| Source: MarketResearch.biz
New York City, New York, UNITED STATES
New York, Sept. 25, 2023 (GLOBE NEWSWIRE) — The vegan cosmetics market is expected to reach USD 28.6 Bn in 2032 from USD 15.9 Bn in 2022 and register a CAGR of 6.2% during the forecast period (2023-2032)
Vegan cosmetics are beauty products formulated and produced without the use of any animal-derived ingredients and these products are not tested on animals. Traditional animal-derived materials such as honey, beeswax, lanolin, collagen, elastin, and others with required properties and characteristics, are substituted with plant-based or mineral-derived alternatives for vegan products.
Vegan cosmetics products range from skincare to makeup and include a wide range of items including vegan lipsticks, foundations, shampoos, and moisturizers, among others. The advantages are twofold: these products promote animal welfare and reduce environmental impact, and this aligns with growing eco-conscious consumer values. These cosmetics have gained popularity worldwide, with consumers in countries such as the United States, United Kingdom, Germany, and Australia indicating rising preference.
For a detailed analysis of leading revenue streams, Request a Vegan Cosmetics Market Sample Report at: https://marketresearch.biz/report/vegan-cosmetics-market/request-sample/
Some Key Takeaways:
Driving Factors
Rising Consumer Focus on Sustainability and Natural Ingredients and Cruelty-Free Cosmetics Products
The global vegan cosmetics market has been registering significantly steady revenue growth in recent times, driven by rising consumer demand for ethically sourced, cruelty-free beauty products. Also, increased awareness of environmental and animal welfare concerns, regulatory shifts encouraging cruelty-free practices in product testing and manufacture, and rising consumer preference for natural and organic ingredients.
Vegan cosmetics are regarded as a more sustainable choice due to the use of natural ingredients and reduced use of synthetic chemicals compared to conventional cosmetics. This environmentally friendly approach results in fewer potentially harmful chemicals being discharged into ecosystems, encompassing water bodies, soils, and the atmosphere. Consumption trends indicate that demand has been rising for vegan makeup, skincare, and hair care products, with online retail channels gaining major prominence. Advancements in plant-based formulations and eco-friendly packaging are also factors reshaping the industry. Companies are initiating sustainability and eco-conscious initiatives, and capitalizing on the advantages of reduced environmental impact and ethical branding.
Steady Shift Toward Sustainability and Eco-Friendliness Driving Vegan Cosmetics
Rising consumer awareness about the ethical and environmental implications of traditional cosmetics, related to practices such as animal testing and animal-derived ingredients, is driving consumers toward vegan alternatives. The global shift toward sustainability and eco-friendliness is adding popularity to vegan cosmetics, as sustainable packaging and ethically sourced, plant-based ingredients, are typically used in the production of these products, and this is attracting an expanding base of eco-conscious consumers and thereby supporting revenue growth of the market. Regulatory changes are a key factor that is also supporting the trend of companies shifting towards more natural and organic ingredients, and developing and offering vegan cosmetics. Regulatory bodies in various countries are imposing restrictions on animal testing and encouraging cruelty-free practices, thereby creating a favorable regulatory environment that is expected to drive revenues of players operating in the global vegan cosmetics market.
In addition, social media and influencer marketing have been having a positive impact on the shift towards vegan products. Extensive use of social media and influencer marketing helps vegan cosmetics brands reach a wider audience, especially among younger consumers who are more likely to adopt cruelty-free and vegan beauty products, and this is contributing significantly to revenue growth.
Furthermore, ongoing Research and Development (R&D) in the vegan cosmetics sector is leading to the creation of innovative and high-quality products that meet the evolving demands of consumers, and this is enabling companies to meet the demands of existing customers and attract new customers.
To find out how our research can assist your strategy, Inquire about a brochure of our report at: https://marketresearch.biz/report/vegan-cosmetics-market/#inquiry
Restraining Factors
Raw Material Challenges and Major Differences in Texture and Performance from Conventional Animal-Derived Ingredients Restraining Market Growth
Vegan cosmetics are highly dependent on plant-based ingredients and raw materials from natural sources, which can be limited in certain formulations or may not provide the same texture or performance as animal-derived counterparts. This limitation can add complexities to product innovation and consumer adoption, and restrain revenue growth of the market.
