Vegan cosmetics are composed of chemical compounds produced from natural or synthetic sources that do not contain any animal-derived ingredients. Animal-derived substances include, honey, beeswax, lanolin, collagen, albumen, carmine, cholesterol, gelatin, and many others. Vegan cosmetics are also devoid of animal testing and cruelty. Vegan cosmetics are used to cleanse or protect the body or hair and are meant for personal care, skincare, face care, and hair care. Vegan cosmetics are used to improve or modify one's appearance (makeup) by hiding imperfections, accentuating natural features (such as brows and eyelashes), adding radiance to a person's face, or completely redefining the look.
In recent years, the cruelty-free (no animal testing), vegetarian (no byproducts of animal slaughter), and vegan (no animal components at all) cosmetics markets have expanded. Vegan cosmetics are chosen by customers because they are ethical in nature since vegan cosmetics are produced without the use of any animal components. Considering the medical benefits of vegan cosmetics on the skin, consumers gradually choose vegan cosmetics over non-vegan cosmetics. Furthermore, vegan cosmetics are believed to assist in decreasing skin damage caused by many environmental changes and growing pollution globally. For example, the anti-oxidants included in vegan cosmetics are naturally processed from plants and can aid to alleviate skin dryness. As a result of the benefits that consumers obtain from using these products, the demand for plant-based components increases, which also fuels the expansion of the vegan cosmetics market.
The cosmetics sector is fragmented because it is very competitive and saturated. Trade restrictions, strong competition, and an increase in demand for low-cost products are stifling the expansion of the vegan cosmetics market and leading the market's product quality to deteriorate. Small-scale business owners join the market, and because of the significant fluctuation in raw material costs, they employ low-quality raw materials to earn a good profit margin for themselves. On the other hand, items of a well-known brand are exorbitantly priced, and buyers are eager to find low-cost alternatives. The market is flooded with counterfeit items available at low prices as a result of the high demand for products from well-known brands. In recent years, counterfeit items have thoroughly permeated the market, harming the profitability of well-known businesses. The decline in product quality and the widespread availability of counterfeit items impede the growth of the global vegan cosmetics market.
The usage of emulsifiers also plays a major role in the manufacturing of cosmetics. Hence, vegan cosmetic manufacturers are aware of using vegan-based emulsifiers in their vegan cosmetics products. Vegan emulsifiers are costly as it takes more time to get extracted from the vegan sources and vegan emulsifiers take a longer period for emulsion which slows down the production process. The slow emulsion speed and high price force the vegan cosmetics manufacturers to increase the initial price of the cosmetics. On the other hand, clear labeling of vegan products provides a clear message to the consumers about the usage of ingredients which encourages them to go for vegan cosmetic products.
The vegan cosmetics market is segmented into product type, price point, gender, end user, sales channel, and region. On the basis of product type, the market is categorized into skincare, cosmetics, hair care, and others. On the basis of price point, it is divided into premium and economic. On the basis of gender, the market is segmented into women, men, and children. On the basis of end user, the market is divided into personal and commercial. By sales channel, the market is divided into hypermarkets/supermarkets, specialty stores, online channels, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, India and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Chile, South Africa, and rest of LAMEA).
The players operating in the global vegan cosmetics market have adopted various developmental strategies to expand their vegan cosmetics market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L'Occitane Group, L'Oréal S.A., LVMH Group, MuLondon, Pacifica Beauty, Unilever, and Weleda.
In recent years, the cruelty-free (no animal testing), vegetarian (no byproducts of animal slaughter), and vegan (no animal components at all) cosmetics markets have expanded. Vegan cosmetics are chosen by customers because they are ethical in nature since vegan cosmetics are produced without the use of any animal components. Considering the medical benefits of vegan cosmetics on the skin, consumers gradually choose vegan cosmetics over non-vegan cosmetics. Furthermore, vegan cosmetics are believed to assist in decreasing skin damage caused by many environmental changes and growing pollution globally. For example, the anti-oxidants included in vegan cosmetics are naturally processed from plants and can aid to alleviate skin dryness. As a result of the benefits that consumers obtain from using these products, the demand for plant-based components increases, which also fuels the expansion of the vegan cosmetics market.
