Vegan Cosmetics Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.84 Billion |
| Market Size (2029) | USD 3.95 Billion |
| CAGR (2024 - 2029) | 6.83 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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.
Vegan Cosmetics Market Trends
This section covers the major market trends shaping the Vegan Cosmetics Market according to our research experts:
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. The production and testing of these items involve the horrific abuse of a few animals, like helpless rabbits, dogs, hamsters, and mice. The consumer's preference for vegan cosmetics has been increasing because these products are ethical as the manufacturing process of vegan cosmetics doesn't use any source of animal parts. For instance, according to a survey by The Vegan Society in the United Kingdom in 2021, over 38% of beauty consumers think that the label "vegan" means that the product contains no animal ingredients. Brands have begun introducing vegan skincare lines in response to Gen Z customers' need for vegan skincare. For instance, in November 2022, NYX Professional Makeup launched a vegan makeup collection inspired by 20th-century studios' Avatar: The Way of Water. In addition to providing a vegan and animal-free product line, the firm asserted that the group attempts to lessen its adverse effects on the environment. Recyclable materials were used to make palettes, lipsticks, face spray, and paint to save waste. Additionally, customers are now more interested in learning about the science and components behind cosmetics.
Eventually, consumers are expected to prefer these products over non-vegan cosmetics due to the medical benefits of vegan cosmetics on the skin. Moreover, vegan cosmetics can help to reduce the damage to the skin that is created due to several environmental changes and increasing pollution around the globe; for example, the antioxidants present in vegan cosmetics are naturally processed from plants and can help to reduce the dryness of the skin. Thus, due to the benefits consumers can gather using these products, the demand for plant-based ingredients is growing, also elevating the growth of the vegan cosmetics market.
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, many European consumers choose one brand over others. Vegan beauty product sales have increased substantially in the United Kingdom during the past few years. The increasing awareness of potential long-term damage from chemical brands has recently increased the demand for safe, natural, and organic vegan cosmetics products. For instance, over 39% of beauty customers in the United Kingdom responded in a survey conducted by The Vegan Society in 2021 that they thought it was very important that companies providing vegan cosmetics products had them approved by a third-party agency. The demand for vegan ingredients has been quite evident in the market and the purchases are based on efficacy, longer-lasting protection, and clinical properties. This has led to a majority of companies launching vegan brands and products with nature-inspired ingredients, such as plant-inspired and premium botanical ingredients, coupled with multi-functional properties. For instance, in February 2022, Boohoo, a fast-fashion clothing company, has introduced a more than 50-item vegan beauty line. According to the firm, the Boohoo Beauty line includes products for the brows, lips, eyes, and face and is offered in a variety of colours to complement different skin tones and complexions.
Vegan Cosmetics Industry Overview
The vegan cosmetics market is competitive. This is due to several domestic and international players in this segment. The major players in 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 players' interests and enhance their spots in the market. Major emerging market players targeting leading brands are making strategic acquisitions of the market leaders in the more mature and sophisticated needs.
Vegan Cosmetics Market Leaders
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MuLondon
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Beauty Without Cruelty
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Loreal SA
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Cottage Holdco B.V. (Coty Company)
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E.L.F. Cosmetics Company
*Disclaimer: Major Players sorted in no particular order
Vegan Cosmetics Market News
- In September 2022, Stella by Stella McCartney, a new beauty line from the fashion designer, was introduced in collaboration with LVMH. According to the company, McCartney's ecological ethos of using "just what you need" is reflected in the new brand. Reset Cleanser, Alter-Care Serum, and Restore Cream are the three items in the vegan skincare range.
- In August 2022, Ashunta Sheriff launched Ashunta Sheriff Beauty, a Black-owned beauty brand with a conscience offering a Cruelty-Free, Vegan Beauty Line. A few products in the range include browzing brow gel freeze, unicorn duochrome highlighter, UV vegan liquid liners, unicorn multichrome glitter shadow palette, and beauty water fix-it spray, among others.
