Vegan Cosmetics market to Eyewitness

Posted by Mrudula Anil Karmarkar on January 11th, 2022

The global vegan cosmetics market size is projected to reach USD 20.8 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 6.3% during the forecast period. Spiraling demand for vegan cosmetics among millennials is one of the primary growth stimulants of the market.

The Beauty and Personal Care (BPC) industry has witnessed a decline in the wake of the Covid 19 pandemic, but the impact is not as severe as seen in other industries. Although discretionary spending has reduced, the BPC market has witnessed a consumer behavioral shift towards safe and reliable products. Products that have a lower risk of contamination owing to automation and longer shelf lives helping the rationing of consumer supplies are expected to stand out in the near future. Brands are also focusing on improving their supply lines in terms of strengthening their E-commerce channel along with offering at-home wellness products, which are highly suited in this volatile business environment. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.

Rapidly changing cosmetic trends are affecting the global marketplace as most of the consumers find cruelty towards animals unethical and are spreading awareness against this act. Moreover, embracing natural substitutes such as plant-based personal care products is working in favor of the market.The use of animal products such as hair, fur, and others is banned in a few countries of the developed region such as Europe. This, in turn, is poised to boost the growth of the market. In addition, the growing popularity of safer and naturally derived cosmetics is anticipated to augment the market. Increasing concerns regarding health & safety, consumer awareness about the use of animal-tested products, and rising importance given to environmentally viable products are likely to stir up the demand for vegan cosmetics.

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E-commerce retail spaces have gained tremendous momentum over the last few years owing to ease of product selection and easy order placing and delivery. With the advent of products in 2011, China recorded more than 65.0% hit in online vegan cosmetics sales, owing to a shift in consumer shopping experience from hypermarkets and specialty stores to E-commerce platforms.

Further key findings from the report suggest:

  • Choices in cosmetics available to vegan have rapidly expanded in the past few years with new brands launching and existing brands choosing to launch new ranges of vegan products or even go completely vegan
  • Skincare products dominated the market in terms of revenue, with a share of over 36.0% in 2017, owing to consumer preferences across diverse regions
  • E-commerce is estimated to register a CAGR of 7.4% over the forecast period owing to ease of product selection and availability of a wide range of products and promotional offers
  • The U.S. vegan cosmetics market is expected to exceed USD 3.16 billion by 2025, owing to the presence of various manufacturers and suppliers of vegan cosmetics
  • The market for vegan cosmetics is highly competitive due to the presence of a number of international companies with diverse product portfolios
  • Some of the key companies present in the market are Zuzu Luxe, Ecco Bella, Bare Blossom, Emma Jean Cosmetics, Modern Mineral Makeup, Urban Decay, Arbonne, Pacifica, Nature’s Gate, Beauty Without Cruelty, Billy Jealousy, and MuLondon Organic       

Major cosmetics manufacturing companies across the globe are realizing the importance of making products that use ingredients, which are mineral-based or plant-based, rather than manufacturing products that are infused with animal extracted ingredients. Vegan cosmetics are gaining popularity due to their superior properties. Consumers worldwide are becoming increasingly aware about the effects of their purchasing preferences and patterns on society and the environment. Consumers are now more conscious about choosing products and they also take note of raw materials and source origin.

The cosmetics industry is highly competitive in nature and requires top-performing items that reach the uppermost levels of innovation and effectiveness. Growing environmental awareness has impelled several companies to avoid usage of animal-derived raw materials by developing natural resources that are identical and overtake performances of conventional resources. Increasing research and development activities in the field is anticipated to help the market gain tremendous traction.

In recent times, a sharp rise in the number of beauty blogs and social media accounts that are committed to the benefits of going chemical-free has worked in favor of the market by enhancing consumer’s information. In 2016, a Democratic senator from California, Dianne Feinstein, introduced the Personal Care Products Safety Act, a bill to reinforce regulations on ingredients in personal care products.

Changing perception of consumers towards animal-free products, coupled with growing popularity of environmentally sustainable products, is fueling the demand for naturally derived products. Manufacturing of naturally-derived products aid in reducing pollution and reducing dependence on petroleum-based products. Rising demand for chemical-free skin and hair products along with changing lifestyles of consumers is estimated to stoke the growth of the market.

Grand View Research has segmented the global vegan cosmetics market on the basis of product, sales channel.

Vegan Cosmetics Product Outlook (Revenue, USD Million, 2014 - 2025)

  • Skin Care
  • Hair Care
  • Makeup
  • Others

Vegan Cosmetics Sales Channel Outlook (Revenue, USD Million, 2014 - 2025)

  • E-commerce
  • Hypermarket/Supermarket
  • Departmental Stores
  • Specialty Stores
  • Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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