Buy Now
Vegan Cosmetics Market Size, Share, Growth & Industry Analysis, By Product Type (Skin Care, Hair Care, Makeup, Others), By End Use (Personal, Beauty Salons, Spa Centers), By Consumer Orientation (Men, Women, Kids), By Distribution Channel and Regional Analysis, 2024-2031
Pages: 120 | Base Year: 2023 | Release: June 2024 | Author: Ashim L.
The Global Vegan Cosmetics Market was valued at USD 17.66 billion in 2023 and is estimated to be valued at USD 27.21 billion by 2031, growing at a CAGR of 5.65% from 2024 to 2031. In the scope of work, the report includes products offered by companies such as MuLondon, L'oreal SA, Alchimie Forever, Dr Botanicals, Earth Kiss, ESW Beauty, Ferver, Hylunia, MDSolarSciences, NCLA Beauty and Others.
This expansion is driven by the growing consumer awareness about the ethical, environmental, and health issues associated with cosmetic products. Vegan cosmetics are free from ingredients derived from animals, and the development of products does not cater exclusively to vegan demographies. The millennials and Gen Z are conscious about sustainability, ethical sourcing, and animal welfare, driving rapid market expansion. The adoption of standardized certifications and innovations in sustainable packaging presents several challenges.
Societal and technological shifts are impacting the market due to changing consumer demands. This has resulted in manufacturers improving and innovating their product lineup, such as by obtaining relevant certifications. This is enhancing the quality and the performance of these products, thus enabling competition with existing traditional products. Changes in regulations to ensure clarity in the product labels help consumers select their desired products. The presence of influencers on social media impacts consumer preferences, which has led to the promotion of vegan products. Moreover, the global trend toward health and wellness, along with the economic behaviors of the younger generation, is supporting market expansion.
The vegan cosmetics market continues to grow strongly, driven by the increasing consumer awareness of ethical and sustainable beauty practices. Key factors for the increase in demand include animal welfare, environmental sustainability, and personal health. The growing middle-class population and expanding e-commerce platforms present ample opportunities for brands to innovate and cater to the rising demand for cruelty-free and natural beauty products.
Stricter regulations and certifications, such as cruelty-free labels and bans on animal testing in certain regions, are significant drivers for the vegan cosmetics market progress. These regulatory changes compel companies to reformulate their products, removing animal-derived ingredients and adopting cruelty-free practices to comply with standards.
Moreover, growing consumer awareness of these regulations is enhancing the demand for vegan cosmetics, creating a positive feedback loop that encourages further innovation and expansion in the market. This regulatory framework promotes ethical practices and builds consumer trust and confidence in the integrity of vegan beauty products.
The availability and accessibility of vegan cosmetics across different price ranges and retail channels contribute to market growth. Distribution channels, such as online platforms, specialty stores, and other mainstream retailers, are expanding their product offerings by including vegan beauty products that cater to varying consumer preferences and budgets.
The expanding market presence provides greater accessibility to a broader audience, including environmentally conscious consumers, ethical shoppers, and others seeking clean and non-toxic alternatives. Thus, the convenience and variety offered by different distribution channels contribute to the acceptance and adoption of vegan beauty products.
The Green Beauty Revolution integrates the transparency of locally-sourced ingredients from eco-friendly sources. The movement opposes animal testing, given the historical lack of transparency from manufacturers. As a result, consumers seek clean-label products formulated with natural ingredients that are environmentally sustainable and cruelty-free. This trend promotes transparent supply chains and minimizes packaging waste, emphasizing biodegradable and eco-friendly solutions.
Brands that embrace this trend by prioritizing sustainability, ethical sourcing, and eco-conscious practices are poised to attract and retain environmentally conscious consumers, fueling the growth of the vegan cosmetics market.
Inclusivity significantly impacts the market since consumers seek products that provide inclusive beauty and diversity. This trend emphasizes products that cater to different skin tones, needs, and textures, which reflects the diversity in global beauty standards. Vegan cosmetic brands are responding by expanding their shade ranges, offering comprehensive marketing campaigns, and promoting diversity in their product development and representation. This trend thus fosters inclusivity and proper representation within the beauty industry while opening up the market for new segments and appealing to a broader and diverse consumer base.
The global market is segmented based on product type, end use, consumer orientation, distribution channel, and geography.
Based on product type, the market is segmented into skin care, hair care, makeup, and others. The skin care segment led the vegan cosmetics market in 2023 and was valued at approximately USD 7.11 billion. Skincare products have a higher perceived value in the health and wellness sector. This leads consumers to prioritize cruelty free and natural options. Moreover, skincare formulations can easily adapt to vegan ingredients without compromising the efficacy of products, enabling a seamless transition for consumers.
Additionally, concerns about environmental sustainability and health are propelling the demand for vegan skincare since these products typically avoid harsh chemicals and focus on eco-friendly packaging.
Based on end use, the vegan cosmetics market is divided into personal, beauty salons, and spa centers. The spa centers segment is estimated to register the fastest growth at a CAGR of 7.39% over the forecast period (2024-2031). Spa goers often prioritize holistic wellness, including incorporating ethical and sustainable beauty practices, which is driving segment growth. Vegan cosmetics focus on natural and cruelty free ingredients that align with the ethos promoted by spas.
Therefore, spas are catering to environmentally conscious consumers seeking clean and non-toxic beauty treatments by including vegan cosmetics since the products are known for their eco-friendly formulations. Additionally, spas are often positioned as influencers in the beauty industry, which impacts consumer preferences, fostering the segment outlook.
Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.
The Europe Vegan Cosmetics Market share stood around 36.24% in 2023 in the global market, with a valuation of USD 6.40 billion, mainly supported by the rising awareness among European consumers about ethical and environmental issues, which is increasing the demand for cruelty-free and sustainable beauty products. Stringent regulations in the EU regarding animal testing and ingredient transparency reinforce the demand for vegan cosmetics. Additionally, Europe has a robust market for natural and organic beauty, which has created a suitable environment for the growth of the vegan cosmetics industry.
Asia-Pacific is estimated to grow at the fastest pace over the forecast period, recording a CAGR of 6.68% between 2024 and 2031. This growth is impelled by several pivotal factors, including increased consumer awareness regarding ethical and sustainable beauty practices across countries such as China, India, Japan, and South Korea. Escalating concerns surrounding animal welfare, environmental sustainability, and personal well-being are key drivers in the vegan cosmetics market.
Furthermore, the region accounts for a substantial portion of the global population, especially the expanding middle class, providing a suitable opportunity for the sale of vegan cosmetics. The spread of e-commerce platforms and digital marketing channels facilitates easier access to vegan cosmetics for consumers throughout the Asia Pacific region, which is aiding regional market expansion.
The vegan cosmetics market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovation, and joint ventures to expand their offerings and increase their market shares across different regions. Strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, could create new opportunities for market growth.
Key Industry Developments
By Product Type
By End Use
By Consumer Orientation
By Distribution Channel
By Region
