Vegan Cosmetics Market

Vegan Cosmetics Market generated a revenue of USD 14.8 billion in 2021 and is expected to reach USD 24.4 billion by 2029, growing at a CAGR of 6.4% over the forecast period (2022-2029) attributed to rising concerns related to cruelty against animals.

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Key Drivers

Factors driving growth of the Vegan Cosmetics market includes, growing demand for personal care products, emerging trend of veganism around the world, expansion of fashion and entertainment industries, and improvements in the living standards. For instance, In Canada, almost 250% increase in the vegetarian population was observed, in 2020, more than 2.3 million people were identified as vegetarians and 850,000 as vegans, which is expected to accelerate the Vegan Cosmetics Market size in the approaching years. The increasing investments by major companies on research and development, growing influence of social media platforms, rising disposable incomes and rapid urbanization, are some of the additional factors supplementing the market growth.

Moreover, Government regulations promoting the use of natural ingredients, increasing availability of vegan cosmetic products at e-commerce platforms, rise in the number of start-ups manufacturing vegan cosmetics and growing adoption of advanced technologies by manufacturers, are further pushing the Global Vegan Cosmetics Market. For instance, in 2016, Dianne Feinstein introduced the Personal Care Products Safety Act in the U.S., focusing on the usage of natural ingredients in personal care products, which is expected to generate tremendous opportunities across United States. In addition, rise in the number of Free Trade Agreements (FTAs) signed between countries, strategic partnerships, and collaborations between companies, increasing popularity of chemical free products and growing population growth rates, are further pushing the market growth. However, the presence of aluminium, blue or red lake colorants, lead, chromium, and cadmium in vegan cosmetic products, can damage skin tissues, is likely to hamper the market growth.

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Product: Segment Analysis

Based on Product, the Global Vegan Cosmetics market is segmented into Skin Care, Hair Care, Makeup, and Others. Hair care products segment is projected to grow at a higher CAGR, attributed to increasing demand for chemical-free shampoo, hair oil, hair conditioner and changing lifestyles of the customers. In addition, multinational giants such as Zuzu Luxe and Bare Blossom are focusing on product development to capture the growing demand of the target customers, which is further pushing the segment’s growth.

On the other hand, the Makeup segment is expected to grow at a faster CAGR because vegan makeup products do not contain harmful chemicals, require less ingredient, provides high content of moisture extracted from plants, and is suitable for sensitive skin. Moreover, the increasing awareness about the naturally derived beauty products among females and millennials, are further boosting the segment’s growth.

In contrast, the Skin Care segment is predicted to grow at a significant CAGR during the forecast period attributed to growing awareness about the benefits offered by vegan skin care products, and rising focus of manufacturers on using plant-based ingredients.

Distribution Channel: Segment Analysis

Based on the Distribution Channel, global vegan cosmetics market segmented into Hypermarket/Supermarket, Specialty Stores, Convenience Stores, Online, and Others. Online segment is expected to grow at a faster CAGR because the online stores offer wide range of products at attractive discounts, provides multiple payment options such as debit card, credit card and net banking and are open 24*7. In addition, adoption of modern lifestyle and long working hours have shifted the consumer’s preference towards e-shopping to save their time and money along with rising smartphone penetration rates worldwide, are propelling the segment’s growth.

On contrary, Hypermarket/Supermarket segment is projected to expand at a remarkable CAGR during the forecast period. Supermarkets are located near residential areas, offers convenience in shopping, and provides wide range of beauty products under one roof, are some of the factors propelling the segment’s growth.

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Regional Analysis

Based on the region, North America is anticipated to the fastest market growth during the forecast period. Presence of the leading players such as Billy Jealousy, L’Oréal S.A. (Urban Decay) and Emma Jean Cosmetics, INC, emerging trend of veganism, growing demand for chemical free products, increasing population growth rates and high per capita incomes, are some of the additional factors supplementing the market growth.

Top Market Players

Various notable players operating in the market include Bare Blossom, Zuzu Luxe, Ecco Bella, Mo Mi Beauty, Emma Jean Cosmetics, INC, L’Oréal S.A. (Urban Decay), Pacifica, MuLondon Organic, Billy Jealousy, Groupe Rocher, among others.

Key Developments

• • In June 2022, Ecco Bella launched gourmet, plant-based ‘bone’ broth alternative. Boon Broth is a guilt-free product, serving rich and nutritious warm cup of health benefits, and supporting skin, bones, healthy joints and immunity, and are available in powder form in single-serve and five-serving packets.
  • In 2020, Billy Jealousy extended its their award-winning men’s grooming line, by including collection of CBD products for beard, shave, and hair.
  • In 2018, Pacifica launched a new line of product ranging from perfumes to hair products focused on providing a healing effect to the customers. The Crystal Collection includes Aromapower aromatherapy, Hardcore Happy Aromapower Shimmering Hair and Body Mist, Contact High perfume, and many more luxurious bathing products.
  • In 2018, Groupe Rocher acquired Arbonne International and Nature’s Gate, two vegan cosmetics brands under the holding company Natural Products Group (NPG). The main aim of the acquisition was to share the innovation standards, resources, and expertise to strengthen the network of consumers, supplier, and partners.
  • In 2017, MuLondon announced the new organic certification by The Soil Association. The company produces cruelty-free products, especially for sensitive skin since 2008.
  • In November 2012, L’Oréal today signed an agreement with Castanea Partner to acquire Urban Decay, which helped the company not strengthen its distribution channels across the United States.

Segments covered in the Report:

The Global Vegan Cosmetics market has been segmented based on Product, Distribution Channel, and Region. Based on Product, the market is segmented into Skin Care, Hair Care, Makeup, and Others. Based on the Distribution Channel, the market is segmented into Hypermarket/Supermarket, Specialty Stores, Convenience Stores, Online, and Others.

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Key questions answered in this research report:

• • At what pace is the global vegan cosmetics market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global vegan cosmetics market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global vegan cosmetics market?
  • Which product generated maximum revenues in 2021 and identify the most promising products during the forecast period?
  • What are the various distribution channel of the global vegan cosmetics market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Vegan Cosmetics Market by Product

• • Skin Care
  • Hair Care
  • Makeup
  • Others

Global Vegan Cosmetics Market by Distribution Channel

• • Hypermarket/Supermarket
  • Specialty Stores
  • Convenience Stores
  • Online
  • Others

Global Vegan Cosmetics Market by Region

• North America Vegan Cosmetics Market (Option 1: As a part of the free 25% customization)

• • • By Product
    • By Distribution Channel
    • United States of America (US) Market All-Up
    • Canada Market All-Up

• Europe Vegan Cosmetics Market (Option 2: As a part of the free 25% customization)

• • • By Product
    • By Distribution Channel
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
• Asia-Pacific Market (Option 3: As a part of the free 25% customization)
  • • By Product
    • By Distribution Channel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

• RoW Vegan Cosmetics Market (Option 4: As a part of the free 25% customization)

• • • By Product
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Vegan Cosmetics Leading Market Players (Option 5: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Bare Blossom
  • Zuzu Luxe
  • Ecco Bella
  • Mo Mi Beauty
  • Emma Jean Cosmetics, INC.
  • L’Oréal S.A. (Urban Decay)
  • Pacifica
  • MuLondon
  • Billy Jealousy
  • Groupe Rocher