Global Vegan Cosmetics Market Research Report, 2028

Vegan cosmetics are made up of chemical compounds taken from natural or synthetic sources that do not contain any animal-derived ingredients. Animal-derived ingredients include gelatin, lanolin, collagen, albumen, carmine, honey, beeswax, lanolin, collagen, and honey. Additionally, animal experimentation and cruelty are absent from vegan cosmetics. Vegan cosmetics are used to clean or safeguard the body or hair and are intended for personal care, skincare, face care, and hair care. Vegan cosmetics are used to improve or alter someone's appearance (makeup) by minimising flaws, emphasising natural features (such brows and eyelashes), bringing out the glow of the face, or entirely changing the appearance. The global increase of vegan consumerism, where people are against animal cruelty and seek cosmetics without any animal substances, is one of the main causes propelling market progress. As a result, the cosmetics industry is changing, primarily due to consumers who are morally concerned choosing vegan goods. Vegan cosmetics are applied on the skin to improve appearance, maintain cleanliness, or beautify. Additionally, the growing popularity of veganism has prompted manufacturers to spend money on R&D, introduce new goods, and alter existing ones in order to meet the demands of customers seeking vegan products. For instance, in February 2021, G&M, an Australian maker of cosmetics, introduced vegan cosmetics in an effort to capitalise on the expanding market for such items, particularly among millennial. Additionally, vegan cosmetics are increasingly being used by consumers, particularly Gen Z. This is because more people are becoming aware of the advantages of using vegan cosmetics because they are free of chemicals and kind to the environment. In addition, as part of its expanding focus on vegan and natural beauty, the cosmetics business Colorbar produced a "Vegan Nail Lacquer" range with 128 shades in January 2022. Because of its non-toxic ingredients, it was said that the Vegan Nail Lacquer guarantees a particularly clean and green beauty experience. It claims to have a double-patented recipe with 20 free ingredients that is rich in calcium and biotin. According to the research report, “Global Vegan Cosmetics Market Research Report, 2028” published by Actual Market Research, the market is anticipated to cross USD 24 Billion market size, increasing from USD 17.39 Billion in 2022. The market is expected to grow with 6.31% CAGR by 2023-28. When it comes to vegan products, ethical purchasing is not just a trend among millennials; more and more consumers are voicing worries about sustainability. Consumers frequently change their purchase decisions because of animal cruelty. In addition, people are turning down goods with unknown components. As a result, a rising number of companies are concentrating on creating completely vegan and cruelty-free cosmetics. Naturally, the term "Vegan" draws attention to a particular diet. However, as people switch to veganism to avoid eating meat, factors including environmental awareness and animal cruelty are impacting their way of life. At this rate, the entertainment and fashion industries had to alter their policies to accommodate shifting consumer preferences. This pattern has developed into a beauty industry, significantly influencing the vegan cosmetics Market landscape. The vegan cosmetics sector is growing thanks to protests against animal testing. In the West, the tendency is spreading at an unprecedented rate, and very soon it will be pervasive in many high-potential regions around the globe. Recent surveys indicate that British women are more inclined to buy cruelty-free cosmetics, yet only one-third of them rigorously adhere to the vegan lifestyle. The market for vegan cosmetics has gotten a boost from social trends like "clean beauty." Products in this category are regularly released by reputable brands. For instance, CoverGirl launched their brand-new line of vegan beauty products in the beginning of 2020. These products have all-natural ingredients including milk and aloe extract. It is interesting to note that CoverGirl isn’t alone to tap into the novel veganism trend in the beauty industry. Multiple brands are seeking to capitalize on the trend. Even celebrities are launching their makeup lines in this category to appeal to a larger section of millennial. Singer Kesha for instance has recently unveiled her vegan makeup line called Kesha Rose Beauty.

