by Vegan cosmetics refer to personal care products, mainly skincare and haircare products that do not contain animal-derived ingredients or by-products and are cruelty-free. Vegan cosmetics provide effective formulations for overall skin and hair health without compromising on quality and performance. With growing awareness about animal welfare, demand for vegan beauty products has been surging rapidly.
The global Vegan Cosmetics Market is estimated to be valued at US$ 16.65 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising awareness about the benefits of using cruelty-free products without any animal testing or animal-derived ingredients has been driving the growth of the vegan cosmetics market. Many consumers are now opting for vegan products as they wish to make ethical and sustainable choices. Especially among the millennial population, demand for natural and plant-based beauty products is surging which has propelled many beauty brands to launch vegan ranges. Furthermore, social media influencers promoting vegan lifestyles have encouraged more people to switch to vegan cosmetics and personal care routines.
SWOT Analysis
Strength: Vegan cosmetics appeal to consumers who wish to avoid animal testing and cruelty-free products. These cosmetics does not contain any ingredients derived from animals.
Weakness: Vegan cosmetics have limited ingredient options as compared to conventional cosmetics. Formulating vegan products require additional efforts and costs.
Opportunity: Rising awareness about cruelty-free lifestyle and increasing demand for natural and organic personal care products present an opportunity. Growing vegan population globally is driving the market growth.
Threats: Intense competition from conventional and natural cosmetic brands can affect market share. Strict regulations associated with vegan claims can impact production.
Key Takeaways
Global Vegan Cosmetics Market Size is expected to witness high growth. Regional analysis
The global vegan cosmetics market is dominated by North America and Europe due to rising awareness about veganism. Asia Pacific is expected to witness fastest growth in vegan cosmetics market owing to growing vegan population in countries like China and India.
Key players
Key players operating in the vegan cosmetics market are Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L€TMOccitane Group, L€TMOreal S.A., LVMH Group, and MuLondon, Pacifica Beauty, Unilever plc. Weleda, Coty Inc., Beauty with Cruelty, Elf Cosmetic Company, Urban Decay, and Nature’s Gate. Amway Corporation offers Artistry Brand Cruelty-Free collection. Estee Lauder’s brands such as MAC Cosmetics, Aveda, Bumble and bumble are popular vegan options.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
