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  • Published In : May 2024
  • Code : CMI5437
  • Pages :120
  • Formats :
      Excel and PDF
  • Industry : Consumer Goods

Market Size and Trends

The vegan cosmetics market is estimated to be valued at USD 67.27 Bn in 2024 and is expected to reach USD 101.82 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.

Vegan Cosmetics Market Key Factors

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The vegan cosmetics market is expected to witness a positive growth trend over the forecast period. The growth in demand for cruelty-free products is expected to drive the market growth. Further, increasing awareness about the benefits of vegan cosmetic products is also expected to support the market growth. Consumers are seeking products that are vegan certified and not tested on animals. Moreover, social media influencers promoting vegan lifestyles are positively influencing the purchase behavior of consumers towards vegan cosmetic products. The advent of natural and organic skincare brands catering to vegan consumers worldwide will continue boosting the vegan cosmetics market during the projection years.

Rising Health Consciousness

The modern consumer is becoming increasingly conscious about the ingredients used in the personal care products they use. With numerous reports highlighting the presence of toxic and harmful chemicals in conventional cosmetic products, people are actively seeking out natural and organic alternatives. Vegan cosmetics perfectly fit this demand side behavior as they are formulated without any animal-derived ingredients or by-products and are also free from chemicals like parabens, phthalates, and mineral oils. The vegan lifestyle in mainstream now and more individuals want their personal care and makeup items to align with their ethical beliefs of avoiding harm to animals. They wish to make compassionate choices and feel good about what they apply on their skin on a daily basis. By opting for vegan cosmetics, people believe they are not only taking care of their own well-being but also doing their bit to create a more sustainable world.

Market Concentration and Competitive Landscape

Vegan Cosmetics Market Concentration By Players

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Focus on Cruelty-free Products

Another major driver is the rising opposition to any form of animal testing in the cosmetic industry. Images and videos of animals being harmed and abused for cosmetic testing have created considerable discontent among the public. Many see such practices as unnecessary, unethical, and an indication of lack of innovation. They feel anguished by how multinational corporations are using living creatures to test odd ingredients just for profit making. Brands promoting vegan and cruelty-free credentials attract these socially conscious customers who want to make purchases from companies that demonstrate empathy. Several countries have already passed legislation to ban cosmetic testing on animals. Many popular brands proactively took a no-animal-testing stance even before it was mandated. Cruelty-free certification granted by third-party auditors like PETA and Leaping Bunny acts as proof for consumers that particular vegan brands are truly walking their talk. This builds trust and allows such brands to tap into customers seeking conscientious options.

Key Takeaways of Analyst:

The vegan cosmetics market has strong potential for growth in the coming years. One of the key drivers is the rising awareness about animal cruelty in product testing and ingredient sourcing. More consumers are opting for vegan brands that are cruelty-free and contain no animal-derived components. Another factor is the flexibility that vegan cosmetics offer to accommodate different skin types and needs.

Niche perception may act as a restraint at this stage. Many consumers still associate vegan options with limited availability and uneven quality. High initial investment and marketing costs also pose challenges for new entrants. Certification and standards complexity adds to the cost burden faced by manufacturers.

Changing regulations can convert restraints into opportunities. More countries embracing anti-animal testing laws will validate vegan claims and attract larger investor interest. Hybrid natural positioning combining vegan attributes with organic and sustainable features can boost marketability further. Innovation in formulas mimicking non-vegan textures and functionality will strengthen customer loyalty.

Challenges: High cost of vegan cosmetics

One of the major factors hindering the growth of the vegan cosmetics market is the higher prices of vegan personal care products compared to conventional personal care containing ingredients derived from animals. Vegan cosmetics tend to be more expensive since replacing animal-derived ingredients with vegetal alternatives often requires additional research and development efforts. Further, as the vegan cosmetics industry is still niche compared to mainstream conventional cosmetics industry, economies of scale cannot be achieved, leading to increased production costs.

