Global Vegan Cosmetics Market - 2023-2030

Global Vegan Cosmetics Market - 2023-2030
Global Vegen Cosmetics Market reached US$ 11.7 billion in 2022 and is expected to reach US$ 18.9 billion by 2030, growing with a CAGR of 6.2% during the forecast period 2023-2030.

Due to rising consumer demand for personal care and grooming goods, the worldwide vegan cosmetics market is an industry that is expanding quickly. One of the main factors fueling the expansion of the global body care industry is the rising awareness of personal grooming among people of all ages. Customers are more likely to use these items frequently as they become more aware of the value of good personal hygiene and the contribution of body care products to sustaining good health.

For instance, in September 2022, Coty and Cruelty Free International have expanded their strategic alliance. The Rimmel, Manhattan and Risque brands of the US cosmetics behemoth have now joined CoverGirl as Leaping Bunny Approved stablemates. Therefore, strategic collaboration like these drives the growth of the U.S. vegan cosmetics market, which accounts for more than 34th of the regional shares and is expected to grow at a highest CAGR during the forecasted period.

Market Dynamics

Rising Trend for Green Cosmetics

The rising consumer focus on health and wellness has influenced the demand for clean, natural beauty products. Vegan cosmetics are often formulated with plant-based ingredients that are perceived as safer and healthier alternatives to synthetic chemicals. This appeal to health-conscious consumers has bolstered the growth of the vegan cosmetics market.

For instance, In February 23, 2022, The VEGAN & NATURAL NAILPOLISH has been released by H&M BEAUTY. With a palette of 30 brand-new, vibrant nail polish colours to base your look on, H&M's spring campaign encourages you to dress to your fingertips. The nail polish has a high gloss and is made of 75% natural ingredients.

Growing Product Launches and Advencement Thrives the Market Growth

Growing product launches and advancements play a crucial role in driving the growth of the global vegan cosmetics market. The continuous introduction of new products and advancements in formulations, ingredients and technologies contribute to the market's expansion.

For instance, in June 14, 2023, the popularity of vegan makeup products, which do not include any substances produced from animals, has prompted South Korean businesses to introduce their own vegan beauty brands in an effort to appeal to consumers who are conscious of the environment. The Vegan Certification and Services reported on Tuesday that the market for vegan cosmetics in Korea doubled in size from 2013 to 2018, growing from 160 billion won to 570 billion won (US$ 449.55 million). By 2025, it's anticipated to reach 1 trillion won. Therefore, developments like these drives the growth of the global and regional vegan cosmteics market growth.

Availability of Counterfeit Products

The availability of counterfeit products poses a significant challenge to the growth of the global vegan cosmetics market. Counterfeit products are unauthorized replicas or imitations of genuine brands, often produced without adherence to quality and safety standards. Counterfeit products undermine the reputation and trust of genuine vegan cosmetics brands. When consumers unknowingly purchase counterfeit products, they may experience adverse effects due to poor quality or harmful ingredients. This erodes consumer confidence in the market and can deter them from purchasing vegan cosmetics in the future.

COVID-19 Impact Analysis

The global market for vegan cosmetics was impacted by the COVID-19 epidemic in both positive and negative ways. The epidemic increased customer concern for their health and safety, which fueled an increase in the demand for natural and clean products. Customers worried about the potential hazards of conventional cosmetics have shown greater interest in vegan cosmetics, which are seen as safer and healthier alternatives.

Consumers resorted to online purchasing for their beauty needs due to lockdowns and social isolation policies. During the pandemic, online retailers and e-commerce platforms saw an increase in sales. A bigger consumer base was reached by vegan cosmetics companies that already had a strong internet presence and distribution networks.

Segment Analysis

The global vegan cosmetics market is segmented based on type, distribution channeland region.

Rapid Boom in E-Commerce Drives the Segmental Growth

The rapid boom in e-commerce has significantly driven the segmental growth in the global vegan cosmetics market. E-commerce refers to the buying and selling of goods and services over the internet and its growth has transformed the way consumers shop for beauty products.

E-commerce platforms give vegan cosmetics companies an international demographic to reach outside of their local markets. With the use of e-commerce, businesses can reach consumers all over the world with their products. Brands of vegan cosmetics, particularly those with distinctive offerings and specialised target audiences, have additional chances for growth as a result of this extended market reach.

Geographical Analysis

Due to the Presence of a Large Millennial Population, The Asia Pacific Dominates the Market

The Asia Pacific region is home to a substantial population and a significant proportion of this population comprises millennials. This demographic cohort, typically defined as individuals born between the early 1980s and mid-1990s to early 2000s, forms a substantial consumer base. The sheer size of the millennial population in the Asia Pacific drives market demand and influences consumer trends.

Chinese millennials are well renowned for utilising e-commerce platforms extensively. China's e-commerce industry is highly established, with major players like JD.com and Alibaba's Tmall. The dominance of the Asia Pacific market has been attributed to the simplicity of online buying and the availability of a large selection of vegan cosmetics items on these platforms. Therefore, China accounts for more than half of the regional shares and is expected to dominate the regional market with a significant margin during the forecasted period.

Competitive Landscape

The major global players include GABRIEL COSMETICS, PHB Ethical Beauty Ltd., Natur'Alley Ltd, GoNature Sp. z.o.o, Seraphine Botanicals, Nutriglow Cosmetics, Plum, Disguise Cosmetics, COTY Inc. and G&M Cosmetics.

Why Purchase the Report?
• To visualize the global vegan cosmetics market segmentation based on type, distribution channeland region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of vegan cosmetics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global vegan cosmetics market report would provide approximately 53 tables, 50 figures and 181 Pages.

Application 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies