Vegan Cosmetics Market: Global Industry Analysis and Forecast (2023-2029) Trends, Statistics, Dynamics, Segmentation

Vegan Cosmetics Market Definition:

Vegan cosmetics are organic beauty products that specifically contain plant extracts and eco-friendly byproducts. Due to the absence of any animal-based byproducts or harmful chemical experimentation on animals, these products are regarded as being cruelty-free. Vegan cosmetics provide a rich number of naturally-extracted vitamins, minerals, antioxidants, gelatin, collagen, etc. These cosmetics have several advantages over chemical-based cosmetics, including the ability to reduce acne, keep the skin nourished, and enhance skin health. As a result, vegan cosmetics are readily accessible in the form of hair coloring and styling products, eye makeup, nail polish, and face beauty products.

 

Further, the Vegan Cosmetics Market is segmented by Products, Distribution Channel, & geography. On the basis of Products, the Vegan Cosmetics Market is segmented under Skin Care, Hair Care, Makeup & Others. Based on the Distribution Channel, the Vegan Cosmetics Market is segmented under E-Commerce, Hypermarket/ Supermarket, Departmental Stores, Speciality Stores & Others. By geography, the market covers the following regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value in USD Billion.

 

 

 

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Vegan Cosmetics Market Dynamics:

Increase in R&D Activities:

Several companies have taken steps to avoid using raw materials derived from animals by producing natural resources that are equal to those already available and performing better than expected. The market for vegan cosmetics is expected to have phenomenal growth during the forecast period as a result of the rising research and development activities.

 

Strict Regulations of Government:

Several governments around the world are enacting stringent policies and enforcing rules regarding animal testing. The global market for vegan cosmetics is also developing as more people choose to use organic and plant-based personal care and beauty products.

 

Lack of Awareness about The Vegan Products:

The market's growth rate will be constrained by the high manufacturing costs of vegan goods and a lack of knowledge about the advantages of vegan cosmetics in underdeveloped countries. The market for vegan cosmetics will be further challenged by the availability of substitutes and the growing level of intense competition among market participants.

 

COVID 19 Impact on Market:

The development of the worldwide vegan cosmetics sector has also been hampered by the Covid-19 pandemic. The growth of the vegan cosmetics sector slowed down during the Covid-19 crisis as a result of travel restrictions and disruptions in the raw material supply chain. However, changes in customers’ preferences during the pandemic led to the pursuit of healthier cosmetics options driving the sales of organic and vegan products to increase, also increasing the trend of online shopping, E-Commerce, and private company brands promoted the market positively post-pandemic.

 

Vegan Cosmetics Market Segment Analysis:

Based on Products, the Vegan Cosmetics market is segmented into Skin Care, Hair Care, Make-up & Others. Skin Care dominated the market in 2021 with more than 51% share of the market. This is due to 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 driven the market's overall rise in terms of value sales for vegan cosmetics. , So skincare is expected to grow at the fastest rate over the forecast period.

 

 

 

 

Vegan Cosmetics Market Regional Insights:

During the forecast period, Europe had dominated the market in 2021 and is expected to have the greatest market share in the Vegan Cosmetics Market. This is due to the increasing popularity of veganism across significant segments of the population is primarily responsible for the regional market's growth. Teenagers and young people, in particular, are more drawn to these emerging trends, which are helping to grow the market for vegan cosmetics in Europe. The presence of several major product manufacturers in the area is a significant contributing factor to the growth of the vegan cosmetics sector in Europe. This has made a variety of products easier to get on the local market and encouraged the development of new and inventive products to meet changing consumer needs. Thus, these variables are what is driving the growth of the vegan cosmetics business in Europe.

 

Vegan Cosmetics Market Key Players Insights:

The market is characterized by the existence of several well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Global Vegan Cosmetics Market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Vegan Cosmetics Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Global Vegan Cosmetics Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Vegan Cosmetics Market report is to help understand which market segments, and regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Vegan Cosmetics market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Global Vegan Cosmetics market.

 

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Global Vegan Cosmetics market. The report also analyses if the Global Vegan Cosmetics Market is easy for a new players to gain a foothold in the market, do they enter or exit the market regularly, and if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Vegan Cosmetics market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Vegan Cosmetics market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Vegan Cosmetics Market is aided by legal factors.

 

Vegan Cosmetics Market Scope:

 

Vegan Cosmetics Market Scope
Market Size in 2022	USD 16.5 Bn.
Market Size in 2029	USD 25.8 Bn
CAGR (2023-2029)	6.59%
Historic Data	2018-2022
Base Year	2022
Forecast Period	2023-2029
	by Product Skin Care Hair Care Make-up Others
	by Distribution Channel E-Commerce Hypermarket/ Supermarket Departmental Stores Specialty Stores Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Vegan Cosmetics Market Key Players:

• PHB Ethical Beauty Ltd (UK)
• Kosé Corporation (Japan)
• Plum Goodness (India)
• e.l.f. Cosmetics Inc. (US)
• Natura (Brazil)
• International B.V. (Brazil)
• INIKA Organic (Australia)
• Avalon Natural Products Inc. (US)
• Kendo Holdings Inc. (US)
• Yes To Inc. (US)
• Amway Corporation (US)
• Unilever plc (UK)
• L'Oréal S.A.(France)
• Ecco Bella (US)
• Billy Jealousy (US)
• Modern Minerals Makeup(US)