Vegan cosmetics are cosmetic products that do not contain any animal-derived ingredients and are not tested on animals. Vegan cosmetics include skincare, haircare, makeup, and fragrances. The growing preference towards cruelty-free products among consumers is driving the demand for vegan cosmetics. Vegan cosmetic products offer similar benefits as traditional cosmetics such as moisturizing and nourishing the skin without exploiting animals. The use of natural and plant-based ingredients in vegan cosmetics makes them safer and healthier alternatives for people with sensitive skin. Vegan cosmetics are free from any traces of lanolin, carmine, gelatin, and other animal-derived ingredients.
The global vegan cosmetics market is estimated to be valued at US$ 16.65 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trends in the vegan cosmetics market includes the growing availability of vegan products across multiple categories and the rise of clean and sustainable beauty brands. Consumer preference is rapidly shifting towards natural skincare and vegan makeup products. Vegan and cruelty-free brands are launching innovative and high-performance products matching the qualities of traditional cosmetics. Some key trends include the rise of multipurpose vegan beauty products, advancement in vegan formulations to provide skincare benefits, and expansion of distribution channels both online and offline. Growing concerns over animal testing and increasing support for animal welfare causes on social media are also driving the demand for vegan cosmetics globally.
Threat of new entrants: The threat of new entrants in the vegan cosmetics market is moderate as it requires huge investments for R&D, branding and distribution to enter this market. However, large number of small brands are entering this space leveraging online sales.
Bargaining power of buyers: The bargaining power of buyers is high in this market as vegan cosmetics are becoming mainstream and buyers have various options. Buyers can easily switch to alternatives based on product quality and prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw material suppliers include those providing plant-based extracts, oils etc. However, small suppliers face competition from each other.
Threat of new substitutes: The threat of substitutes is high as customers can easily switch to conventional cosmetics or products from other vegan brands. Market players need continuous innovation to attract customers.
Competitive rivalry: The competitive rivalry is high with presence of global players and new entrants. Companies compete based on product differentiation, innovation, quality, effective marketing and endorsements.
Global Vegan Cosmetics Market Size is expected to witness high growth. Regional analysis comprises Regional analysis related content
The vegan cosmetics market in North America is the fastest growing market driven by rising awareness about vegan and cruelty-free products. Europe is also a significant market with countries like UK, Germany dominating demand. Asia Pacific market is poised to grow at fastest pace led by increase in health-conscious young population and expanding retail channels in countries like India.
Key players related content comprises Key players operating in the vegan cosmetics market are Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L‟Occitane Group, L‟Oreal S.A., LVMH Group, and MuLondon, Pacifica Beauty, Unilever plc. Weleda, Coty Inc., Beauty with Cruelty, Elf Cosmetic Company, Urban Decay, and Nature€TMs Gate
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it