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Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally

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Based on the report, the global market is segmented into five major regions including North America, Europe, Asia-Pacific, South America and Middle East & Africa. Among them, Europe is dominating the market with more than 34% revenue share in 2022. Demand for vegan cosmetics is anticipated to increase as a result of consumer trends towards veganism, particularly in developed nations like the U.K., France, and Germany. Additionally, The Vegan Society reports that in 2021, more than 95% of British consumers were discovered to be looking for more vegan-certified cosmetics and personal care items. With the market for vegan cosmetics growing significantly, North America has emerged as another important region. This is due to the presence of numerous manufacturers and producers of vegan cosmetics in the area, particularly in the United States, including Bawse Lady, NYX Professional, ILIA, and others. The fastest-growing regional category is anticipated to be Asia-Pacific, with a significant compound annual growth rate from 2023 to 2028. In nations like India, Australia, and others, there is a growing demand for vegan cosmetics as a result of increased awareness of animal abuse. Additionally, since the pandemic, veganism has become popular in numerous nations, including India, Australia, and Japan. Due to this, the region is anticipated to have tremendous growth during the predicted period. The continuous evolution in the industry is expected to boost the growth of the market during the forecast years. Sally Hansen introduced its vegan and plant-based nail polish range in November 2021. Another company to register its presence was Avon. The "The Disillery" vegan skincare collection was first introduced in September 2019. The abundance of product introductions in the market is a sign that the market will experience outstanding growth. Over the past several years, a number of new brands have also emerged in this sector, threatening the dominance of a number of well-known names. Customers may be persuaded to buy vegan cosmetics since they are safer for the body and better for the skin. Furthermore, because vegan cosmetics are made from plants, they are thought to be more nutritive and a richer source of vitamins, minerals, and antioxidants, all of which are utilised to promote healthier-looking skin. For instance, to appeal to Generation Y and Z consumers interested in beauty, the South Korean consumer goods giant LG Household & Health Care created the vegan colour cosmetic brand "Freshian" in June 2022. They have introduced a sunscreen; several lip balms, and two distinct kinds of cushion compacts, all of which can contribute to the market's potential future growth. Additionally, the abundance of smaller businesses and start-ups are acutely aware of shifting consumer tastes and their attention to broader environmental problems. These businesses carefully plan and package their items while utilising clever branding. Most of their efforts are focused on standing out from long-standing rivals, and occasionally they use fashion as a differentiator. These businesses are solely concentrating on emphasising essential natural elements in their products to appeal to customers, whether it be aloe vera, avocado, coffee beans, argon oil, or chia seeds. These new businesses aim to fill a void. Growing public knowledge of the advantages of vegan products versus products containing animal byproducts can support market expansion. For instance, L'Oreal S.A., a manufacturer of vegan cosmetic products, said in 2020 that it would purchase Logocos Naturkosmetik AG, a German manufacturer of vegan cosmetics. L'Oréal claims that Logocos has two well-known and authentic vegan brands under its control in addition to its distinctive experience in the organic beauty sector, all of which will be extremely beneficial to L'Oréal's expansion goal. Manufacturers use cutting-edge materials and processes in their goods like liquid lipsticks and others to boost product quality and boost consumer demand, which can fuel the expansion of the vegan cosmetics market. For instance, in February 2022, the U.K.-based "Revolution Beauty Group" purchased the vegan cosmetics company "Badass with a Heart (BH)" from the United States. With this acquisition, the Revolution Beauty Group hopes to grow the BH brand domestically, internationally, and among vegans. The high price of cosmetics and the absence of a set of universal standards for vegan certification may limit industry expansion. The global market is divided into categories for skin care, hair care, colour cosmetics, and other products based on product type. In 2022, the skin care industry held the largest market share of all of them. The need for vegan skin care products in the market has been driven by customers' growing awareness of the need to nourish their skin and address conditions including acne, wrinkles, dryness, and others, as well as by consumers' growing veganism. This has further fueled the market's overall rise in terms of value sales for vegan cosmetics. The market for vegan cosmetics is anticipated to increase over the predicted years due to the increased need for vegan hair care products to improve physical attractiveness, particularly among young people and to encourage veganism. The makeup industry, however, is anticipated to experience the most increase in the future years. Colour cosmetics in gel, powder, and cream forms are also available as vegan makeup items. Some companies that promote their products as being 100% vegan include Zao Organic Makeup, Clove + Hallow, Prime Beauty Cosmetics, River Organics, Habit Cosmetics, and MOB BEAUTY. Plant-based components like fruits, vegetables, herbs, flowers, and minerals are used to make vegan cosmetics. Vegan cosmetics, for instance, substitute plant-based waxes like candelilla wax, carnauba wax, and soy wax for beeswax. Vegan cosmetics also contain natural oils, butters, and plant extracts. Some people prefer to use vegan cosmetics because they feel that using goods that harm animals is unethical. Others could select vegan cosmetics for health reasons since they are free of chemicals that could be toxic, like parabens, phthalates, and artificial perfumes. As more individuals look for items that support their values, vegan cosmetics provide a cruelty-free and morally-sound alternative to conventional cosmetics.

