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Vegan Cosmetics Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global vegan cosmetics products market size was valued at USD 13.8 billion in 2021 and is expected to register a CAGR of 8.4% during the forecast period. The surge in the vegan trend has been driven mainly by the rising awareness of animal-derived ingredients used in cosmetics and toiletries, as well as the growing number of vegan beauty brands in the market. With the rise in veganism has come a proliferation of vegan cosmetic brands that prioritize natural ingredients, sustainability, and cruelty-free practices.
The growing demand for natural and cruelty-free cosmetics is encouraging manufacturers to introduce vegan products. For instance, in April 2021, L’Oréal launched its first vegan cosmetics line, which includes eye shadows, lipsticks, and mascara. Moreover, in June 2021, Kiko Milano launched its first vegan range of cosmetics, called Revolution of Beauty, which includes lipsticks, eye shadows, and false eyelashes.
The growing popularity of vegan beauty products and the subsequent consumer shift towards natural and organic cosmetics are driving the vegan cosmetics products market. Consumers are becoming more aware of the potential health risks associated with the use of synthetic ingredients in cosmetics and are now favoring vegan and cruelty-free products. Furthermore, the growing trend of veganism has also led to the emergence of numerous vegan beauty blogs and online platforms, which are helping to spread the message of veganism. This is expected to further drive the demand for vegan cosmetics products.
The increasing influence of social media on consumer behavior is also a major factor driving the market, as it enables brands to reach out to a wider audience and raise awareness about their product offerings. Moreover, the availability of vegan cosmetics products on e-commerce platforms is also driving the market. Consumers are increasingly preferring online platforms to purchase cosmetics products, as it offers convenience and a wide selection of products.
The rising demand for vegan cosmetics products is expected to continue in the coming years, driven by the increasing awareness of animal-derived ingredients used in cosmetics and toiletries and the growing number of vegan beauty brands in the market. Additionally, the increasing influence of social media on consumer behavior and the availability of vegan cosmetics products on e-commerce platforms are other factors expected to drive the vegan cosmetics products market.
Product Insights
The vegan cosmetics segment is expected to expand at a significant CAGR of 8.4% over the forecast period. The vegan cosmetics market is gaining immense popularity due to the growing awareness about health and environmental concerns. The increasing demand for natural and organic vegan cosmetics has been driving the market growth. According to an article published by The Guardian, in November 2019, the global market for vegan cosmetics was valued at US$12.9 billion and is expected to reach US$20.8 billion by 2025.
Furthermore, the increasing demand for cruelty-free products and the rising awareness about animal rights are some of the key factors driving the demand for vegan cosmetics. In addition, manufacturers are introducing new innovations and product enhancements to meet consumer needs, which is expected to drive the market growth. Moreover, the increasing number of beauty influencers and bloggers promoting vegan cosmetics on social media is also expected to contribute to the market growth.
Distribution Channel Insights
Supermarkets & hypermarkets held the major share of over 44.8% in 2022. Consumers prefer to purchase vegan cosmetics products such as face wash, lipsticks, and moisturizers from supermarkets & hypermarkets as it provides a wide range of products and brands to choose from. Furthermore, supermarkets & hypermarkets offer various discounts on these products, which is driving the segment growth. Also, the presence of physical stores provides customers the opportunity to touch and feel the product before purchasing, which further drives the segment growth.
The online distribution channel is expected to expand at the highest CAGR of 15.2% over the forecast period. The growth of the segment is attributed to the increasing number of vegan cosmetics products brand launching their own websites and shopping apps. For instance, in December 2021, The Body Shop launched its vegan cosmetic range of products called ‘Love Nature’ on its official website. The range includes products like facial scrubs, moisturizers, and face masks. Moreover, the growing trend of online shopping is further driving the segment growth.
Type Insights
The vegan cosmetics segment was estimated to account for the largest revenue share of 54.3% in the year 2022. The increasing demand for vegan cosmetics is driven by rising consumer awareness about the environmental and ethical impacts of animal-derived ingredients. Furthermore, the growing vegan population is also a key factor driving the demand for vegan cosmetics. For instance, in 2020, the vegan population in the U.K. accounted for 2.8 million people, representing 6.7% of the total population.
