Vegan Cosmetics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Vegan Cosmetics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The vegan cosmetics market is anticipated to register a CAGR of 6.5% during the forecasted period (2021-2026).

The shift in consumer preference during the pandemic led to seek out healthier cosmetics options causing the sales of organic and vegan products to surge. Moreover, with enhanced online transactions, startups and private label brands have benefited from the market studied.

The market growth is driven by increasing consumer awareness of the usage of animal-derived ingredients, and the increasing demand from mainstream consumers across the world for vegan-certified products is expected to push the revenue generation in the global market over the medium term.

Millennial customers are the major consumers of the market since they are more attracted to innovative products. The demand for natural hair colors is growing in the cosmetics market. Hence, the manufacturers put their emphasis on vegan and toxin-free ingredients in hair care products.

Key Market TrendsGrowing Consumer Appetite for Cruelty-free Product Claims

The cruelty-free (no animal testing), vegetarian (no byproducts of animal slaughter), and vegan (no animal ingredients at all) beauty market has exploded in recent years.​ Today’s consumers pay attention to not only a particular shade of lipstick that suits them but also about how that lipstick is made.​

Many A-list celebrities are endorsing vegan cosmetics and vegan lifestyles. Famous advocates for the animal product-free life include Miley Cyrus, Kate and Rooney Mara (who launched the vegan clothing line, Hiraeth), Jared Leto, Jennifer Lopez, Anne Hathaway, Brad Pitt, and Natalie Portman.​ Therefore, the influence of celebrities on consumers is expected to drive the procurement of vegan cosmetics further.

Animal-free alternatives have led companies, such as EpiSkin and EpiDerm, to produce lab-grown human skin samples for testing cosmetic products. An ability to create samples on demand reduces costs and being human epidermis and increases the accuracy of results. Hence, the increasing demand for vegan cosmetics among millennials and technological advancements drive the growth of the vegan cosmetics market.​

Europe Holds a Major Share in the Market

The European region has witnessed an increasing demand for natural and organic products due to the rise in consumer awareness about the harmful effects of certain compounds, such as paraben and aluminum compounds present in skincare, hair care, and deodorants. Based on its natural and ethical formulation, a high percentage of European consumers choose one brand over others, with vegan beauty product sales have increased substantially in the United Kingdom alone during the past few years. This has enhanced an increase in the demand for safe, natural, and organic vegan cosmetics products in recent times.​ The purchases are made based on efficacy, longer-lasting protection, and clinical properties. The demand for vegan ingredients has been quite evident in the market, and this has led to a majority of companies launching products with nature-inspired ingredients, such as plant-inspired and premium botanical ingredients, coupled with multi-functional properties. For instance, in 2019, Avon United Kingdom launched a range of vegan skincare and make-up line distillery in the market.

Competitive Landscape

The vegan cosmetics market is a competitive market, with some of the players operating in the market are Loreal SA, Coty Inc., MuLondon, Billy Jealousy, and Beauty Without Cruelty. These companies are widening their operational boundaries across different countries in the world.​ Major players are focusing on introducing new products in the market to cater to the interests of the players to enhance their spot in the market. Major emerging market players targeting leading brands are making strategic acquisitions of the market leaders in the more mature and sophisticated markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

MuLondon
Billy Jealousy
Beauty Without Cruelty
Nature's Gat
MO MI BEAUTY
Emma Jean Cosmetics Inc.
Inika
Gabriel Cosmetics Inc.
Groupe Rocher
Pacifica Beauty
Loreal SA ( Urban Decay )
e.l.f. Cosmetics Inc.
Coty Inc.

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.