Also, sourcing and processing of high-quality vegan ingredients can be costlier than conventional counterparts, which can lead to higher production costs for vegan cosmetics. This cost burden may result in higher retail prices, potentially limiting market growth, especially in price-sensitive markets. In addition, consumer skepticism and misinformation are known to have a significantly negative impact on potential new consumers. Some consumers may question the authenticity of such products and misinformation or misconceptions about the claimed effectiveness of vegan cosmetics or regarding safety and efficacy can impact potential market growth.
Growth Opportunities
Vegan Concept Presents Numerous Revenue Opportunities To Explore In the Market
Companies operating in the global vegan cosmetics market have numerous opportunities and revenue streams to explore with product diversification being a primary focus area to leverage significant revenue streams. Expanding product lines to include a wide range of vegan cosmetics, including makeup, skincare, haircare, and fragrances, allows companies to cater to diverse consumer preferences and increase revenue through cross-selling. Also, capitalizing on the rapid growth of e-commerce presents significantly lucrative revenue streams. Creating an impressive online presence, including on e-commerce platforms and through social media marketing campaigns and initiatives, enables companies to reach a global audience and boost sales and revenues.
In addition, partnerships and collaborations with influencers, celebrities, or other brands in the vegan and eco-conscious space can enhance brand visibility and credibility, leading to increased sales. Sustainability initiatives and eco-friendly practices in product packaging and sourcing of ingredients also align with consumer values and can attract environmentally conscious consumers willing to pay a premium for sustainable products. Furthermore, international expansion and exploring new markets can enable companies to tap into regions where vegan cosmetics are gaining popularity, such as Europe, North America, and Asia.
Make wise business decisions with our sample report, highlighting key market takeaways Click Here To Download/Request a Sample
Report Scope
Regional Analysis
North America Continues to Account for Largest Revenue Share and Asia Pacific is Expected to Register Fastest Revenue Growth Rate
North America accounted for the largest revenue share among the regional markets in 2022, and the trend is projected to continue. The United States, in particular, has a well-established consumer base with a strong inclination towards ethical and eco-friendly products. Further revenue growth is driven by increasing demand for cruelty-free and sustainable beauty solutions. Technological advancements in formulations and marketing strategies are also driving industry growth, with a notable trend being the integration of AI-powered ingredient analysis.
Europe is another major market, with countries such as the United Kingdom, Germany, and France at the forefront of the vegan cosmetics trend. A stringent regulatory framework supporting ethical claims, steady mainstream acceptance of vegan products in retail outlets, surging e-commerce sales, and innovations in eco-friendly packaging materials align with sustainability objectives in countries in the region, and these are key factors expected to continue to support revenue growth of the Europe vegan cosmetics market.
Asia-Pacific registered the fastest revenue growth rate in 2022 and is emerging as a dynamic market with substantial growth potential. This can be attributed to the rapid incline in demand for more natural and eco-friendly cosmetics products and others among consumers in this market. China and India are experiencing a surge in consumer awareness regarding natural and, making these countries key potential contributors to market share expansion. The thriving beauty and skincare industry in countries in the region also presents lucrative opportunities for revenue growth, along with the trend of integrating technologically advanced solutions to aid in the development of natural and organic formulations to cater to rising preferences for clean beauty products.
Continuous technological advancements, transparent supply chain initiatives, and a growing consumer base seeking ethically conscious and sustainable beauty products. Key trends include personalized beauty, gender-neutral products, and social media-driven marketing strategies, while initiatives such as certifications, ethical sourcing, and cruelty-free pledges further support revenue growth by building trust with ethically conscious consumers. Overall, the global vegan cosmetics market is expected to register sustained growth across major regional markets.
Maximize your profitability with MarketResearch.Biz – Gain a competitive edge by acquiring this premium report at https://marketresearch.biz/purchase-report/?report_id=5650
Segment Analysis
Major Segments Registering Robust Revenue Growth
Among the product segments in 2022, the skin care segment accounted for around 32.09% of revenue share in the market. Skincare and hair care, according to a number of consumer survey results, rank among the topmost areas of importance, and consumers are willing to pay premium prices for such products, provided results are as per claims. Also, the shift away from skin and hair care products containing synthetic and chemical ingredients has been gaining momentum, and the shift towards organic, natural, and vegan ingredients has been increasing in the recent past.
