Burlingame, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The global vegan cosmetics market was valued at US$ 14.85 Bn in 2021 and is expected to exhibit a CAGR of 5.9% during the forecast period 2022-2030.
Key Trends and Analysis of the Global Vegan Cosmetics Market:
During the forecast period, the growing vegan cosmetics market in emerging economies is expected to drive demand for vegan products in the market. Increasing demand for vegan cosmetics and their various benefits to the skin such as being chemical-free and environmentally friendly will propel the vegan cosmetics market growth.
Due to the wide variety of product type vegan cosmetics has seen essential growth in the global vegan cosmetics market over the forecast period. Cosmetics manufacturing companies are continuously incorporating vegan products in a variety of cosmetics which will help to boost the sales of vegan cosmetics in the coming years.
The increasing number of new startups offering vegan cosmetics products and the expansion of the cosmetic industry will further drive the vegan cosmetic market growth in the upcoming years.
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Key Market Takeaways
The global vegan cosmetics market is expected to exhibit a CAGR of 5.9% over the forecast period (2022-2030). In China, the vegan cosmetics market is anticipated to expand at a robust pace over the next ten years, due to the increasing number of plant-based alternative startups and rising consumer demand for natural products.
Competitive Landscape:
Major players operating in the global vegan cosmetics market include Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L’Occitane Group, L’Oreal S.A., LVMH Group, and MuLondon, Pacifica Beauty, Unilever plc. Weleda, Coty Inc., Beauty with Cruelty, Elf Cosmetic Company, Urban Decay, and Nature’s Gate.
Major players are using different strategies such as mergers, acquisitions, and capacity expansion, owing to the rising demand for the vegan cosmetics. For instance, in March 2021, vegan cosmetic manufacturing brand, ‘Artistry’ launched a new skincare product that is powered by innovative technology skin science, and vegan phytonutrients with good ingredients and develop the product for healthy beauty.
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Market Segmentation:
- Global Vegan Cosmetics Market, By Product Type
- Skin Product
- Hair Product
- Lip Product
- Eye Product
- Others
- Global Vegan Cosmetics Market, By Gender
- Kids
- Male
- Female
- Global Vegan Cosmetics Market, By Price Point
- Premium
- Economic
- Global Vegan Cosmetics Market, By End-use
- Personal
- Commercial
- Global Vegan Cosmetics Market, By Distribution Channel
- Offline
- Supermarket
- Hypermarket
- Specialty Stores
- Online
- Offline
- Global Vegan Cosmetics Market, By Packaging
- Pencils
- Sticks
- Jars
- Others
- Global Vegan Cosmetics Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- South Korea
- ASEAN
- Australia
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Middle East & Africa
- By Country:
- Middle East
- Africa
- By Country:
- North America
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