Vegan cosmetics refer to personal care products and cosmetics that do not contain any animal-derived ingredients. Growing concerns regarding animal welfare and cruelty-free products as well as raised awareness about the harmful effects of conventional cosmetics ingredients derived from animals are propelling the demand for vegan cosmetics globally.
The vegan cosmetics market is estimated to be valued at US$ 67.27 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the vegan cosmetics market are Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L'copyright Group, L'Oreal S.A., LVMH Group, MuLondon, Pacifica Beauty, Unilever plc., Weleda, Coty Inc., Beauty with Cruelty, Elf Cosmetic Company, Urban Decay, Nature's Gate, Billy, TJS India, Seraphine Botanicals, Hera Beauty Ltd., and Herrco Cosmetics.
The growing vegan population worldwide and rising awareness about animal welfare are driving the demand for vegan beauty and personal care products, contributing to the of the Vegan Cosmetics Market size are seeking ethical and sustainable options.
Globally, the vegan cosmetics market is expanding in developed as well as developing regions. Leading brands are focusing on Asia Pacific and Latin American markets owing to growing health consciousness, rising disposable incomes, and increasing awareness about vegan lifestyle. Stringent regulations for animal testing in Europe further propels demand in the region.
Market drivers
Growing concerns regarding animal welfare and cruelty-free products are a major driver for the vegan cosmetics market. Changing consumer mindset towards natural and plant-based ingredients is encouraging the shift to vegan cosmetics. Rising awareness about the harmful effects of conventional cosmetic ingredients derived from animals and presence of chemicals and toxins is compelling consumers to choose vegan alternatives. Strong promotional activities by leading brands to highlight the benefits of vegan products as well as develop ethical and sustainable ranges are augmenting the market growth.
PEST Analysis
Political: Regulations around animal testing of cosmetics are becoming stricter in many countries and cities, encouraging more companies to adopt vegan formulations.
Economic: Consumers are increasingly spending on premium natural and ethical products, driving expansion of niche cosmetic categories like vegan.
Social: Growing social and ethical awareness about animal welfare is propelling demand for cruelty-free alternatives to conventional cosmetics containing animal-derived ingredients.
Technological: Substitute products provide a moderate threat due to customer emphasis on cruelty-free attributes, which underscores the Vegan Cosmetics Market challenges and opportunities competition exists among existing players.
Western Europe currently accounts for the largest share of the global vegan cosmetics market in terms of value. Countries like Germany, Italy, UK and France have seen heightened customer preference for ethical and environment-friendly products, benefitting vegan cosmetic sales. With growing adoption of vegan lifestyle, the market in North America, especially the US, is also expanding swiftly.
The Asia Pacific region excluding Japan represents the fastest growing regional market for vegan cosmetics. Rising disposable incomes, increasing health & wellness influence of global trends and burgeoning millennial population are driving heavy demand growth from countries like China, India and South Korea. Manufacturers are actively expanding product ranges and marketing to capture opportunities in these high potential emerging vegan markets.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137)
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