In addition, increasing disposable income among consumers is resulting in a rising focus on spending on personal care and cosmetics products, and preference for premium products over domestically and locally manufactured products has been declining due to low credibility regarding labels and ingredients used, and concerns regarding adverse effects and potential of damage to skin and hair from using ‘locally manufactured sub-standard products’.
Among the price point segments, the economic segment accounted for the largest revenue share in 2022, and this can be attributed to consumers preferring value for money, as a number of consumers may be exploring these types of products for the first time, a sizable number prefer to spend less initially. the livestock segment accounted for majority revenue share. This is due to a substantially high demand for food products such as dairy, meat, and animal-derived protein, among others, and a high focus on animal health and disease management in a number of developed economies worldwide.
Segments Covered in the Report
By Product
By Price Point
By End-User
By Distribution Channel
By Geography
Uncover valuable statistics and future projections by accessing a sample report for historical and forecast market data spanning 2016 to 2032 at https://marketresearch.biz/report/vegan-cosmetics-market/request-sample/
Competitive Landscape Analysis
The competitive landscape of the global vegan cosmetics market is highly lucrative, with a mix of established and emerging players accounting for the majority share of overall market revenue. Leading companies such as L’Oréal, Estée Lauder, and Urban Decay have introduced dedicated vegan lines, expanding their consumer base, while smaller, niche brands such as Tarte Cosmetics and Too Faced have gained popularity for their exclusive focus on vegan and cruelty-free product offerings. Competitive strategies are focused on product innovation, emphasizing natural ingredients, and eco-friendly packaging. Brands also leverage influencer marketing and social media to connect with ethically conscious consumers. The dynamism of the market reflects a growing consumer preference for ethical and sustainable beauty products.
Key Market Players
Major Trends
New Lines of Vegan Cosmetics and Sustainability Mantra Are Key Trends
Companies in the global vegan cosmetics market are adopting new technologies and continually innovating developing and introducing new lines of vegan cosmetics and focusing on more eco-friendly objectives. Also, sustainable packaging materials and clean beauty scanners are transforming the industry, and these changes align with the rising demand for transparency, ethics, and sustainability.
In addition, brands like Milk Makeup focus on minimalistic, clean beauty, while others such as Pacifica emphasize inclusivity with a wide shade range of offerings. Sustainability remains a central theme, with companies prioritizing eco-friendly practices, recyclable packaging, and ethical sourcing to meet the demands of environmentally conscious consumers.
Recent Developments
Browse More Related Reports
Organic Cosmetics Market size is expected to be worth around USD 27.9 Bn by 2032 from USD 12.5 Bn in 2022, growing at a CAGR of 8.6% during the forecast period from 2023 to 2032.
Vegan Collagen Market size is expected to be worth around USD 4735.5 Mn by 2032 from USD 563.5 Mn in 2022, growing at a CAGR of 24.4% during the forecast period from 2023 to 2032.
Avocado Oil Market size is expected to be worth around USD 1028.9 Mn by 2032 from USD 587.8 Mn in 2022, growing at a CAGR of 5.9% during the forecast period from 2023 to 2032.
Collagen Supplements Market size is expected to be worth around USD 74.7 Bn by 2032 from USD 1.8 Bn in 2022, growing at a CAGR of 6.6% during the forecast period from 2023 to 2032.
Vitamin C Market size is expected to be worth around USD 1.87 Bn by 2032 from USD 1.30 Bn in 2022, growing at a CAGR of 3.8% during the forecast period from 2023 to 2032.
About Us:
MarketResearch.Biz (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. MarketResearch.Biz provides customization to suit any specific or unique requirement and tailor-made reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn: https://www.linkedin.com/company/marketresearch-biz/
Follow Us on Facebook: https://www.facebook.com/marketresearch.biz
Follow Us on Twitter: https://twitter.com/PrudourResearch