Global Vegan Cosmetics Market is growing with CAGR of ~6% during 2022 to 2028: Ken Research

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According to Ken Research Analysis, the Global Vegan Cosmetics Market was valued at ~US$ 10 billion in 2017. Furthermore, owing to the increasing government interventions prohibiting cosmetics animal testing along with the increasing adoption of veganism, it is estimated to be ~US$ 13 billion in 2022 and is expected to reach a market size of ~US$ 20 billion by 2028 growing with CAGR of ~6% during 2022 to 2028.

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Key Growth Drivers

• The growing popularity of plant-based products, combined with the emerging veganism trend across countries, is driving up demand for vegan cosmetics.
• The rising government implementation of prohibiting animal testing for cosmetics across countries is a significant contributor to the growth of veganism.
• Increasing dissemination of counterfeit cosmetic products across countries may impede the growth of the vegan cosmetics market.
• The ongoing COVID-19 pandemic has bolstered demand for vegan cosmetics as consumers actively seek to improve their consumption patterns beyond food, particularly those who have been infected with the virus.

Key Trends by Market Segment

By Product Type: The Skincare segment held the largest market share of the global vegan cosmetics market in 2021, owing to increasing concern regarding skin nourishment due to numerous factors, such as the increasing occurrence of acne, black spots, scars, dullness, and tanning.

• Vegan skincare typically helps in preventing the diseases, such as eczema, psoriasis, and other skin allergies due to the presence of antioxidants.
• Furthermore, the adverse effects of conventional skincare products, such as itching, skin irritation, and blisters, are allowing individuals to opt for natural and vegan skincare products.

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By Distribution Channel: The Supermarket/Hypermarket segment held the largest market share of the Global Vegan Cosmetics Market in 2021.

• The growth is mainly attributed to the availability of a variety of products at lower or discounted prices as compared to other stores.
• The modernization of retail stores across countries, notably in emerging countries, is increasing revenue generation through off-trade sales channels, such as supermarkets/hypermarkets.

By Gender: The Women segment held the largest market share of the Global Vegan Cosmetics Market in 2021, owing to the increasing number of working women across countries.

• For instance, according to World Bank, as of June 2022, the women labor force participation rate is 46% globally.
• Women usually experience more acne, wrinkles, and blocked skin follicles than men, which leads to oil, bacteria, and dead skin buildup in pores, influencing them to use more natural, organic, and vegan cosmetics.

By Geography: Europe accounted for the largest share of the Global Vegan Cosmetics Market in 2021 and will remain dominant during the forecast period (2022-2028).

• The growth is mainly attributed to the emergence of a large number of prominent players for cruelty-free cosmetics in Europe, notably in Italy, France, the UK, Germany, and Spain.
• Furthermore, the European government’s move to prohibit animal testing for cosmetics is also encouraging individuals to use vegan cosmetics. In April 2022, European Union stated that selling cosmetic products tested on animals is prohibited and the testing applies to both the final formulation and the ingredients of the product.

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Competitive Landscape

The Global Vegan Cosmetics Market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players with their niche in adopting advanced technology, such as fermentation technology to enhance the texture of products. Moreover, companies are competing on various parameters such as partnerships, new products offering, business models, marketing strategies, pricing, campaign, and more.

Country-niche players comprise about ~65% of the total competitors, while regional players constitute ~30% of competition. Some of the major players in the market include Arbonne International LLC, Coty Inc., Gabriel Cosmetics, L'Oréal S.A., Lush Retail Ltd., Shiseido Company, Limited, Plum, Disguise Cosmetics, Estée Lauder Companies Inc., Pacifica Beauty LLC, Amway Corp., L'Occitane en Provence, and among others.

Recent Developments Related to Major Players and Organizations

• In December 2021, L’Oreal S.A. acquired Youth to the People, a U.S.-based company that manufactures vegan skin care products with plant extracts and innovative active ingredients.
• In July 2021, Coty Inc. relaunched its existing brand Kylie Cosmetics with a new and improved vegan formula. The updated formulas are free of animal oils, parabens, and gluten and nearly 1,600 other harmful and irritating ingredients.

Conclusion

The global vegan cosmetics market is forecasted to continue the exponential growth at ~6% that is witnessed since 2017. The major driving factor contributing to the growing popularity of plant-based products, combined with the emerging veganism trend. Though the market is highly competitive with around ~500 participants, Country-niche players comprise the dominant share of competitors and regional players also hold a significant share.

Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of 2 working weeks.

Ken Research has recently published report titled, Global Vegan Cosmetics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, Market is segmented by product type, distribution channel, and gender. In addition, the report also covers market size and forecasts for the four major regions in the Vegan Cosmetics Market. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Product Type

• Skin Care
• Hair Care
• Makeup
• Others

By Distribution Channel

• Supermarkets/Hypermarkets
• Specialty Stores
• Online Channels
• Others

By Gender

• Women
• Men

By Region

• North America (USA, Canada, and Mexico)
• Europe (France, Italy, Germany, Spain, UK, and Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, and Rest of Asia Pacific)
• LAMEA (Latin America, Middle East, and Africa)

Key Players

• Arbonne International LLC
• Coty Inc.
• Gabriel Cosmetics
• L'Oréal S.A.
• Lush Retail Ltd.
• Shiseido Company, Limited
• Plum
• Disguise Cosmetics
• Estée Lauder Companies Inc.
• Pacifica Beauty LLC
• Amway Corp.
• L'Occitane en Provence