Vegan Cosmetic Products Market: Demand to Surge at 6% CAGR as Millennials Opt for Animal Cruelty-Free Products

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Aug 23, 2022, 10:00 ET

Cosmetic Brands Likely to Go Vegan to Capitalize on Sustainability Trend Worldwide

Fact.MR's latest report on the vegan cosmetic products market provides a 10-year forecast through 2022 & beyond. The report further explicates crucial dynamics such as drivers, challenges, and opportunities shaping the market. To present the information in a vivid way, the report is segmented into product type, customer orientation, price range, sales channe, lnature, and region.

NEW YORK, Aug. 23, 2022 /PRNewswire/ -- The global vegan cosmetic products market grew at a CAGR of about 4% between 2013 and 2017. One of the key reasons driving the growth of the vegan cosmetic products market is the growing fad of veganism coupled with rising popularity of animal-cruelty free cosmetics and personal care products.

The development of e-commerce is anticipated to further fuel the market for vegan cosmetic products. The number of products available has expanded along with appealing discounts, doorstep delivery, and safe payment channels as e-commerce platforms are gaining traction. Additionally, a number of upscale apparel and accessory manufacturers are expanding their product lines to include vegan cosmetics in order to reach a wider audience of consumers.

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However, the high cost of these cosmetics and the lack of a set of uniform guidelines for vegan certification might limit market expansion. Opportunities in the vegan cosmetics market are anticipated to increase since organic and vegan cosmetics are thought to be safer than chemical skincare products.

As cannabidiol (CBD) is accepted for treating a variety of issues like anxiety and insomnia, the demand for CBD-infused vegan cosmetic products is steadily rising. Studies have also shown that CBD slows the development of cancer cells, which has helped it to gain appeal in the wellness industry.

Given that the usage of CBD is an useful holistic element that assists in improving the "feel good" factor, the majority of customers are replacing their complete beauty regimen with a broad selection of cruelty-free and vegan cosmetic products.

Key Takeaways:

The vegan cosmetics products market is expected to expand at a CAGR of 6% between 2022 and 2028.
Europe is anticipated to overtake Asia as the largest market for vegan cometic products during the evaluation period
Middle East and Africa is predicted to have the highest growth rate for vegan cosmetic products.
The demand for vegan cosmetic products is expected to grow significantly as consumers seek out cruelty-free and plant-based goods by 2028.
In terms of product type, the skin care and hair care segment will witness prolific growth over the upcoming decade.
Based on sales channel, online segment will showcase growth at an impressive rate on the back of boom that social media is witnessing

Growth Drivers:

A growing number of social media platforms and beauty bloggers are advocating makeup tricks with vegan cosmetic products, fuelling the demand.
Consumers are showing a notable aversion to beauty products that include chemicals and are drawn to those that are marketed as "natural" and "safe." this is anticipated to further encourage the use of vegan cosmetic products.
Customers are choosing items that are ecologically friendly. This is creating excellent conditions for the widespread use of vegan cosmetic products.

Restraints:

The availability of counterfeit goods remains a significant barrier in the vegan cosmetic products market
Another barrier to the widespread use of vegan cosmetic products market is the lower shelf life of vegan goods compared to synthetic ones.

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Competitive Landscape:

Regional and multinational companies are competing for product distinctiveness in the fiercely competitive global market. The market share of global brands is steadily falling as e-commerce marketing becomes more and more common. This characteristic makes it easier for aspiring or tiny vegan cosmetic firms to break into the market, escalating competitiveness.

In 2018, L'Oréal S.A, A significant participant in the vegan cosmetic products market announced the signing of a binding contract to acquire Logocos Naturkosmetik AG, a well-known German producer of vegan cosmetics. According to L'Oréal, Logocos has two well-known and genuine vegan brands under its ownership in addition to its unique experience in the organic cosmetic industry, all of which will be very advantageous to L'Oréal's expansion plan. This purchase strengthens L'Oréal's position among the top personal care firms that provide genuine, certified vegan cosmetic products.
In 2018, Cosmax Inc, The first business in Asia to get the Expertise Vegan Europe (EVE) "Vegan" badge for its unique unit producing cruelty-free cosmetic items is a major cosmetics producer located in South Korea, according to an official release. This label is anticipated to build new facets of the business' growth into the vegan cosmetic products market.
In 2018, O Boticário, The opening of a second retail location in Dubai allows a major participant in the vegan cosmetic products market to increase the scope of its activities in the UAE. The formal opening of this retail location will open up a wealth of opportunity for the firm to further establish its footprint in the Middle East and reach out to new client groups with its selection of cruelty-free cosmetics.

Key Companies Profiled by Fact.MR

Zuzu Luxe
Ecco Bella
Bare Blossom
Emma Jean Cosmetics
Modern Mineral Makeup
Urban Decay
Arbonne, Pacifica
Nature's Gate
Beauty Without Cruelty
Billy Jealousy
MuLondon Organic

More Valuable Insights on Vegan Cosmetic Products Market

In the latest study, Fact.MR offers a detailed study on vegan cosmetic Products market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of vegan cosmetic products through detailed segmentation as follows:

By Product Types:

Skin Care
Hair Care
Cosmetics
Bath Care
Fragrances
Tools

By Customer Orientation:

Women
Unisex
Men
Kids

By Price Range:

Premium
Economic

By Sales Channel:

Modern Trade
Specialty Store
Salon & Spa
Departmental Store
Convenience Store
Online Store
Drug Store & Pharmacy
Other Sales Channels

By Nature:

Organic
Conventional

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa

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Key Questions Covered in the Vegan Cosmetic Products Market Report

What is the projected value of the vegan cosmetic products market in 2022?
At what rate will the global vegan cosmetic products market grow until 2028?
Which are the factors hampering the growth in the vegan cosmetic products market?
Which region is expected to lead in the global vegan cosmetic products market during 2022-2028?
Which are the factors driving the vegan cosmetic products market during the forecast period?
What is the expected market value of the vegan cosmetic products market during the forecast period?

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Beauty Fridge Market: The value of the global beauty fridge market is projected to increase by a staggering 2X at a CAGR of 7.1% through 2031. Due to rising demand for convenience goods in emerging nations , the beauty industry is expected to witness immense growth, fueling the demand in the market.

Premium Cosmetics Market: The global premium cosmetics market is displaying strong growth, driven by high diversity in consumer preferences and innovations in the field. Most efforts of manufacturers in the premium cosmetics sector are focused towards skincare products, accounting 40% share.

Beauty Oils Market: Europe is the leading producer of beauty products and is home to 100+ cosmetic manufacturing companies. Additionally, companies in Europe spend relatively high on R&D, i.e. around 7% of their annual turnover, which has gained the confidence of customers.

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