Vegan Cosmetics Market Size

Vegan Cosmetics Market Analysis

The Vegan Cosmetics Market size is estimated at USD 2.84 billion in 2024, and is expected to reach USD 3.95 billion by 2029, growing at a CAGR of 6.83% during the forecast period (2024-2029).

The market growth is driven by increasing consumer awareness that vegan products are made of natural ingredients, devoid of chemicals, have no side effects, and are safe to use. Consumer awareness of the drawbacks of chemically based cosmetics and their harmful products on the skin is growing. The market is expanding due to increasing animal safety concerns, as vegan cosmetics are entirely cruelty-free. Animal testing is never done on vegan cosmetics. They are a healthier and much more compassionate alternative because they don't include beeswax, collagen, gelatin, honey, carmine, cholesterol, milk, lanolin, shellac, or other animal-derived components. In addition, cosmetics like skin care, color cosmetics, hair care, and others are increasingly being used by consumers; particularly Gen Z. Sales are anticipated to increase as a result of both of these factors and growing consumer knowledge of the benefits of using vegan cosmetics because they are free of chemicals and kind to the environment.

Moreover, the growing popularity of veganism has prompted manufacturers to spend money on R&D, introduce new goods, and alter existing ones to meet the demands of customers seeking vegan products. For instance, in January 2022, the beauty company Colorbar created a "Vegan Nail Lacquer" range with 128 hues as part of its expanded focus on vegan and natural beauty. It was asserted that the Vegan Nail Lacquer promises a distinctly clean and green makeup experience owing to its non-toxic Patented 20 free formula and double-patented design, which it claims is loaded with biotin and calcium. However, the high circulation of knockoff/counterfeit products within all the cosmetic product categories is expected to hamper the growth of genuine vegan cosmetic brands.