Pune, India, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global vegan cosmetics market size was USD 12.72 billion in 2020 and is projected to grow from USD 15.87 billion in 2021 to USD 24.79 billion in 2028 at a CAGR of 6.57% during the 2023-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Vegan Cosmetics Market, 2023-2028.” Factors such as veganism turning into a mainstream trend and increasing consumer base focusing on sustainability activities will increase the footprint of the market during the forecast period. Additionally, the rising rate of product renovation will boost the market growth.
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Leading Players Featured in the Research Report:
Companies leading the vegan cosmetics market are Nutriglow Cosmetics (Uttar Pradesh, India), Plum (Maharashtra, India), Disguise Cosmetics (Maharashtra, India), COTY INC. (New York, U.S.), G&M Cosmetics (New South Wales, Australia), GABRIELCOSMETICS (Washington, U.S.), PHB Ethical Beauty Ltd (Brighton, U.K.), Natur'Alley Ltd (London, Japan), GoNature Sp. z o.o. (Poznań, Poland), Seraphine Botanicals (New Jersey, U.S), and more.
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2028 |
| Forecast CAGR | 6.57% |
| 2028 Value Projection | USD 24.79 Billion |
| Market Size in 2020 | USD 12.72 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 185 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Vegan Cosmetics Market Growth Drivers | Implementation of Bans on Animal-tested Cosmetics is Triggering Consumer Preferences for Vegan Products |
| Rising Popularity of Plant-based Products Paired with Emerging Veganism Trend to Favor Market Expansion |
Report Coverage-
The report is highly analytical and contains valuable insights into the industry by shedding light on critical aspects such as related markets, competitive landscape, and recent industry developments. Additionally, the report also sheds light on mergers & acquisitions, SWOT analysis, the regulatory scenario in critical countries, and key industry trends. The report also contains factors that are expected to affect the market in a positive/negative manner.
Drivers & Restraints-
Increasing Popularity of Plant-based Products and Rising Bans on Animal Testing to Bolster Growth
Factors such as increasing global concerns regarding production and consumption of cosmetics with synthetic ingredients and shifting consumer behavior towards plant-based substitutes will boost the vegan cosmetics market growth during the forecast period. Also, evolving vegan lifestyles among consumers from emerging economies and improving raw material procurement measures will increase the footprint of the market. Additionally, the rising ban on animal testing will further fuel the market towards extended growth.
However, the rising number of counterfeit products will limit the market growth during the forecast duration.
COVID-19 Impact-
Supply Chain Disruptions to Hamper Market Growth During Pandemic Era
The COVID-19 pandemic caused severe economic backlash to various sectors. Production delays and disruptions in supply chains affect the market in a negative manner. Vegan cosmetics were deemed as non-essentials at the beginning of the pandemic, which created a stagnant product supply demand. The pandemic accelerated online distribution channels, which is expected to revive the market in a post-pandemic era. Sales pertaining to luxury beauty products will also see a surge due to reflecting consumer preferences and the rising prospects of luxurious beauty.
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What are the factors driving applications of the Vegan Cosmetics Market?
- Rising Vegan Population: The increasing number of vegans and vegetarians worldwide is a primary driver. These consumers seek products aligned with their ethical and lifestyle choices, leading to a growing demand for vegan cosmetics.
- Ethical and Sustainable Consumerism: Today's consumers are more conscious about the environment and animal welfare. Vegan cosmetics are perceived as more ethical and environmentally friendly, driving consumers to opt for cruelty-free and eco-conscious beauty products.
- Health and Wellness Trends: The trend towards healthier living and cleaner beauty is fueling the demand for vegan cosmetics. Consumers are becoming more aware of the potential benefits of using plant-based ingredients, which are often perceived as safer and less harmful to the skin.
- Regulatory Support: Government regulations and certifications are increasingly supporting vegan cosmetics. Certification bodies like The Vegan Society and PETA's Beauty Without Bunnies program help consumers identify genuine vegan products, boosting consumer confidence.
- Innovation in Formulations: Cosmetic companies are investing heavily in research and development to create high-quality vegan formulations that rival traditional beauty products. This innovation has resulted in a wide range of vegan cosmetics that offer excellent performance.
- Celebrities and Influencers: Many celebrities and social media influencers are endorsing vegan cosmetics, creating awareness and driving consumer interest. Their influence on consumer purchasing decisions has been substantial.
- Retail Expansion: Vegan cosmetics are now widely available in mainstream retail outlets, making them more accessible to a broader consumer base. Specialty vegan beauty stores and e-commerce platforms have also contributed to market growth.
Segments-
On the basis of type, the market can be divided into skin care, hair care, makeup, and others.
By distribution channel, the market can be broken into e-commerce, hypermarkets/supermarkets, departmental stores, specialty stores, and others.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights-
Europe to Hold Market Dominance due to Immense Focus on R&D
Europe will witness the largest vegan cosmetics market share during the advent of the forecast period due to the region being the breeding ground for banning animal testing activities and rising focus toward research & development. Additionally, the rising number of scientific innovative centers in the region will increase the footprint of the market.
North America will hold a significant market share in terms of global contribution owing to the increasing popularity of natural ingredients and the rising population of working women. Also, a rising dearth of beauty clinics across the region and the presence of prominent players will fuel the growth of the market in an exponential way.
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Competitive Landscape-
Product Innovation & Novel Launched to Contribute to Rocketing Market Growth
The report for vegan cosmetics is highly fragmented, with the market being divided into regional and international overviews for a litany of product differentiation. The rising popularity of e-commerce platforms is expected to further push distributors and vendors towards a ballooned state regarding sales. For example, Plum unveiled its first exclusive standalone store in Mumbai, India. The brand further revealed its plan to locate more than 50 stores across the Indian sub-continent by 2023. The market is further plagued with an increasing number of small entrants who enter the market every year. An additional certification from the People for the Ethical Treatment of Animals (PETA) will help brands build a significant image for their consumers, further extending growth.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Market
- Regulatory Analysis
- Industry SWOT Analysis
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Vegan Cosmetics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Skin Care
- Hair Care
- Makeup
- Others
- By Distribution Channel
- E-commerce
- Hypermarkets/Supermarkets
- Departmental Stores
- Specialty Stores
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type
TOC Continued...!
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Industry Development-
- November 2021: CoverGirl, launched a new collection of vegan makeup essentials under its Clean Fresh label. The brand advertised its new collection to feature natural ingredients and vegan formulas extracted from aloe extract and coconut milk.
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