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According to the report, the global market is segmented into specialty stores, hypermarkets/supermarkets, online channels and others. Among them, the specialty stores segment made the largest contribution in 2022. These stores have been focusing on offering various products including vegan cosmetics to cater to customers and offer them a facility to choose from numerous brands before making a purchase. Moreover, these stores also offer discounts and vouchers on such products which in turn has increased footfall in these stores. Additionally, supermarkets and hypermarkets are generally spanning over a large area and display a wide variety of beauty products under a single roof. Moreover, these stores are especially located near residential areas for convenience and easy accessibility of products including vegan cosmetics. Despite the booming offline sales channel, the e-commerce channel is projected to register a CAGR of more than 7% from 2023 to 2028. Rising internet penetration amongst consumers and target marketing are fuelling the growth of this segment. In addition, the growth of online platforms across the globe majorly since the pandemic has contributed to driving the sales of the product. For instance, Blanka, an e-commerce platform where manufacturers can brand their line of vegan cosmetics is contributing to the market growth. Moreover, recently, Boohoo, a fashion e-commerce retailer has launched almost 50 vegan cosmetics products on its site. Women have been playing a significant role in the growing popularity and dominance of the vegan cosmetics market. Women tend to be more conscious of their personal care products and are often more concerned about the ingredients and potential harm they can cause. Vegan cosmetics, which are made without any animal-derived ingredients and are cruelty-free, align with their ethical and environmental values. Women are generally more likely to make purchasing decisions based on these factors. Also, women have a significant influence in the beauty industry as consumers, influencers, and professionals. Many female influencers, bloggers, and YouTubers have built large followings and have actively promoted vegan cosmetics, showcasing their benefits and raising awareness. This influence has helped drive the demand for vegan products among their followers and the wider consumer base. However, children segment is growing at higher CAGR of more than 7%. The market for vegan cosmetics has expanded significantly in recent years, catering to a wider range of consumers, including children. Many brands now offer vegan and natural cosmetic products specifically formulated for children, featuring playful packaging and appealing scents. These products are often marketed as safe, gentle, and suitable for young skin, making them attractive to parents seeking healthier options for their children. Some children may have allergies or sensitivities to certain ingredients commonly found in non-vegan cosmetics, such as dairy, eggs, or lanolin. Vegan cosmetics, which are free from animal-derived ingredients, can be a suitable alternative for children with these sensitivities. Parents may choose vegan options to ensure their children's well-being and minimize the risk of adverse reactions. Further, based on end user, personal usage of these products is gaining higher traction across the globe. Vegan products often prioritize the use of high-quality, ethically sourced, and sustainable ingredients. These ingredients may be more expensive to produce or acquire compared to their non-vegan counterparts. Additionally, vegan products may use organic or natural ingredients, which can contribute to higher production costs. The vegan market, although growing, is still relatively niche compared to the mainstream non-vegan market. As a result, vegan brands often operate on a smaller scale, which can lead to higher production costs due to economies of scale. Limited production quantities and specialized manufacturing processes may contribute to the premium pricing of vegan products. On the other hand, the growing availability of economy-priced vegan products can be attributed to the increasing demand for vegan products. This increased competition has led to a broader range of options, including economy-priced products, to cater to a wider consumer base. Brands are recognizing the need to offer more affordable alternatives to capture different segments of the market. With the increasing popularity of vegan products, manufacturers have been able to optimize their production processes, reduce costs, and achieve economies of scale. These efficiencies in manufacturing and distribution can contribute to lower pricing for economy-priced vegan products. Also, not all consumers are willing or able to pay a premium for vegan products. Recognizing this, brands are introducing more affordable options to cater to price-sensitive consumers who want to align with vegan values but have budget constraints. Increased demand for accessible vegan products has encouraged brands to offer economical choices.

