Global Vegan Cosmetics Market Overview, 2023-28

Global Vegan Cosmetics Market Overview, 2023-28

Vegan cosmetics are factory-made while not harming animals hence these products do not contain any animal-derived ingredients. They are made victimization plant-based extracts, ingredients, and derivatives. Vegan cosmetic products embody vitamins, minerals, gelatin, antioxidants, collagen, honey, and lots of additional. Vegan cosmetics are extremely popular and demandable among vegan populations. There are many styles of vegan cosmetic products as well as care, hair care, makeup, and color cosmetics that are simply obtainable within the market. Vegan cosmetics are obtainable in a wide range of varieties, variants, and others to suit the wants of vegan customers. The demand for vegan cosmetics with plant-based ingredients is increasing due to their varied advantages to the skin like protective skin as a result of the exclusion of harmful chemicals from it, any propulsive their demand within the market. Veganism is a distinct segment construct that is quickly changing into thought within the cosmetic business. With an improbably sizable period of customers specializing in property, cosmetic brands are compelled to rethink ingredients utilized in production. Besides this, an overhaul in production is probably going as manufacturers choose improving sustainability. Due to the increasing access to information and rising penetration of the web, trendy customers are rendered higher aware than ever before. Coupled with this, soaring environmental considerations and depleting natural resources are inflicting an important shift in their behaviour. Consequently, veganism is witnessing an upward trend that is unlikely to hamper as per recent studies. The beauty industry has an effect as environmentally conscious consumers are seeking more cruelty-free products and making sustainable choices.

According to the research report, “Global Vegan Cosmetics Market Overview, 2023-28” published by Bonafide Research, the market is anticipated to cross USD 24 Billion market size, increasing from USD 17.39 Billion in 2022. The market is expected to grow with 6.31% CAGR by 2023-28. Veganism although being a niche concept, it is fast becoming a mainstream in the cosmetic industry. With an incredibly large number of consumers focusing on sustainability, cosmetic brands are compelled to rethink ingredients used in manufacturing. Besides this, overhaul in production is likely as manufacturers choose improving sustainability. Thanks to the increasing access to information and rising penetration of the internet, modern consumers are rendered better aware than ever before. Coupled with this, soaring environmental concerns and depleting natural resources are causing a momentous shift in their behaviour. Consequently, veganism is witnessing an upward trend, which is unlikely to slow down as per recent studies. The beauty industry is feeling the effect of this movement as environmentally conscious consumers seek more cruelty free products and make sustainable choices. The advent of established players will make veganism a stronger movement in the vegan cosmetics market. Additionally support from various international organizations will guarantee wider reach. Also, support from renowned international organizations has been a chief driver of the vegan cosmetics market. People for the Ethical Treatment of Animals (Peta) for instance release a list of top vegan beauty brands at regular intervals. As a result there is higher focus on vegan certification among cosmetic brands. Peta for instance affiliates companies that produce and sell vegan goods. Once approved these companies can use Peta approved logo on their tags and labels. Consumers are no longer oblivious to these organizations, their mottos and logos. Naturally products boasting vegan approved logos and certifications will have a clear advantage in a highly competitive beauty industry.

In the mind of modern day consumers, excellent cosmetics complement a healthy planet. Veganism has therefore permeated a society that is here to stay, compelling all cosmetic brands to use ethical strategies without compromising on the quality of their products. Even as consumers focus on clean ingredients, they want their products to be highly effective. Attractive packaging of course remains an added advantage. In a way it is important for vegan cosmetics to be as effective and attractive as their synthetic counterparts. However, consumers expect sustainability from the former. The market growth is also driven by increasing consumer awareness that vegan products are made of natural ingredients, devoid of chemicals, have no side effects, and are safe to use. Consumer awareness of the drawbacks of chemically based cosmetics and their harmful products on the skin is growing. The market is expanding due to increasing animal safety concerns, as vegan cosmetics are entirely cruelty-free. Animal testing is never done on vegan cosmetics. They are a healthier and much more compassionate alternative because they don't include beeswax, collagen, gelatin, honey, carmine, cholesterol, milk, lanolin, shellac, or other animal-derived components. In addition, cosmetics like skin care, color cosmetics, hair care, and others are increasingly being used by consumers; particularly Gen Z. Sales are anticipated to increase as a result of both of these factors and growing consumer knowledge of the benefits of using vegan cosmetics because they are free of chemicals and kind to the environment. The recent COVID-19 irruption has severely compacted the expansion of the business. The pandemic no continuous production further as sales of vegan cosmetics each through online and offline channels due to social distancing and stay-home policies. Demand for brand new orders from retailers had returned to a standstill as major markets were under lockdown that drastically altered the provision chains globally.