The natural cosmetics segment is expected to expand at the highest CAGR of 8.4% during the forecast period. The rising demand for natural cosmetics is driven by increasing consumer preference for natural and organic products. Furthermore, the increasing awareness about the potential side-effects of chemical-based products is also propelling the use of natural cosmetics. For instance, in 2020, The Body Shop, a company offering natural and cruelty-free products, launched a campaign to raise awareness about the effects of plastic pollution on the environment.
Regional Insights
Europe dominated the vegan cosmetics market and accounted for the largest revenue share of over 37.5% in 2022. This is attributed to the increasing awareness regarding the health benefits of vegan cosmetics and the rising trend of veganism in the region. Governments in the region are also taking initiatives to promote veganism. For instance, in October 2021, the German government launched the “Veganism and Vegetarianism Promotion Act” to promote the vegan lifestyle.
North America is expected to witness the fastest growth in the coming years owing to the increasing demand for natural and organic products in the region. The growing trend of cruelty-free cosmetics is expected to drive the growth of the vegan cosmetics market in North America. For instance, in 2021, the U.S. based company, The Cruelty Free Shop, launched a line of vegan cosmetics products.
Financial Projections
In this part of the vegan cosmetics products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your vegan cosmetics business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenues for a vegan cosmetics products business come from the sale of products, subscriptions, e-commerce, and wholesale. Here you will find a list with a description of each of them and other possible sources of profit such as fundraisers, online advertising, and collaborations with other businesses.
Projecting Expenses
In this section, all the regular expenses related to keeping the vegan cosmetics products business running will be described. The list of operating expenses includes the cost of raw materials and packaging, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the vegan cosmetics market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Lush Cosmetics launched a range of vegan lipsticks made from natural ingredients.
– In August 2022, Too Faced Cosmetics launched a line of vegan mascaras made from plant-based ingredients.
– In October 2022, The Body Shop launched a range of vegan skincare products made from natural ingredients.
Some of the prominent players in the vegan cosmetics market include:
– Lush Cosmetics
– Too Faced Cosmetics
– The Body Shop
– Pacifica Beauty
– Kat Von D Beauty
– KVD Vegan Beauty
– e.l.f. Cosmetics
– L’Oréal Paris
– CoverGirl
– Physicians Formula
Global Vegan Cosmetics Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global Vegan cosmetics products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Skin Care
– Hair Care
– Make-up
– Fragrances
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Natural
– Organic
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the factors driving the vegan cosmetics products market?
[A]: The global vegan cosmetics products market is driven by factors such as rising awareness about the ethical, environmental, and health benefits of vegan products, increasing demand for natural and organic cosmetics, growing demand for plant-based ingredients, and increasing demand from millennials.
[Q]: Who are the key players in the vegan cosmetics products market?
[A]: The key players in the vegan cosmetics products market are L’Oreal S.A., Unilever PLC, Estée Lauder Companies Inc., Procter & Gamble Co., Shiseido Co. Ltd, The Clorox Company, and others.
[Q]: What is the potential of product innovation?
[A]: Product innovation is expected to lead the vegan cosmetics products market in the forecast period. Manufacturers are focusing on introducing new product lines that are free from synthetic ingredients and offer natural and organic solutions. They are also introducing natural and vegan ingredients such as aloe vera, shea butter, and others, which are gaining traction among consumers.
[Q]: What region offers the largest opportunity for sales of vegan cosmetics products?
[A]: The Asia Pacific vegan cosmetics products market is expected to witness the highest growth rate and offer the largest opportunity for sales of vegan cosmetics products, owing to the rising population, growing awareness of vegan products, and increasing demand from countries such as India, China, and Japan.
[Q]: What are the trends in the vegan cosmetics products market?
[A]: Trends in the vegan cosmetics products market include increasing demand for vegan beauty products, rising demand for natural and organic ingredients, introduction of new product lines, and increasing demand for multi-functional vegan products.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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