Pune, India, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global vegan cosmetics market size was valued at USD 16.92 billion in 2022 and is expected to be worth USD 18.03 billion in 2023. The market is projected to reach USD 27.04 billion by 2030, recording a CAGR of 5.96% during the forecast period.
The veganism trend has gained significant momentum across many industries, such as food in recent years. Today, even the cosmetics sector is adopting veganism while manufacturing various makeup and skincare products. This is due to the growing pool of customers becoming aware of animal cruelty while testing cosmetics and actively seeking cruelty-free brands. This scenario is expected to bolster market growth in the coming years.
Fortune Business Insights™ displays this information in a report titled, "Vegan Cosmetics Market, 2023-2030."
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List of Key Players Profiled in the Vegan Cosmetics Market:
- GABRIEL COSMETICS (U.S.)
- PHB Ethical Beauty Ltd. (U.K.)
- Natur'Alley Ltd. (U.K.)
- GoNature Sp. z o.o. (Poland)
- Seraphine Botanicals (U.S)
- Nutriglow Cosmetics (India)
- Plum (India)
- Disguise Cosmetics (India)
- COTY INC. (U.S.)
- G&M Cosmetics (Australia)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.96% |
| 2030 Value Projection | USD 27.04 Billion |
| Market Size in 2022 | USD 16.92 Billion |
| Historical Data | 2019-2021 |
| 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 | Rising Popularity of Plant-based Products in Line with Emerging Veganism to Favor Market Expansion |
| Implementation of Bans on Animal-tested Cosmetics to Trigger Consumer Preference for Vegan Products |
Report Coverage:
The report offers several quantitative and qualitative insights into the market and provides in-depth information about its growth rate and size for all the possible segments. It presents key insights, such as the competitive landscape, leading industry developments, top market trends, and regulatory scenarios in key countries.
Drivers and Restraints:
Growing Popularity of Plant-based Products to Fuel Market Progress
Many customers are becoming concerned regarding the production and adoption of cosmetic products that consist of synthetic ingredients. This is due to the inclination toward their plant-based alternatives. Many companies that supply raw materials to manufacture cosmetics are turning vegan to expand their client base, which will further accelerate market growth.
However, the growing presence of fake cosmetic products can hinder the vegan cosmetics market development.
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COVID-19 Impact:
Supply Chain Issues During COVID-19 Impeded Market Growth
The COVID-19 pandemic had a negative influence on the demand for vegan cosmetics as there was a severe shortage of raw materials and manpower due to supply chain disruptions. These disruptions were caused by the imposition of lockdowns and social distancing norms by governments across the world. Beauty products were also a part of the non-essential products category, which made it challenging for manufacturers to continue with their production as they were forced to shut down their operations temporarily. These factors restricted the sales of vegan cosmetics as well, which strained market growth.
Segmentation:
Growing Demand for Plant-Based Cosmetics to Boost Sales of Vegan Skincare Products
Based on type, the market is classified into skin care, hair care, makeup, and others. The skin care segment held a dominant share of the market in 2022 as customers are increasingly demanding plant-based cosmetics to help them reduce their impact on the environment.
Hypermarkets/Supermarkets Remain Key Retailers for Vegan Cosmetics Globally
Based on distribution channel, the market is segmented into e-commerce, hypermarkets/supermarkets, departmental stores, and specialty stores. The hypermarkets/supermarkets segment will continue as a prominent global distribution channel for vegan cosmetics, thanks to its convenience and discounted product availability. While the offline distribution faced disruptions due to COVID-19, recent trends and developments indicate a resurgence of offline distribution in the post-pandemic period.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights:
Europe to Dominate Market Due to Presence of Major R&D Centers Focused on Making Cosmetics
Europe is estimated to dominate the global vegan cosmetics market share. The region’s market dominance is due to the vast presence of research & development centers that are dedicated to the production of innovative and cruelty-free cosmetics.
North America might also record major growth in the future due to the growing use of natural ingredients in cosmetic products.
Competitive Landscape:
Market Leaders to Focus On Mergers & Acquisitions and Product Innovations to Maintain Dominance
The vegan cosmetics market is highly competitive due to the increasing presence of local and international cosmetic brands. The concept of e-commerce marketing has picked up immense pace in recent years, which has decreased the market share of many large-scale cosmetic companies in the market. However, this scenario will give small-scale vegan cosmetics brands an opportunity to increase their online presence. Moreover, the companies involved in this market are entering merger & acquisition agreements and trying to innovate their existing range of products, which will help them retain their top market position.
Detailed Table of Content:
- 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
- Market Analysis and Insights (In relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges due to COVID-19
- Potential Opportunities due to COVID-19
- Global Vegan Cosmetics Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Skin Care
- Hair Care
- Makeup
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- E-commerce
- Hypermarkets/Supermarkets
- Departmental Stores
- Specialty Stores
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued...!
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Notable Industry Development:
- November 2021 – CoverGirl, a U.S.-based cosmetics company owned by COTY INC, introduced its new range of vegan makeup essentials under its label called Clean Fresh. The brand revealed that the new collection contained vegan formulae and natural ingredients, such as aloe extract and coconut milk.
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