Vegan Beauty Products Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

The global vegan beauty product market garnered market share of US$ 1018.9 Mn in 2020 and projected to witness significant growth, growing with a CAGR of 5.5% across the forecast period from 2021 to 2027. Rising awareness about cruelty free beauty is increasing the demand of vegan beauty products across the globe. As a result, many companies are moving towards the production of vegan products. Vegan beauty products are composed of natural ingredients mainly plants based ingredients. Vegan beauty products are free from animals content, also are not tested on animals. For instance, in October 2020, L’Oreal launched its organic beauty product brand. La Provençale Bio has launched in French supermarkets. La Provençale Bio consists of 12 products which include, youth oil serum, youth cream, moisturizing cream, two aluminum- free deodorants, bar soaps and more. Moreover, increasing e-commerce trends is one of the key factor increasing the demand of vegan beauty products across the globe.

Increasing awareness for cruelty free products and impact of animal-based products on environment is one of the key factor propelling the demand for vegan beauty products. Moreover, major manufacturers are focusing on producing plant-based products which not only protects the skin, but also are harmless to the environment. For instance, in October 2021, Lush cosmetics launched a range of cosmetics. The Christmas range includes 70 vegan products. Some of the vegan products comprises in Christmas range are, a Santa-shaped bubble bar, shower gel, face mark and more.

Skin care is the largest segment and continue its dominance during forecast period

The rising awareness about the negative impacts of animal-derived beauty products is thereby increasing the demand for vegan beauty products. Vegan skincare products reduce many skin problems such as dark circles, acne and consequently improves skin health. Skin problems are becoming more intensive mainly because of UV rays. Therefore, consumers are demanding more efficient plant extracts products in their skincare routine. For instance, in the year 2020, the UK experienced 25% growth in the sales of vegan skincare products. UK launched a number of vegan products which are more than the launches done in any other nation. The aforementioned factor is one of the key factors driving the market growth. Vegan skincare is not only famous among females but also, gaining popularity among male population. For Instance, in August 2021, Act of being launched its first vegan and cruelty free skincare brand for men. All the products of Act of Being are designed and tested in the US, by using natural and non-toxic ingredients.

North America holds the largest market share for vegan beauty products in 2020

Beauty industry is driving with many innovations today such as veganism and zero-waste system. North America dominated the vegan beauty products market in 2020 and most likely to dominate it in the near future. The growth is led by reasons such as new product launch in North America. For instance, in July 2019, an exhibition was organized by Cosmoprof. The “discover green” exhibition was organized for developing new vegan beauty products. In addition, an increase in the trend of veganism and awareness about animal free products is driving the market. Europe is the fastest growing segment in the forecast period. The growth is supported by factors such as presence of major players in the European market. In addition, major manufacturers are expanding their reach in the European market. For instance, in February 2021, Henkel announced relaunch of European shampoo brand. Schauma is reintroduced with vegan formula. Again Henkel plans to launch a vegan brand for premium hair salon. Through the Authentic beauty concept Henkel aims to increase its vegan product range.

Competitive Insights

The major players identified in the vegan beauty products market include Gabriel Cosmetics, Inc., The Cult Beauty, Ecco Verde, The body Shop, Pacifica Beauty LLC, Bare Blossom, P’URE Papayacare, MULONDON, LUSH, COSMAX Co. Ltd., Plum and Urban Decay among others. The top players are focusing on key strategies such as development of new products, acquisition and many more. For instance, in May 2020, zuzu luxe, a brand by Gabriel Cosmetics, Inc. launched zuzu luxe’s coastal collection. The coastal collection contains a lip plus cheek blush cream and two vegan eye shadow palette, named beach Boho and Sunsation eye shadow palette. The coastal collection gives instant sun blushed look all with vegan products. In addition, in November 2020, L’Oreal acquired Logocos Naturkosmetik AG, a German beauty company. Through this acquisition, L’Oreal plans to increase the sales of Logocos Naturkosmetik products across the globe.

Historical & Forecast Period

The research report presents the analysis of each segment from 2019 to 2027 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2027.

Key questions answered in this report

• What was the market size vegan beauty products market in 2020 and forecast up to 2027?
• What are the key factors driving the global vegan beauty products market?
• What are the key market trends and high-growth opportunities observed in the vegan beauty products market?
• What are the drivers of the vegan beauty products market?
• Which is the largest regional market for vegan beauty products market?
• Which segment will grow at a faster pace? Why?
• Which region will drive the market growth? Why?
• Which players are leading the vegan beauty products market?
• What are the sustainability strategies adopted by the key players operating in the market?

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