April 13, 2024
Vegan Cosmetics

Vegan Cosmetics Market to Witness 340% Growth Owing to Rising Awareness Regarding Cruelty-Free Products

Vegan cosmetics are beauty and personal care products that do not contain any animal-derived ingredients or by-products, and are not tested on animals. The vegan cosmetics industry has grown significantly as they offer comparable quality and functionality to conventional cosmetics without harming animals through cruelty-free processes and formulations. Vegan cosmetics contain plant-based formulations and ingredients such as plant oils, plant waxes, plant-based preservatives, vitamins and minerals to produce a wide range of skincare, hair care, make-up and toiletry products.

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 340% 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 cruelty-free attribute of vegan cosmetics coupled with their natural and plant-based formulations is attracting health conscious millennial consumers globally, presenting lucrative opportunities for market expansion. Major vegan cosmetics companies are focusing on geographical expansion and product innovation tailored for specific regional and cultural needs to capitalize on the huge untapped markets across Asia Pacific and Middle East & Africa.

Market drivers
Rising awareness regarding the benefits of cruelty-free products and concerns for animal welfare have been a major driver for vegan cosmetics market growth. Social media influencers promoting vegan lifestyles and easy availability of vegan product information online has also boosted the market’s popularity. Furthermore, positive health outcomes associated with natural ingredients, lack of harsh chemicals and minimal environmental impact has made vegan cosmetics increasingly attractive to mainstream personal care buyers over the past decade.

PEST Analysis
Political: Government regulations towards usage of animal-derived ingredients in cosmetics are becoming stringent in several regions. This facilitates growth of vegan cosmetics market.
Economic: Rising disposable incomes and growing health-conscious consumer base boost spending on vegan cosmetic products.
Social: Rising societal concerns over animal welfare and environment sustainability favor vegan lifestyle and products.
Technological: Innovations in plant-derived formulations help manufacturers cater to consumer requirements through vegan cosmetics. Digital presence enhances accessibility.

Geographical regions with high vegan cosmetics market concentration by value
North America holds the largest market share currently owing to factors such as growing vegan population, social awareness about animal testing issues and presence of major players. Europe is another lucrative region driven by stringent rules against animal testing in personal care products. Asia Pacific is estimated to be the fastest growing region on back of increasing middle-class population and their rising expenditure capabilities in countries such as India and China.

The fastest growing region for vegan cosmetics market
Asia Pacific region is projected to witness the highest CAGR during the forecast period. This can be attributed to growing health and environment concerns among consumers coupled with rising spending power on premium products. Additionally, multinational companies are focusing on expanding their retail presence in Asia Pacific economies to tap the potential offered.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it