Opportunities: Growing demand for vegan and eco-friendly products

The growing demand for sustainable and cruelty-free products has opened up a huge opportunity for vegan cosmetics companies. Consumers, especially millennials and generation Z, are increasingly concerned about the environmental and ethical impact of the products they use. They want brands that are sustainable, vegan and do not involve animal testing. Vegan cosmetic firms that recognize emerging consumer priorities and offer sustainable alternatives with natural, cruelty-free ingredients will see huge tailwinds. They can attract a growing tribe of ethical buyers who are willing to pay more for products aligning with their values. The vegan cosmetics category remains highly fragmented with plenty of opportunities for new entrants as well as expansion for existing small brands. Innovation will be key to meet the rising demand. Some international firms have already started offering vegan-dedicated makeup and skin care ranges. As more consumers worldwide embrace sustainable lifestyles, vegan cosmetics industry looks set for exponential growth in the coming years.

Vegan Cosmetics Market By Product Type

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Insights by Product Type: Consumers focus on skin health leading to skin products’ popularity

In terms of product type, skin product is expected to contribute 38.3% share of the market in 2024, owing to increasing consumer awareness about the importance of skin health. A growing number of people are conscious about the ingredients used in personal care products and their effects on the skin. Vegan skin products are gaining popularity as they are chemical-free and contain natural nutrients that hydrate and nourish the skin without any side effects. The rise in pollution levels has made most consumers vulnerable to premature skin aging, acne, and other skin issues. As a result, they prefer vegan skin care lines containing antioxidant-rich plant-based ingredients like aloe vera, argan oil, jojoba oil, etc. that heal and protect skin from damage. Additionally, the expanding beauty and cosmetics industry promotes the advantages of organic skin products through social media and influencer marketing, driving more consumers toward natural vegan alternatives.

Insights by Gender: Emphasis on inner beauty and wellness boosts female-targeted vegan cosmetics

In terms of gender, female is expected to contribute 42.3% share of the market in 2024. Women are increasingly conscious about how personal care products impact their health and wellbeing. The societal focus on inner beauty and wellness has made this segment more inclined towards vegan makeup and cosmetic brands with natural formulations. Female customers give priority to cruelty-free products that nourish their skin without harsh chemicals. Vegan color cosmetics catering to women promise a combination of effective pigmentation along with nutrients. Their marketing highlights empowerment through natural products. Female bloggers and celebrities endorsing vegan lifestyles have created positive sentiments toward ethical brands as well, fueling the segment's growth.

Insights by Price Point: Price sensitivity and affordability propel the mass popularity of economic vegan cosmetics

In terms of price point, economic is expected to contribute the 37.8% share of the market in 2024. With rising living costs and economic uncertainties, most consumers watch their spending closely and prefer affordable options. Vegan cosmetic brands offering pocket-friendly yet high-performance options are thus gaining widespread acceptance. They market themselves as delivering salon-quality results without the lavish price tags through innovative formulations and streamlined production processes. Such models make organic personal care accessible to mainstream buyers on a budget. Further, discount retailers proliferating online and in high streets make economic vegan items easily available. Consumers find the affordability and accessibility of lower-priced vegan variants more attractive than premium brands alone, boosting this segment sizeably.

Regional Insights

Vegan Cosmetics Market Regional Insights

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North America has emerged as the dominant region in the global vegan cosmetics market. The region is expected to account for 38.8% of the market share in 2024. With the growing ethical consumerism trend in countries like the U.S. and Canada, more consumers are shifting towards buying clean label and natural products. Vegan beauty brands have established a strong foothold in the region backed by rising awareness about the benefits of plant-based formulations. Major cosmetic companies have also strengthened their vegan product offerings catering to consumer demands. The presence of innovative startups is contributing to the growth of vegan beauty products. Companies are coming up with natural alternatives for ingredients derived from animals. Consumers' willingness to pay premium prices for ethical products works in favor of vegan brands. Wide distribution networks allow easy access to vegan cosmetics across all retail channels. E-commerce has further boosted the availability of niche brands.

Among newcomers, Asia Pacific is emerging as the fastest growing regional market. Especially in countries like India, vegan beauty is attracting both health-conscious local consumers as well as those following Jainism and certain branches of Hinduism which refrain from using animal-derived substances. Domestic companies are recognizing the business potential and launching their own vegan sub-brands. The booming middle class with rising disposable incomes makes Asia Pacific an attractive market for premium natural products. Influenced by global wellness trends, a new generation of conscious consumers is shunning chemical-laden cosmetics. This consumer shift along with growing export focus of regional brands signifies immense opportunities for vegan cosmetics manufacturers.

