NEWARK, Del, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The market size for vegan cosmetics is estimated to be US$ 16,867.4 million in 2023 and to grow at 6.1% from 2023 to 2033. The vegan cosmetics industry is projected to be worth US$ 30,493 million by 2033.
The market's expansion is influenced by several variables, such as the consumer demand for cruelty-free cosmetics, the expansion of the cosmetics market, and the advertising and marketing tactics used by cruelty-free cosmetics manufacturers.
Marketing and Promotion Power the Cruelty-free Cosmetics Industry
Recent years have seen strong expansion in the cosmetics sector, driven by rising incomes and changing lifestyles. Due to the increase in disposable income, more people are buying high-end goods that promise to deliver results.
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In developing countries, demand for cosmetics has constantly increased. A huge shift has occurred as customers go from budget-friendly to high-end branded cosmetics. Men's grooming products now include deodorants, bath products, hair care products, concealers, skin-whitening products, sunscreens, anti-aging items, and classic shaving supplies. The global cruelty-free cosmetics market has grown in demand due to this shift in customer preferences. This changing customer behavior promises a bright future for the sector.
E-commerce's Role in Empowering Small and Medium-sized Cosmetics Enterprises
Cross-border trade has increased due to globalization and deregulation, leading to increased B2B and B2C transactions. Online business, especially in e-commerce, has been spurred by technological advancements and expanded internet access. Thanks to technological advancements like AI, the e-commerce industry has grown as a result of the move toward online buying.
Using social media and smartphones, small and medium-sized cosmetics companies have discovered a platform to display their products. Due to the rise in internet purchasing, technological advancements, and increased consumer knowledge of the market, cruelty-free cosmetics are expected to grow. Key cruelty-free makeup manufacturers benefit from cooperation with significant online retailers, which indicates a positive future for the global vegan cosmetics market.
Urbanites' Trust in Vegan Certifications Threatens Traditional Cosmetic Brands
Urban consumers who appreciate ethical products are the main market for cruelty-free makeup manufacturers. Urbanites trust vegan and cruelty-free certificates more than advertisements to ensure that products aren't tested on animals.
The Vegan Awareness Foundation's cruelty-free logo and Cruelty-Free International's Leaping Bunny certification are essential. To obtain vegan certification, businesses must update their production techniques and follow stringent regulations. These regulations prohibit the use of GMOs, animal testing, and animal products. Investment and efficient marketing are required for this accreditation. The hesitation of well-known cosmetics companies to use cruelty-free products presents a growth obstacle for the private-label vegan cosmetics market.
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"The vegan cosmetics market is experiencing rapid expansion due to the growing demand for cruelty-free and environmentally friendly beauty products. This trend is altering the market as brands connect with moral principles to satisfy growing consumer demand.” – Opines Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).
Regional Outlook
In North America, Europe, and Asia Pacific, the vegan cosmetics market size is expanding rapidly. Demand for vegan cosmetics is rising in North America as consumers become more aware of ethical and environmentally friendly beauty products. With strict legislation promoting cruelty-free and plant-based beauty products, Europe remains a significant market.
Asia Pacific, meanwhile, is turning out to be a lucrative market as a result of expanding veganism and K-beauty trends. These areas are seeing an increase in cutting-edge, non-cruelty formulations and eco-friendly packaging, which points to a bright future for the cruelty-free cosmetics market.
Key Takeaways
- The facial products in the product type category to grab a share of 36.40% through 2033.
- Pumps and dispensers in the packaging type segment to acquire 23.60% of the market share by 2033.
- The United States vegan cosmetics industry to grab a share of 32.5% by 2033.
- Canada to hold a vegan cosmetics market share of 3.2% by 2033.
- By 2033, the United Kingdom is going to own 6.8% of the global market.
- Germany is going to dictate 5.2% of the global vegan cosmetics market by 2033.
- By 2033, China may possess 8.4% of the global vegan cosmetics market.
- India is anticipated to hold a 7.8% cruelty-free makeup market share by 2033.
- By 2033, Japan's cruelty-free cosmetics market is going to latch a 5.8% share.
Competitive Landscape
International and domestic cruelty-free cosmetic manufacturers might be found in the market. To improve their portfolio offering in the market, prominent vegan makeup manufacturers put a lot of effort into methods, including innovation and new product launches.
Key Vegan Cosmetics Manufacturers Companies
- Milani
- Too Faced
- Tarte
- Urban Decay
- Wet n Wild
- Lush
- Kat Von D Beauty
Recent Breakthroughs
- A vegan nail lacquer with 128 different hues was announced in January 2022 by Colorbar, one of the industry's top manufacturers, to increase its selection of vegan items in the Indian market.
- A cooperation between the consumer goods behemoth ‘Unilever’ and Hourglass, one of the producers of vegan beauty products, to see the release of a carmine-free vegan lipstick in the market in March 2021.
- The 100% vegan mascara from ‘Kat Von D Beauty’ cosmetics company was introduced in April 2019. It is manufactured from a combination of sunflower and olive oil.
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Key Segmentation
By Product Type:
- Facial Products
- Eye Products
- Lip Products
- Nail Products
By Packaging Type:
- Pumps & Dispensers
- Compact Cases
- Jars
- Pencils and Sticks
- Tubes
- Others
By Consumer Orientation:
- Men
- Women
- Kids
By Price Range:
- Mass
- Premium
By Sales Channel:
- Wholesalers/ Distributors
- Modern Trade
- Convenience Stores
- Departmental Stores
- Specialty Stores
- Online Retailers
- Others
By Region:
- North America
- Europe
- The Middle East and Africa
- East Asia
- South Asia
- Oceania
- Latin America
Author by
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments about Consumer Retail Goods.
Her work primarily focuses on facilitating strategic decisions, planning and managing cross-functional business operations technology projects, and driving successful implementations. She has helped create insightful, relevant analyses of Food and beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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