The vegan cosmetics market size was USD 15.87 billion in 2021. The market is projected to grow USD 24.79 billion in 2027 at a CAGR of 6.57% during the 2023-2027 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Vegan Cosmetics Market, 2021-2028.” Factors such as veganism turning into a mainstream trend and increasing consumer base focusing on sustainability activities will increase the footprint of the market during the forecast period. Additionally, the rising rate of product renovation will boost market growth.
The demand for vegan cosmetics has been steadily increasing in recent years due to several factors. One significant factor is the growing awareness and concern for animal welfare among consumers. Many individuals choose vegan cosmetics to align their personal values with their purchasing decisions and to support cruelty-free alternatives.
Key Players Include in Vegan Cosmetics Market:
- GABRIELCOSMETICS (Washington, U.S.)
- PHB Ethical Beauty Ltd (Brighton, U.K.)
- Natur'Alley Ltd (London, Japan)
- GoNature Sp. z o.o. (Poznań, Poland)
- Seraphine Botanicals (New Jersey, U.S)
- Nutriglow Cosmetics (Uttar Pradesh, India)
- Plum (Maharashtra, India)
- Disguise Cosmetics (Maharashtra, India)
- COTY INC. (New York, U.S.)
- GM Cosmetics (New South Wales, Australia)
Report Coverage-
The report is highly analytical and contains valuable insights into the industry by shedding light on critical aspects such as related markets, competitive landscape, and recent industry developments. Additionally, the report also sheds light on mergers acquisitions, SWOT analysis, the regulatory scenario in critical countries, and key industry trends. The report also contains factors that are expected to affect the market in a positive/negative manner.
Drivers Restraints-
Increasing Popularity of Plant-based Products and Rising Bans on Animal Testing to Bolster Growth
Factors such as increasing global concerns regarding the production and consumption of cosmetics with synthetic ingredients and shifting consumer behavior towards plant-based substitutes will boost the vegan cosmetics market growth during the forecast period. Also, evolving vegan lifestyles among consumers from emerging economies and improving raw material procurement measures will increase the footprint of the market. Additionally, the rising ban on animal testing will further fuel the market towards extended growth.
However, the rising number of counterfeit products will limit the market growth during the forecast duration.
Segments-
On the basis of type, the market can be divided into skin care, hair care, makeup, and others.
By distribution channel, the market can be broken into e-commerce, hypermarkets/supermarkets, departmental stores, specialty stores, and others.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, South America, and the Middle East Africa.
Regional Insights-
Europe to Hold Market Dominance Due to Immense Focus on RD
Europe will witness the largest vegan cosmetics market share during the advent of the forecast period due to the region being the breeding ground for banning animal testing activities and rising focus on research development. Additionally, the rising number of scientific innovative centers in the region will increase the footprint of the market.
North America will hold a significant market share in terms of global contribution owing to the increasing popularity of natural ingredients and the rising population of working women. Also, a rising dearth of beauty clinics across the region and the presence of prominent players will fuel the growth of the market in an exponential way.
Competitive Landscape-
Product Innovation Novel Launched to Contribute to Rocketing Market Growth
The report for vegan cosmetics is highly fragmented, with the market being divided into regional and international overviews for a litany of product differentiation. The rising popularity of e-commerce platforms is expected to further push distributors and vendors towards a ballooned state regarding sales. For example, Plum unveiled its first exclusive standalone store in Mumbai, India. The brand further revealed its plan to locate more than 50 stores across the Indian sub-continent by 2023. The market is further plagued with an increasing number of small entrants who enter the market every year. An additional certification from the People for the Ethical Treatment of Animals (PETA) will help brands build a significant image for its consumer, further extending growth.
Industry Development-
- November 2021: CoverGirl, launched a new collection of vegan makeup essentials under its Clean Fresh label. The brand advertised its new collection to feature natural ingredients and vegan formulas extracted from aloe extract and coconut milk.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/vegan-cosmetics-market-106594
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