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Covid-19 Impacts Unprecedented supply chain problems in the market were brought on by the COVID-19 outbreak. The majority of vegan cosmetics fell under the category of non-essential goods due to the new physical distance regulations and global lockdown measures. From a consumer and product distribution perspective, the innovative COVID-19 epidemic has resulted in a significant change in this regard. The COVID-19 epidemic, as is the case in the general cosmetics market, greatly accelerated digital growth, especially in 2020, when a number of online stores showed their relevance and capacity for rapid change. The COVID-19 epidemic is forcing the vegan cosmetics sector to reevaluate its present business practises. This will undoubtedly call for focused efforts in the areas of innovation and technology advancement. The possibility of premium beauty, particularly in Southeast Asia, will drive vegan cosmetic brands and stores to accomplish regional expansion in the near future, despite the difficulties COVID-19 poses for supply chain management and adversely affecting customer preferences. Vegan cosmetic companies are going to undertake strong marketing efforts in order to maintain their competitiveness as the industry progressively recovers from the effects of the COVID-19 epidemic. A brand's post-pandemic performance and recovery will, in this regard, mostly depend on the degree of product distinctiveness and digital acceleration. The market size of the sector will be significantly influenced by these aspects as well. Recent Developments: • In January 2022, Colorbar, one of the leading manufacturers in the market, unveiled a vegan nail lacquer with 128 different shades to expand its range of vegan products in the Indian market. • In September 2022, Stella by Stella McCartney, a new beauty line from the fashion designer, was introduced in collaboration with LVMH. According to the company, McCartney's ecological ethos of using "just what you need" is reflected in the new brand. Reset Cleanser, Alter-Care Serum, and Restore Cream are the three items in the vegan skincare range. • In August 2022, Ashunta Sheriff launched Ashunta Sheriff Beauty, a Black-owned beauty brand with a conscience offering a Cruelty-Free, Vegan Beauty Line. A few products in the range include browzing brow gel freeze, unicorn duochrome highlighter, UV vegan liquid liners, unicorn multichrome glitter shadow palette, and beauty water fix-it spray, among others. • In May 2022, Lotte Duty-Free, the duty-free division of South Korean retail behemoth Lotte, released a collection of vegan cosmetics through its online shopping portal LDF BUY. It claimed that the LDF BUY would sell vegan cosmetic products made by Grown Alchemist, a natural skincare brand based in Australia, and Hunter Lab, a gender-inclusive brand from Australia. • In January 2022, Colorbar one of the market's leading manufacturers, unveiled a vegan nail lacquer in 128 different shades to expand its vegan product line in the Indian market. Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Regions & Countries covered in the report: • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Spain, Italy, Russia) • Asia-Pacific (China, Japan, India, Australia, South Korea) • South America (Brazil, Argentina, Colombia) • Middle-East & Africa (UAE, Saudi Arabia, South Africa) Aspects covered in this report • Global Vegan Cosmetics market with its value and forecast along with its segments • Region & Country-wise Vegan Cosmetics market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type • Skin care • Hair Care • Color Cosmetics • Others By Gender • Men • Women • Children By End Users • Commercial • Personal By Price Range • Economic • Premium By Distribution Channel • Specialist Retail Stores • Supermarket/Hypermarket • Online Channels • Other Distribution The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Vegan Cosmetics industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.