Vegan Cosmetics Market by Product (Hair Care, Makeup, Skin Care), Sales Channels (Offline, Online) - Global Forecast 2024-2030

Vegan Cosmetics Market by Product (Hair Care, Makeup, Skin Care), Sales Channels (Offline, Online) - Global Forecast 2024-2030

The Vegan Cosmetics Market size was estimated at USD 17.34 billion in 2023 and expected to reach USD 18.67 billion in 2024, at a CAGR 7.77% to reach USD 29.29 billion by 2030.

Vegan cosmetics encompasses various beauty and personal care products that do not use any animal-derived ingredients or by-products in their composition, with a particular focus on reusable or recyclable packaging. This market aims at end-users seeking cruelty-free, eco-friendly alternatives in their daily skincare and makeup routine. Spiraling customer awareness about animal welfare, along with an increasing number of people adopting vegan lifestyles, is primarily fueling the increase in the usage of vegan cosmetics. Rising demand for plant-based products and increasing endorsements by celebrities and social media influencers for vegan cosmetics drive the market growth. Higher production costs due to the expensive raw materials and manufacturing processes and limited shelf-life of vegan cosmetics hamper the market growth. Rising investments by market vendors in thorough R&D for diversifying their product range, sourcing unconventional plant-based materials, and improving the longevity of their products are expected to create opportunities for market growth. Pertinent advancements in biotechnology and green chemistry are expected to create a platform for the growth of the market.

Regional Insights

The vegan cosmetics market in the Americas region is highly developed, with a large number of prominent players making the market highly competitive. The manufacturers strive to launch innovative products based on consumer reviews and requirements to fit the needs. The increasing demand for vegan cosmetics in the Americas is attributed to women being more aware of the importance of self-care with rising pollution that harms the body and the rising trend of using the products on social media platforms. In the EU countries, strict regulations against animal testing and a significant increase in ethical consumerism are significant driving factors for the rise in vegan cosmetics. Moreover, Middle Eastern countries are also gradually shifting their preference towards such cruelty-free products, primarily due to their Halal properties. The Asia-Pacific region contains several emerging economies with large population densities, which provides plenty of opportunities for the vegan cosmetics market to grow profusely. The brand value of South Korean and Japanese products in the global market is considerably high, creating a platform for vegan cosmetics.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Vegan Cosmetics Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Growing popularity of safer and naturally made cosmetics with a clean beauty trend
• Strict government rules & norms associated with the animal testing
• Increasing availability of vegan cosmetics on online sales channels

Market Restraints

• High overall cost and lower shelf life of vegan products

Market Opportunities

• Introduction of improved and enhanced vegan cosmetic formulations
• Adoption of innovative celebrity endorsements and marketing strategies by brands

Market Challenges

• Problems associated with mislabeling of products and absence of standardized regulations

Market Segmentation Analysis

• Product: Growing usage of vegan skincare products as a cruelty-free skincare solutions
• Sales Channel: Growing purchasing of vegan cosmetics across online platforms for ease of access and home delivery

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Vegan Cosmetics Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Vegan Cosmetics Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Organic Harvest Launches 100% Vegan Organic Makeup

Organic Harvest has recently introduced its debut line of color cosmetics, catering to the growing demand for vegan and cruelty-free beauty products. The collection features an array of six product categories, including matte lipsticks, liquid lipsticks, BB cream, compacts, kohl, and liquid eyeliner. This comprehensive range ensures that consumers can enjoy toxin-free formulations while still achieving their desired makeup looks.

Hourglass Expands Tiktok-favourite Lip Range in Korea as it Rides Vegan Wave

Hourglass Cosmetics, a luxury vegan beauty brand which is owned by Unilever, plans to release four new shades in line with the fall trends of its best-selling Phantom Volumising Glossy Balm in South Korea. Additionally, the brand launched Veil Hydrating Skin Tint at the beginning of the summer season, which is formulated with 94% naturally derived ingredients such as hyaluronic acid, plant-based squalene, meadowfoam seed oil, and rambutan blend.

Nykaa Cosmetics Launches Vegan Nail Enamels

Nykaa Cosmetics celebrated Environment Day by expanding its product portfolio with the launch of vegan nail enamels. These nail enamels are formulated to be non-toxic and free from harmful chemicals such as acetone, formaldehyde, camphor, and toluene. They also contain trace elements such as magnesium, zinc, and manganese, along with the nourishing properties of biotin.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Vegan Cosmetics Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Vegan Cosmetics Market, highlighting leading vendors and their innovative profiles. These include ADORN IP PTY LTD., AROMATICA, ASA Beauty Private Limited, AU NATURALE COSMETICS, Axiology, Beauty Without Cruelty by Lotus Brands, Inc., BEIGIC, Benton Inc., Billy Jealousy LLC, BlushBee Organic Beauty, BYENA Beauty GmbH, Daughter Earth by Eternite Elements Pvt Ltd., Debenhams Brands Limited, e.l.f. Beauty Inc., Ecco Bella, Emma Jean Cosmetics, Inc., Ethical Elephant, Ethique Limited, Gabriel Cosmetics Inc., Hiro Cosmetics, INIKA Organic, Jillian Dempsey, Lethal Cosmetics GmbH & Co. KG., LOGOCOS Naturkosmetik GmbH & Co. KG by L'Oréal S.A., Lush Limited, MO MI Beauty, Monave, MuLondon LTD, New Milani Group LLC, Nui Cosmetics, Nykaa E-Retail Pvt. Ltd., Organic Harvest, PURE U. Cosmetics, The Body Shop International Limited, Und Gretel, and Unilever PLC.

Market Segmentation & Coverage

This research report categorizes the Vegan Cosmetics Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product

Hair Care

Makeup

Skin Care

Sales Channels

Offline

Departmental Stores

Hypermarket & Supermarket

Specialty Stores

Online

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year