Demand Grows at 6% CAGR as Millennials Switch to Cruelty-Free Products

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Cosmetics brands likely to go vegan to capitalize on the global sustainability trend

Fact.MR’s latest report on the The Vegan Cosmetics Market provides a 10-year forecast to 2022 and beyond. The report further explains crucial dynamics such as drivers, challenges, and opportunities shaping the market. To present the information vividly, the report is segmented into product type, customer focus, price range, sales channel, nature and region.

NEW YORK, August 23, 2022 /PRNewswire/ — The global vegan cosmetics market grew at a CAGR of approximately 4% between 2013 and 2017. One of the main reasons driving growth of the vegan cosmetics market is the growing trend of veganism coupled with the growing popularity of cruelty-free cosmetics and personal care products.

The development of e-commerce is expected to further fuel the vegan cosmetics market. The number of products available has increased, along with attractive discounts, home delivery and secure payment channels, as e-commerce platforms gain traction. Additionally, a number of high-end apparel and accessory manufacturers are expanding their product lines to include vegan cosmetics to reach a wider consumer audience.

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However, the high cost of these cosmetics and the lack of a uniform set of guidelines for vegan certification could limit market expansion. The opportunities in the vegan cosmetics market are expected to increase as organic and vegan cosmetics are considered safer than chemical skin care products.

As cannabidiol (CBD) is accepted to treat a variety of issues like anxiety and insomnia, the demand for CBD-infused vegan cosmetics is steadily increasing. Studies have also shown that CBD slows the development of cancer cells, which has helped it gain popularity in the wellness industry.

Since the use of CBD is a useful holistic element that helps improve the “feel good” factor, the majority of customers replace their comprehensive beauty regimen with a wide selection of cruelty-free and vegan cosmetics.

Key points to remember:

  • The vegan cosmetics market is expected to grow at a CAGR of 6% between 2022 and 2028.
  • Europe should exceed Asia as the largest market for vegan cosmetic products over the review period
  • Middle East and Africa expected to have the highest growth rate for vegan cosmetics.
  • The demand for vegan cosmetics is expected to increase significantly as consumers seek out cruelty-free and plant-based products by 2028.
  • In terms of product type, the skin care and hair care segment will experience prolific growth over the next decade.
  • Based on the sales channel, the online segment will show growth at an impressive rate thanks to the boom in social media

Growth drivers:

  • A growing number of social media platforms and beauty bloggers are promoting makeup tricks with vegan cosmetics, fueling demand.
  • Consumers show a noticeable aversion to beauty products containing chemicals and are attracted to those marketed as “natural” and “safe”. this should further encourage the use of vegan cosmetics.
  • Customers choose environmentally friendly items. This creates excellent conditions for the widespread use of vegan cosmetics.

Constraints:

  • The availability of counterfeit products remains a significant barrier in the vegan cosmetics market
  • Another barrier to the widespread market use of vegan cosmetics is the lower shelf life of vegan products compared to synthetic products.

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Competitive Landscape:

Regional and multinational companies compete for the distinctiveness of their products in a fiercely competitive global marketplace. The market share of global brands is steadily declining as e-commerce marketing becomes more mainstream. This feature makes it easier for budding or tiny vegan cosmetic companies to enter the market, thereby increasing competitiveness.

  • In 2018, L’Oréal SA, A major player in the vegan cosmetics market has announced the signing of a binding contract for the acquisition of Logocos Naturkosmetik AG, a well-known German producer of vegan cosmetics. According to L’Oréal, Logocos has two well-known and authentic vegan brands in addition to its unique experience in the organic cosmetics industry, which will be very beneficial for L’Oréal’s expansion plan. This purchase reinforces L’Oréal’s position among the best personal care companies that provide authentic and certified vegan cosmetics.
  • In 2018, Cosmax Inc., The first company of Asia to obtain the Expertise Vegan Europe (EVE) badge “Vegan” for its unique cruelty-free cosmetics production unit is a major cosmetics producer located in South Korea, according to an official statement. This label should create new facets of the company’s growth in the vegan cosmetics market.
  • In 2018, O BoticárioThe opening of a second point of sale in dubai enables a major player in the vegan cosmetics market to extend the scope of its activities in the United Arab Emirates. The official opening of this retail outlet will open up a wealth of opportunities for the company to further establish its footprint in the Middle East and reach new customer groups with its selection of cruelty-free cosmetics.

Top Companies Featured by Fact.MR

  • Zuzu Luxury
  • Ecco Bella
  • naked flower
  • Emma Jean Cosmetics
  • Modern mineral makeup
  • Urban degradation
  • Arbonne, Pacifica
  • nature’s gate
  • Cruelty-Free Beauty
  • billy jealousy
  • MuLondon Organic

More Valuable Insights into the Vegan Cosmetics Market

In the latest study, Fact.MR offers a detailed study on the Vegan Cosmetics Market for the forecast period 2021 to 2031. This study also highlights the key drivers for the sales promotion of Vegan Cosmetics through a detailed segmentation as follows:

By Types of products:

  • Skin care
  • Hair care
  • Beauty products
  • Bath care
  • Perfumes
  • Tools

By customer orientation:

By price range:

By sales channel:

  • modern commerce
  • Specialized shop
  • Salon & Spa
  • Big store
  • Grocery
  • Online Store
  • Drug Store & Pharmacy
  • Other sales channels

By nature:

By region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

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Key Questions Answered in Vegan Cosmetics Market Report

  • What is the projected value of the vegan cosmetics market in 2022?
  • At what rate will the global vegan cosmetics market grow through 2028?
  • What are the factors restraining the growth of the vegan cosmetics market?
  • Which region is expected to lead the global vegan cosmetics market in 2022-2028?
  • What are the factors driving the vegan cosmetics market during the forecast period?
  • What is the expected market value of Vegan Cosmetics Market during the forecast period?

Check out Fact.MR’s coverage of the beauty and cosmetics industry

Cosmetic wipes market: The global cosmetic wipes market was valued at around US$550 million globally in 2020, and it is expected to grow at a CAGR of 5% to reach 750 million US dollars by 2031. The wipes are made with safe and organic ingredients that will be key to expanding the market as they enable producers to meet growing customer demand.

Beauty Masks Market: The global face care market will be worth more than US$6.4 billion by the end of 2022. The need for beauty face masks is driven by various beauty face masks and beauty routines coupled with growing popularity among millennials via social media.

Beauty Refrigerator Market: The value of the global beauty refrigerator market is expected to grow 2x at a CAGR of 7.1% through 2031. Due to the growing demand for convenience products in emerging countries, the beauty industry is expected to experience immense growth, fueling demand in the market.

High-end cosmetics market: The global high-end cosmetics market is showing strong growth, driven by a great diversity of consumer preferences and innovations in the field. Most of the efforts of manufacturers in the high-end cosmetics sector are focused on skincare products, accounting for a 40% share.

beauty oils market: Europe is the leading producer of beauty products and is home to more than 100 cosmetics manufacturing companies. In addition, companies from Europe spend relatively much on R&D, around 7% of their annual turnover, which has won the trust of customers.

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