The cosmetics sector is fragmented because it is very competitive and saturated. Trade restrictions, strong competition, and an increase in demand for low-cost products are stifling the expansion of the vegan cosmetics market and leading the market's product quality to deteriorate. Small-scale business owners join the market, and because of the significant fluctuation in raw material costs, they employ low-quality raw materials to earn a good profit margin for themselves. On the other hand, items of a well-known brand are exorbitantly priced, and buyers are eager to find low-cost alternatives. The market is flooded with counterfeit items available at low prices as a result of the high demand for products from well-known brands. In recent years, counterfeit items have thoroughly permeated the market, harming the profitability of well-known businesses. The decline in product quality and the widespread availability of counterfeit items impede the growth of the global vegan cosmetics market.
The usage of emulsifiers also plays a major role in the manufacturing of cosmetics. Hence, vegan cosmetic manufacturers are aware of using vegan-based emulsifiers in their vegan cosmetics products. Vegan emulsifiers are costly as it takes more time to get extracted from the vegan sources and vegan emulsifiers take a longer period for emulsion which slows down the production process. The slow emulsion speed and high price force the vegan cosmetics manufacturers to increase the initial price of the cosmetics. On the other hand, clear labeling of vegan products provides a clear message to the consumers about the usage of ingredients which encourages them to go for vegan cosmetic products.
The vegan cosmetics market is segmented into product type, price point, gender, end user, sales channel, and region. On the basis of product type, the market is categorized into skincare, cosmetics, hair care, and others. On the basis of price point, it is divided into premium and economic. On the basis of gender, the market is segmented into women, men, and children. On the basis of end user, the market is divided into personal and commercial. By sales channel, the market is divided into hypermarkets/supermarkets, specialty stores, online channels, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, India and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Chile, South Africa, and rest of LAMEA).
The players operating in the global vegan cosmetics market have adopted various developmental strategies to expand their vegan cosmetics market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L'Occitane Group, L'Oréal S.A., LVMH Group, MuLondon, Pacifica Beauty, Unilever, and Weleda.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vegan cosmetic market analysis from 2021 to 2031 to identify the prevailing vegan cosmetic market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the vegan cosmetics industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global vegan cosmetics market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Price Point
- Premium
- Economic
By Gender
- Women
- Men
- Children
By Product Type
- Skincare
- Cosmetics
- Haircare
- Others
By End User
- Personal
- Commercial
By Distribution Channel
- Hypermarkets/supermarkets
- Specialty Stores
- Online Channels
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- Chile
- South Africa
- Rest of LAMEA
Key Market Players
- Amway Corporation
- Estee Lauder Companies Inc.
- Groupe Rocher
- L'Occitane Group
- L'Oréal S.A.
