Market Snapshot
| Study Period: | 2016 - 2026 |
| Base Year: | 2021 |
| Fastest Growing Market: | North America |
| Largest Market: | Europe |
| CAGR: | 6.5 % |
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Market Overview
The global vegan cosmetics market is anticipated to register a CAGR of 6.5% during the forecasted period (2022-2027).
The COVID19 crisis has significantly affected the market. There was a change in the buying behavior of the consumers as they were trending towards organic and natural products. During the pandemic, the consumers were more aware of the impacts of using chemically composed cosmetics and the side effects of these products on the skin. The manufacturing companies have witnessed the growth of sales through e-commerce websites rather than retail stores, this was mainly because of the closures of several stores due to rules and regulations imposed by the government. L'occitane, which is one of the key players in the cosmetic industry has estimated growth in sales by14.6% during fiscal 2021.
The shift in consumer preference during the pandemic led to seeking out healthier cosmetics options causing the sales of organic and vegan products to surge. Moreover, with enhanced online transactions, startups and private label brands have benefited from the market studied.
The market growth is driven by increasing consumer awareness of the usage of animal-derived ingredients, and the increasing demand from mainstream consumers across the world for vegan-certified products is expected to push the revenue generation in the global market over the medium term.
Scope of the Report
Vegan cosmetics refers to the absence of animal-origin ingredients in the entire supply chain of the product, thereby containing natural and organic plant-based ingredients. The vegan cosmetics market is segmented by product type into facial cosmetics, eye cosmetic products, lip and nail make-up products, and hairstyling and coloring products. The market is segmented by distribution channel into supermarket/hypermarket, convenience stores, specialty stores, online retailing, and other distribution channels. The report also includes the regional analysis of the market (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| By Product Type | |
| Facial Cosmetics | |
| Eye Cosmetic Products | |
| Lip and Nail Make-up Products | |
| Hairstyling and Coloring Products | |
| Other Product Types |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Specialty Stores | |
| Online Retailing | |
| Other Distribution Channels |
| Geography | |||||||||
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Key Market Trends
The Trend of Green Cosmetics
The cruelty-free (no animal testing), vegetarian (no byproducts of animal slaughter), and vegan (no animal ingredients at all) beauty market has exploded in recent years. Consumers prefer vegan cosmetics because of the fact that these products are ethical in nature as the manufacturing process of vegan cosmetics doesn't use any source of animal parts. Eventually, due to the medical benefits of vegan cosmetics on the skins, consumers are preferring these products over non-vegan cosmetics. Moreover, due to the fact that vegan cosmetics can help to reduce the damages to the skins that are created due to several environmental changes and increasing pollution in the globe, for example, the anti-oxidants present in vegan cosmetics are naturally processed from plants and can help to reduce dryness of the skin. Thus, due to the benefits that the consumers can gather using these products the demand for plant-based ingredients is growing high, which is also elevating the growth of the vegan cosmetics market.
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Europe is the Largest Market
The European region has witnessed an increasing demand for natural and organic products due to the rise in consumer awareness about the harmful effects of certain compounds, such as paraben and aluminum compounds present in skincare, hair care, and deodorants. Based on its natural and ethical formulation, a high percentage of European consumers choose one brand over others, with vegan beauty product sales have increased substantially in the United Kingdom alone during the past few years. This has enhanced an increase in the demand for safe, natural, and organic vegan cosmetics products in recent times. The purchases are made based on efficacy, longer-lasting protection, and clinical properties. The demand for vegan ingredients has been quite evident in the market, and this has led to a majority of companies launching products with nature-inspired ingredients, such as plant-inspired and premium botanical ingredients, coupled with multi-functional properties. For instance, in 2019, Avon United Kingdom launched a range of vegan skincare and make-up line distillery in the market.
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Competitive Landscape
The vegan cosmetics market is a competitive market, this is due to the presence of several domestic and international players in this segment. Some of the major players of this industry are Loreal SA, Coty Inc., MuLondon, Billy Jealousy, and Beauty Without Cruelty. These companies are widening their operational boundaries across different countries in the world. Major players are focusing on introducing new products in the market to cater to the interests of the players to enhance their spot in the market. Major emerging market players targeting leading brands are making strategic acquisitions of the market leaders in the more mature and sophisticated markets.
Recent Developments
In February 2021, G&M Cosmetics from Australia planned to launch more vegan beauty and baby care products. The company moved into the vegan beauty space with the acquisition of P'URE Papayacare skincare in 2019. Since then, it has extended the brand to 15 vegan-approved and certified products.
In January 2021, Elf Cosmetics, one of the globally reputed vegan and cruelty-free makeup brands, launched its range in India. The brand will be retailed through the online beauty platform Nykaa.
December 2019, the Coty-owned beauty brand "CoverGirl" unveiled its new ‘Clean Fresh' collection of makeup essentials, boasting vegan formulas and natural ingredients such as coconut milk and aloe extracts.
Table of Contents
1. INTRODUCTION
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Facial Cosmetics
5.1.2 Eye Cosmetic Products
5.1.3 Lip and Nail Make-up Products
5.1.4 Hairstyling and Coloring Products
5.1.5 Other Product Types
5.2 By Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Specialty Stores
5.2.4 Online Retailing
5.2.5 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 Germany
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 MuLondon
6.4.2 Loreal SA
6.4.3 Beauty Without Cruelty
6.4.4 Nature's Gat
6.4.5 MO MI BEAUTY
6.4.6 Eyes Lips Face
6.4.7 COTY Company
6.4.8 Gabriel Cosmetics Inc.
6.4.9 Groupe Rocher
6.4.10 Pacifica Beauty
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Vegan Cosmetics Market market is studied from 2016 - 2026.
What is the growth rate of Vegan Cosmetics Market?
The Vegan Cosmetics Market is growing at a CAGR of 6.5% over the next 5 years.
Which region has highest growth rate in Vegan Cosmetics Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Vegan Cosmetics Market?
Europe holds highest share in 2021.
Who are the key players in Vegan Cosmetics Market?
MuLondon, Beauty Without Cruelty, Loreal SA, e.l.f. Cosmetics company, Coty Company are the major companies operating in Vegan Cosmetics Market.
