Coherent Market Insights

Vegan Cosmetics Market to Surpass US$ 23.76 Bn by 2030

Vegan Cosmetics Market to Surpass US$ 23.76 Bn by 2030 - Coherent Market Insights

Publish In: Dec 22, 2022

The global Vegan Cosmetics Market was valued at US$ 14.85 Bn, according to the Global Vegan Cosmetics Market Report, 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 End-use (Personal and Commercial), by Distribution Channels (Offline (Specialty Stores, Supermarket and Hypermarket) and Online), by Packaging (Pencils, Jars, Sticks, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) – published by Coherent Market Insights.

The global vegan cosmetics market is expected to surpass US$ 25.09 by 2030 and exhibit a CAGR of 5.9% during the forecast period (2022-2030). The vegan cosmetics are made from natural or synthetic source that do not contain any animal derived ingredients. The ingredients generate from animals include honey, beeswax, lanolin, collagen, cholesterol, gelatin, and many others. Vegan cosmetics are avoid animal cruelty and testing. The term vegan also means that a product is free from animal testing as well. are used for skin care, hair care, face care, and others.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/vegan-cosmetics-market-5437

Browse 25 market data tables* and 20 figures* on "Global Vegan Cosmetics Market” – Forecast to (2022-2030).

Key Trends and Analysis of the Global Vegan Cosmetics Market:

  • Among regions, in 2021, Europe was the largest vegan market, owing to increasing awareness among consumers and high disposable income. The global vegan cosmetics market in Europe is expected to grow at a rapid pace during the forecast period, due to increasing demand for functional cosmetics items among the European population. In Europe, the growing vegan trends especially in the U.K. which can help to increase the sale of vegan product and also boost the market growth.
  • The rapid shift towards vegan products is playing a key role in the growth of the vegan cosmetics market. Moreover, increasing animal welfare, consumers are helps to boost the global vegan cosmetics market growth.
  • Rising trend of veganism has boosted manufacturers to launch new products and their alternatives to attract consumers to buying the vegan cosmetic product which can helps to increase the market growth.

Key Takeaways of the Market:

  • Among distribution channels, offline segment is divided into specialty stores, hypermarkets and supermarkets held a dominant position in the global vegan cosmetics market in 2021. The availability of different varieties and a wide range of products in specialty stores, hypermarkets, and supermarkets is anticipated to boost market growth in upcoming years.
  • For instance, in February 2021abeauty products manufacturer company, ‘G&M’, launched vegan cosmetics such as lipsticks, hair color, and others worldwide for growing the vegan cosmetics market in upcoming years, especially among millennial consumers.

Key Players

Major players operating in the global vegan cosmetics market include 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’s Gate.

Global Vegan Cosmetics Market - Impact of Coronavirus (COVID-19) Pandemic

Since March 2020, almost every industry in the world has suffered due to the COVID-19 pandemic. The demand for consumer goods in 2020 reduced significantly, which in turn, hampered the growth of the global vegan cosmetics market. Furthermore, supply chain disruptions also reduced growth of the global vegan cosmetics market. Moreover, import and export activities were reduced drastically due to stringent regulatory policies.Furthermore, a rapid shift towards organic & safe cosmetics and increasing demand for vegan products in the North America region can help to boost the market growth in upcoming years.

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