- LVMH Group
- MuLondon
- Pacifica Beauty
- Unilever plc
- Weleda
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: VEGAN COSMETICS MARKET, BY PRODUCT TYPE
CHAPTER 5: VEGAN COSMETICS MARKET, BY PRICE POINT
CHAPTER 6: VEGAN COSMETICS MARKET, BY GENDER
CHAPTER 7: VEGAN COSMETICS MARKET, BY END USER
CHAPTER 8: VEGAN COSMETICS MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 9: VEGAN COSMETICS MARKET, BY REGION
CHAPTER 10: COMPANY LANDSCAPE
CHAPTER 11: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Vegan Cosmetics Market,' the vegan cosmetics market size was valued at $16.6 billion in 2021, and is estimated to reach $28.5 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031. Vegan cosmetics are made up of chemical compounds taken from natural or synthetic sources that do not contain any animal-derived ingredients. Ingredients produced from animals include honey, beeswax, lanolin, collagen, albumen, carmine, cholesterol, gelatin, and many others. Vegan cosmetics are also devoid of animal cruelty and testing. Vegan cosmetics are meant for personal care, skincare, face care, and hair care and are used to cleanse or protect the body or hair. Vegan cosmetics are used to enhance or modify a person's appearance (makeup) by hiding imperfections, accentuating natural features (such as brows and eyelashes), adding radiance to the face, or completely redefining the look.Globally, consciousness regarding enhancement of the overall personality has increased significantly among individuals. An increase in disposable income has enabled individuals to spend more on vegan cosmetics products than they had in the past. Therefore, personal care products have witnessed significant demand globally. Even now, owing to the lack of awareness regarding health risks associated with synthetic/chemical-based cosmetics products, the demand for organic cosmetics products was limited. Most consumers are inclined toward organic and vegan cosmetics to reduce the health risk associated with synthetic personal care. Organic personal care and cosmetics are made from plant extract and natural ingredients and contain a minimal/low amount of synthetic ingredients. Thus, it does not show any adverse impact on the human body. Organic and vegan cosmetic products are perceived to be safer than chemical skincare products therefore the vegan cosmetics market opportunities for growth are expected to be rising.
The global vegan cosmetics market is expanding due to an increase in the vegan and vegetarian population, expansion of the vegan cosmetics business, and an increase in conformity with People for the Ethical Treatment of Animals (PETA) cruelty-free accreditation. Furthermore, the entry of international firms presents the global vegan cosmetics market opportunity for development. With the growing vegan population, global firms such as L’Oreal, Unilever, P&G, and others are believed to have prospects to enter the vegan cosmetics sector to meet the growing demand for vegan beauty goods. However, the high prices associated with these cosmetics, as well as the absence of common rules for vegan certification, are projected to stymie the vegan cosmetics market growth.
The demand for vegan color cosmetics is expected to grow at the fastest rate during the vegan cosmetics market forecast period, owing to the growing vegan and vegetarian population's purchasing power and the desire of young vegan women to associate their interest in fashion and makeup with products made without animal by-products. These aspects generate the profitable potential for multinational companies in the global vegan cosmetics market. Increased interest in fashion and beauty trends among young people in countries such as Germany, France, the United Kingdom, Australia, and others has spurred vegan cosmetics market demand, which will propel the worldwide vegan cosmetics business.
The vegan cosmetics market is segmented into product type, price point, gender, end user, sales channel, and region. On the basis of product type, the market is categorized into skincare, cosmetics, hair care, and others. On the basis of price point, it is divided into premium and economic. On the basis of gender, the market is segmented into women, men, and children. On the basis of end user, the market is divided into personal and commercial. On the basis of sales channel, the market is divided into hypermarkets/supermarkets, specialty stores, online channels, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, India and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Chile, South Africa, and rest of LAMEA).
Key findings of the Study
- On the basis of product type, the skincare segment is projected to witness the highest CAGR of 5.2%, in revenue terms, during the forecast period.
- According to vegan cosmetics market analysis, on the basis of price point, the economic segment is expected to grow at a significant CAGR during the forecast period.
- On the basis of gender, the women segment is expected to grow at a significant CAGR during the forecast period.
- According to vegan cosmetics market trends, on the basis of end user, the commercial segment is projected to witness the highest CAGR of 6.5%, in revenue terms, during the forecast period.
- On the basis of sales channel, the online channels segment is expected to grow at a significant CAGR during the forecast period.
- On the basis of region, the U.S. was the largest country, in terms of revenue generation for vegan cosmetics industry in 2021.
- On the basis of region, Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 7.7% from 2022 to 2031.
Companies Mentioned
- Amway Corporation
- Estee Lauder Companies Inc.
- Groupe Rocher
- L'Occitane Group
- L'Oréal S.A.
- LVMH Group
- MuLondon
- Pacifica Beauty
- Unilever plc
- Weleda
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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