Vegan Cosmetics Market Size, Share, Growth Analysis, By Product Type, By Packaging Type, By Consumer Orientation, By Price Range, By Sales Channel, By Region - Industry Forecast 2024-2031

Global Vegan Cosmetics Market size was valued at USD 15.89 billion in 2022 and is poised to grow from USD 16.86 billion in 2023 to USD 27.08 billion by 2031, growing at a CAGR of 6.1% during the forecast period (2024-2031).

The vegan cosmetics market is rapidly gaining traction as a mainstream segment within the beauty industry, driven by a surge in consumer demand for products devoid of animal-derived ingredients such as collagen and beeswax. This category encompasses skin care, hair care, and color cosmetics, which are now widely accessible through diverse distribution channels, including specialized stores, supermarkets, hypermarkets, and e-commerce platforms. As sustainability concerns mount among consumers, cosmetic companies are being compelled to reassess their ingredient choices, leading to a potential overhaul of production processes. The rise of the informed consumer, fueled by easier access to information and rising internet engagement, underscores this trend as they seek solutions that align with their values. Environmental awareness and resource depletion are further influencing purchasing behavior, pushing manufacturers to innovate. In response, companies are investing in research and development to create new vegan products that cater to the evolving preferences of consumers, particularly millennials. For instance, Australian beauty brand G&M seized the opportunity in February 2021 by launching its line of vegan cosmetics, underscoring the urgency for brands to capitalize on the growing market and meet the demands of ethically-minded consumers. This shift not only reflects changing consumer values but also signals a broader transformation within the cosmetic industry toward a more sustainable and compassionate approach.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Vegan Cosmetics market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Vegan Cosmetics Market Segmental Analysis

In 2021, Europe contributed the most, with a vegan cosmetics market share of over 36.81%. Demand for vegan cosmetics is anticipated to increase as a result of consumer trends toward veganism, particularly in developed nations like the U.K., France, and Germany. Additionally, in 2021, the beauty sector will account for almost 82% of all vegan products introduced in the U.K. Additionally, 97% of British consumers were found to be looking for more vegan-certified cosmetics and personal care items in 2021, according to The Vegan Society.

Driver of the Global Vegan Cosmetics Market

The vegan cosmetics market is poised for substantial growth in the coming years, driven by an unprecedented surge in interest, particularly in Western regions. Research highlights that British women are increasingly opting for cruelty-free products, reflecting a broader societal shift towards "clean beauty" principles. This growing demand is further fueled by leading brands, like Cover Girl, that have launched new vegan product lines featuring natural ingredients. With heightened consumer awareness regarding animal testing, especially in North America and Europe, several states are contemplating or have already enacted bans on the sale of animal-tested cosmetics. Advocacy from animal rights organizations also plays a crucial role in pushing for these legislative changes, ultimately reinforcing the demand for cruelty-free options and fostering innovation within the sector.

Restraints in the Global Vegan Cosmetics Market

The Global Vegan Cosmetics market faces significant challenges, particularly due to the adverse effects of the pandemic on the beauty and personal care sector. Changing consumer behavior is prompting individuals to prioritize purchases of safer products with reduced contamination risks and extended shelf life. Compounding this issue, sales have been severely affected by the temporary closures of hypermarkets, supermarkets, and department stores, undermining growth potential. Consequently, brands are increasingly shifting their focus towards enhancing their e-commerce strategies. To navigate this downturn, many leading cosmetics companies are introducing at-home wellness products. Furthermore, a trend of reduced spending on non-essential items is likely to lead to sales declines across the entire cosmetics market.

Market Trends of the Global Vegan Cosmetics Market

The Global Vegan Cosmetics market is witnessing a remarkable surge, driven by an increasing consumer preference for cruelty-free and ethically sourced products. As awareness of animal welfare and environmental concerns rises, consumers are gravitating towards vegan cosmetics that boast no animal testing or ingredients, aligning with a growing desire for transparent and sustainable beauty options. The inherent skin benefits of vegan formulations, rich in plant-based antioxidants, appeal to health-conscious buyers seeking to mitigate skin damage from pollution and enhance overall wellness. This evolving landscape highlights a significant market trend where plant-derived cosmetics are not just a choice but a lifestyle, propelling exponential growth in the sector.