The demand for Vegan Cosmetics containing plant-based ingredients is growing due to the numerous benefits they provide to the skin, such as skin protection due to the absence of harmful chemicals, which drives their market demand. Furthermore, the growing trend of veganism has encouraged manufacturers to invest in Research and Development (R&D), launch new products and variants, and cater to consumers looking for vegan products. For example, G&M, an Australian beauty products manufacturer, found Vegan Cosmetics to capitalize on the growing market for the same, particularly among young customers. Furthermore, Vegan Cosmetics such as skin care, color cosmetics, hair care, and others are becoming an essential part of consumer grooming, particularly among Gen Z. This is due to increased consumer awareness of the benefits of using Vegan Cosmetics, which are chemical-free and environmentally friendly. This, in turn, is expected to boost the market growth in the forecast years. Product innovation is the key trend gaining popularity in the vegan cosmetic market. Major companies operating in the vegan cosmetic market are focused on developing new and innovative vegan products to strengthen their market position. For instance, in June 2022, LG Household & Health Care, a South Korea-based consumer goods company, launched Freshian, a vegan-certified color cosmetic brand, in an effort to attract millennial and Generation Z beauty clients. This brand is introduced with two different types of cushion compacts, a variety of lip balms, and a sunscreen. The products' components, including five different forms of hyaluronic acid and madecassoside, were chosen to soothe the skin. Corn starch is used in the cushion puffs, and raw materials generated from sugarcane are used in the packaging to lessen the brand's environmental effect. In February 2022, Revolution Beauty Group, a UK-based developer and distributor of cruelty-free cosmetics, acquired Badass with Heart (BH) cosmetics for a deal amount of $22.5 million. The acquisition would assist Revolution Beauty Group in expanding the BH brand domestically, globally, and in the vegan market. BH Cosmetics is a US-based and vegan brand that provides cruelty-free natural makeup products.

Many consumers are changing their shopping habits, with several companies and manufacturers recalling their conventional compositions because of the use of animal-derived products. Brands like The Body Shop are rapidly transitioning towards a 100% vegan beauty and skincare line. In January 2022, Colorbar created a ""Vegan Nail Lacquer"" range with 128 hues as part of its expanded focus on vegan and natural beauty. Their marketing campaign even claimed that the Vegan Nail Lacquer promises a distinctly clean and green makeup experience owing to its non-toxic Patented 20 free formula and double-patented design, which it claims is loaded with biotin and calcium. In November 2022, NYX Professional Makeup launched a vegan makeup collection inspired by 20th-Century Studios' Avatar: The Way of Water. In addition to providing a vegan and animal-free product line, the firm announced that the group wants to lessen its adverse effects on the environment. Recyclable materials were used to make palettes, lipsticks, face spray, and paint to reduce waste. The major companies serving the global vegan cosmetics market include MuLondon Ltd., Estee Lauder Companies Inc., Loreal SA, Amway Corp., and L’OCCITANE Group. The market players are contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in April 2022, e.l.f. Cosmetics launches vegan clean beauty collection “Pure Skin”. The Pure Skin range currently offers 3 basic skincare products priced between $9-$15. These include Pure Skin Cleanser, Pure Skin Toner, and Pure Skin Moisturizer. Pure Skin Cleanser is a non-foaming cream cleanser that gently cleanses skin with its minimal formulation. It is infused with oat milk, allantoin, and niacinamide. The Moisturizer is non-comedogenic cream containing oat milk, ceramides, and niacinamide. With a rich formulation, it makes skin soft and healthy. Pure Skin Toner is a nourishing toner for post-cleanse containing oat milk and niacinamide to moisturize and calm the skin.

Based on the product type, the skin care segment accounted for major market share in the market in the year 2022. Nowadays, conscious consumers are inclined towards using vegan skin care products. This is owing to the rising consumer awareness regarding the benefits associated with the use of the product to their skin as they are usually made by using plant-based ingredients, thus having less chance of itchiness, irritation, acne, and other problems on the skin. The hair care segment is anticipated to expand at the fastest CAGR for 2023-2028. Vegan hair care has a wide range of products such as shampoo, hair oil, hair conditioner, hair mask, and others and is available in different forms to cater to the customer requirements which in turn are driving the demand for hair care products in the market. Additionally, the color cosmetics segment is expected to be the second fastest growing segment in the vegan cosmetics market registering a CAGR of over 6% during the forecast period. E.L.F cosmetics, KVD Vegan Beauty, and Bite Beauty are some of the key brands offering vegan color cosmetics in the market which in turn is propelling the growth in terms of value sales. Further, in 2022, the specialty stores segment dominated the global vegan cosmetics market. These stores have focused on offering a variety of products, including vegan cosmetics, to cater to customers and give them the option of selecting from a variety of brands before making a purchase. Furthermore, these stores offer discounts and vouchers on such products, which have increased foot traffic in these stores. Based on the price range, premium segment is leading the market in 2022.

Furthermore, supermarkets and hypermarkets account for approximately 24.8% of the market share. Supermarkets and hypermarkets typically cover a large area and offer a wide range of beauty products under one roof. Furthermore, these stores are strategically placed near residential areas for convenience and easy access to products such as vegan cosmetics. However, the e-commerce segment is expected to register the fastest CAGR from 2023 to 2028. The sale of vegan cosmetics through the e-commerce segment is expected to witness substantial growth in the coming years owing to various benefits provided by this retail platform which includes home delivery, discounts, easy payment options, and others. The increasing availability of a wide range of vegan cosmetics from different brands, free delivery, and seasonal discount on e-commerce platforms such as Boohoo, Blanka, Amazon, and others are among the major reasons driving the segment. Based on end users, individual consumers form a significant end-user segment for vegan cosmetics. People who follow a vegan lifestyle, are environmentally conscious, or have concerns about animal welfare choose vegan cosmetics as part of their personal care routines. They prioritize products that are free from animal-derived ingredients, cruelty-free, and ethically produced. However, commercial segment such as professional makeup artists play a crucial role in the adoption of vegan cosmetics. Many makeup artists, especially those working in the fashion, entertainment, and bridal industries, have embraced vegan cosmetics to cater to the demands of their clients. They use vegan products to create various makeup looks for events, photoshoots, film and television productions, and fashion shows. Commercial establishments such as hotels, resorts, and beauty centers utilize vegan cosmetics for their guests and clients. As part of their commitment to sustainability and meeting customer expectations, these establishments offer vegan-friendly amenities and services, including cruelty-free and vegan personal care products.

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