Market Report Scope

Vegan Cosmetics Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 67.27 Bn
Historical Data for: 2019 To 2023 Forecast Period: 2024 To 2031
Forecast Period 2024 to 2031 CAGR: 6.1% 2031 Value Projection: US$ 101.82 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, Israel, and Rest of Middle East & Africa
Segments covered:
  • By Product Type: Skin Product, Hair Product, Lip Product, Eye Product, and Others
  • By Gender: Kids, Male, and Female
  • By Price Point: Premium and Economic
  • By Distribution Channel: Online and Offline (Supermarket, Hypermarket, Specialty Stores, Others)
Companies covered:

Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L’Occitane Group, L’Oreal S.A., LVMH Group, MuLondon, Pacifica Beauty, Unilever plc., Weleda, Coty Inc., Beauty with Cruelty, Elf Cosmetic Company, Urban Decay, Nature’s Gate, Billy , TJS India, Seraphine Botanicals, Hera Beauty Ltd., and Herrco Cosmetics

Growth Drivers:
  • Rising health consciousness
  • Focus on cruelty-free products 
Restraints & Challenges:
  • High cost of vegan cosmetics
  • Limited awareness in developing regions

Key Developments

  • A biotech-powered haircare brand that launched in 2024. Their products contain a patented K18Peptide that can reverse hair damage in four minutes.
  • In January 2023, Elf Cosmetics: A cruelty-free and vegan makeup brand that launched in India
  • In 2022, Ashunta Sheriff Launches a Cruelty-Free, Vegan Beauty Line
  • In September 2022, Stella by Stella McCartney, a new beauty line from the fashion designer, was introduced in collaboration with LVMH.

*Definition: The vegan cosmetics market consists of personal care products such as makeup, skin care, hair care, toiletries, and fragrances that contain no animal-derived ingredients or by-products. These include products made with plant-based oils, vitamins, minerals, and waxes instead of ingredients like lanolin, gelatin, carmine, and other animal products commonly found in conventional cosmetics.

Market Segmentation

  • Product Type Insights (Revenue, USD Bn, 2019 - 2031)
    • Skin Product
    • Hair Product
    • Lip Product
    • Eye Product
    • Others
  •  Gender Insights (Revenue, USD Bn, 2019 - 2031)
    • Kids
    • Male
    • Female
  •  Price Point Insights (Revenue, USD Bn, 2019 - 2031)
    • Premium
    • Economic
  •  Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
    • Online
    • Offline
      • Supermarket
      • Hypermarket
      • Specialty Stores
      • Others
  • Regional Insights (Revenue, USD Bn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa
      • GCC Countries
      • Israel
      • Rest of Middle East & Africa
  • Key Players Insights
    • Amway Corporation
    • Estee Lauder Companies Inc.
    • Groupe Rocher
    • L’Occitane Group
    • L’Oreal S.A.
    • LVMH Group
    • MuLondon
    • Pacifica Beauty
    • Unilever plc.
    • Weleda
    • Coty Inc.
    • Beauty with Cruelty
    • Elf Cosmetic Company
    • Urban Decay
    • Nature’s Gate
    • Billy
    • TJS India
    • Seraphine Botanicals
    • Hera Beauty Ltd.
    • Herrco Cosmetics

Frequently Asked Questions

The CAGR of the vegan cosmetics market is projected to be 6.1% from 2024 to 2031.

Rising health consciousness and focus on cruelty-free products are the major factors driving the growth of the vegan cosmetics market.

High cost of vegan cosmetics and limited awareness in developing regions are the major factors hampering the growth of the vegan cosmetics market.

In terms of product type, skin product is estimated to dominate the market revenue share in 2024.

Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L’Occitane Group, L’Oreal S.A., LVMH Group, MuLondon, Pacifica Beauty, Unilever plc., Weleda, Coty Inc., Beauty with Cruelty, Elf Cosmetic Company, Urban Decay, Nature’s Gate, Billy, TJS India, Seraphine Botanicals, Hera Beauty Ltd., and Herrco Cosmetics are the major players.

North America is expected to lead the vegan cosmetics market.

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