The vegan cosmetics market provides cruelty-free makeup and personal care products derived from plant-based sources without the use of animal ingredients and testing. Vegan cosmetics such as hair care, skin care, and makeup products including foundations, concealers, lipsticks, and powders are formulated without lanolin, beeswax, carmine, gelatin, and other animal byproducts. They are safe alternatives to consumers concerned about animal welfare.
The Global vegan cosmetics market is estimated to be valued at US$ 19.19 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the vegan cosmetics market are Jon-Don LLC., LG Electronics., Appliance Laundry Systems LLC., Electrolux Group, ECOLAB, among others.
The growing vegan population has increased the demand for cruelty-free personal care and makeup products. Various factors such as health, ethics, and sustainability are driving more consumers towards vegan lifestyles and products.
Major vegan cosmetic companies are expanding globally to capture the growing markets in developing countries. Increased marketing and availability in large retailers are making vegan options more accessible worldwide.
Market Key Trends
One of the key trends witnessed in the vegan cosmetics market is the rise of Vegan Cosmetic Market Demand. Several independent brands offering niche vegan products have emerged and garnered a loyal customer base. Innovation in formulations, packaging and personalized services have helped these startups grow rapidly. Moreover, established brands are acquiring vegan companies to strengthen their natural and vegan offerings. This consolidates competition in the market.
Porter’s Analysis
Threat of new entrants: The vegan cosmetics industry poses relatively low threat of new entrants since it requires high capital investment and established supply chain management.
Bargaining power of buyers: Growing veganism trend enables buyers to demand natural and cruelty-free products, increasing their bargaining power.
Bargaining power of suppliers: Specific raw material suppliers hold stronger position due to lack of substitutes.
Threat of new substitutes: Cruelty-free label attracts buyers but suppliers find it difficult to imitate existing brands quickly.
Competitive Rivalry: Intense competition.
Geographical Regions
North America currently holds the largest share of the global vegan cosmetics market in terms of value sale. Countries like the US and Canada have witnessed increased demand for natural and eco-friendly cosmetic products. Awareness about ingredients and their impacts have pushed consumers towards vegan options.
Asia Pacific region is expected to grow the fastest during the forecast period. Rapid economic development, rising disposable income, and growing health and wellness trend in countries like China, India propel the APAC vegan cosmetics market. Increasing millennial population and their preferences for sustainable products present lucrative opportunities.