNow Inclusive Beauty Report 2023. This discrepancy highlights the rising demand for ethical beauty products. Notably, fast-growing brands like e.l.f. Cosmetics and Rare Beauty, both of which are cruelty-free and vegan, are capitalizing on this trend, outpacing traditional giants like L'Oreal and Estee Lauder.
Preferences in the market are shaped by factors such as age and income. While Gen Z shows less interest in vegan brands (19%) compared to Millennials (33%) and Gen X (31%), income levels significantly influence cruelty-free choices, according to the ThinkNow Inclusive Beauty Report 2023. Consumers earning over USD 80,000 annually are more inclined to choose cruelty-free (53%) and vegan (42%) products, contrasting with those earning under USD 40,000; where preferences drop to 39% for cruelty-free and 21% for vegan options. This segmentation highlights a growing market opportunity for cruelty-free brands to tailor their strategies.
The rise of cruelty-free cosmetics has been driven by heightened consumer awareness and ethical considerations. Consumers are increasingly opposed to animal testing, seeking products that align with their values of minimizing harm and supporting ethical practices. Social media has amplified this shift, with influencers and advocacy groups promoting cruelty-free products. Certifications from organizations like Cruelty Free International and PETA are crucial, as they assure consumers that products are genuinely cruelty-free, further driving demand for such products.
Global regulatory changes have significantly influenced the growth of the market. Countries like the U.K., the European Union, India, Israel, and Norway have enacted laws banning animal testing for cosmetics, prompting brands to adopt cruelty-free practices to comply with these regulations. The ripple effect of these regulations is seen globally, as brands seek to meet the strictest standards to maintain market access.
The Middle East & African market is experiencing a notable CAGR of 7.7% from 2024 to 2030, driven by local brands like MZN Bodycare and Mama's Alchemy. MZN Bodycare's success, rooted in natural and cruelty-free products made from local ingredients, reflects a growing consumer awareness and demand for ethical beauty solutions. This shift is further supported by the lack of legal requirements for animal testing in Saudi Arabia, contrasting with international markets where such regulations persist.