- In May 2022, Lotte Duty-Free, the duty-free division of South Korean retail behemoth Lotte, released a collection of vegan cosmetics through its online shopping portal LDF BUY. It claimed that the LDF BUY would sell vegan cosmetic products made by Grown Alchemist, a natural skincare brand based in Australia, and Hunter Lab, a gender-inclusive brand from Australia.
Vegan Cosmetics Market Report - 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 Market Share Analysis
6.2 Most Adopted Strategies
6.3 Company Profiles
6.3.1 MuLondon
6.3.2 Loreal SA
6.3.3 Beauty Without Cruelty
6.3.4 Levlad Inc (Nature's Gat)
6.3.5 MO MI BEAUTY
6.3.6 e.l.f. Beauty, Inc.
6.3.7 Cottage Holdco B.V. (COTY Company)
6.3.8 Gabriel Cosmetics Inc.
6.3.9 Groupe Rocher
6.3.10 Pacifica Beauty
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Vegan Cosmetics Industry Segmentation
Vegan cosmetics are ones that only contain components from plants. This means that neither vegan products' ingredients nor the production process will ever include using animals. The vegan cosmetics market is segmented by product type, distribution channel, and geography. The market is segmented by product type: facial cosmetics, cosmetic eye products, lip and nail make-up products, and hairstyling and coloring products. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, specialty stores, online retailing, and other distribution channels. The report also includes regional market analysis on regions like North America, Europe, Asia-Pacific, South America, the Middle East, and Africa). For each segment, the market sizing and forecasts have been done based on 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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Vegan Cosmetics Market Research FAQs
How big is the Vegan Cosmetics Market?
The Vegan Cosmetics Market size is expected to reach USD 2.84 billion in 2024 and grow at a CAGR of 6.83% to reach USD 3.95 billion by 2029.
What is the current Vegan Cosmetics Market size?
In 2024, the Vegan Cosmetics Market size is expected to reach USD 2.84 billion.
Who are the key players in Vegan Cosmetics Market?
MuLondon, Beauty Without Cruelty, Loreal SA, Cottage Holdco B.V. (Coty Company) and E.L.F. Cosmetics Company are the major companies operating in the Vegan Cosmetics Market.
Which is the fastest growing region in Vegan Cosmetics Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Vegan Cosmetics Market?
In 2024, the Europe accounts for the largest market share in Vegan Cosmetics Market.
What years does this Vegan Cosmetics Market cover, and what was the market size in 2023?
In 2023, the Vegan Cosmetics Market size was estimated at USD 2.66 billion. The report covers the Vegan Cosmetics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vegan Cosmetics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the biggest growth opportunities in the Vegan Cosmetics Market beyond makeup products?
The biggest growth opportunities in the Vegan Cosmetics Market beyond makeup products are vegan skincare, haircare, & men's grooming products as demand for complete vegan routines increases.
Cruelty-Free Cosmetics Industry Report
The global vegan cosmetics market is on a robust growth trajectory, fueled by a paradigm shift towards sustainability and the demand for cruelty-free beauty products. With consumers increasingly prioritizing sustainability, there's a surge in innovative, animal-friendly beauty solutions spanning skincare, makeup, and hair care. Europe leads with a significant market share, driven by a preference for plant-based substitutes and growing concerns over synthetic ingredients. The movement against animal-tested cosmetics has also swayed consumer preferences towards vegan offerings. However, the market faces challenges from the circulation of counterfeit products. The skincare segment captures a dominant market position, buoyed by the trend of gifting affordable vegan cosmetics, while the online retail segment burgeons, offering convenience and a wide array of products. This underscores a transition to digital distribution channels, with the vegan cosmetics market poised for further growth, leveraging product innovation and a consumer base increasingly drawn to ethical and health-conscious beauty options. Get a sample of this industry analysis as a free report PDF download.
