- Increasing inclination towards veganism among millennials is helping to grow the market.
- Increasing government initiatives to promote plant-based cosmetic products is further driving market growth.
- The North America vegan cosmetics market accounted for the highest share in terms of revenue.
Vegan cosmetic products are produced using plant-based derivatives, extracts, ingredients and are not contain any animal ingredients or animal-derived ingredients. Vegan cosmetic products are very popular among young generation across the globe. In addition, various types of vegan cosmetic products such as makeup and color cosmetics, skin care, hair care, and others easily available in the market.
The first five-year cumulative revenue (2019–2023) is projected to be over $79 billion, which is expected to increase significantly over the latter part of the five-year forecast period. The global vegan cosmetics market is expected to be valued at approximately $14 billion in 2019 and is expected to register a CAGR of 6.7%.
Global Vegan Cosmetics Market: Market Dynamics
Increasing inclination towards veganism among millennials, rising consciousness about physical appearance among individuals, and increasing demand for personal care products are some major factors expected to boost growth of the target market during forecast period. In addition, growing awareness among consumers about benefits associated with vegan cosmetic products and increasing influence of social media and other media channels among individuals. These are other factors projected to drive growth of the global vegan cosmetics market.
The ongoing trend observed in the vegan cosmetics market is rising strategic merger & acquisition activities among prominent players and increasing introduction of new vegan beauty products by major cosmetics manufacturers. In addition, this trend is expected to continue over the forecast period.
Increasing government initiatives to promote plant-based cosmetic products and strict government regulations for the use of animal-derived ingredients during production of cosmetics products. In addition, increasing research & development activities for the production of natural products and expanding retail network chain across developing countries. These are major factors expected to create lucrative revenue opportunities for players operating in the target market.
Global Vegan Cosmetics Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global vegan cosmetics market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global vegan cosmetics market is expected to expand at a CAGR of 6.7% over the forecast period.
Global Vegan Cosmetics Market: Segmental Snapshot
The market report has been segmented on the basis of product type, distribution channel, and region.
The product type segment is further bifurcated into skin care, hair care, makeup and color cosmetics, and others. The distribution channel segment is further bifurcated into supermarkets and hypermarkets, department stores, specialty stores, and online stores. The regions covered in the analysis include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By product type: The hair care segment accounted for highest CAGR of over 6.5% between 2019 and 2028.
By distribution channel: The online stores segment accounted for highest CAGR of over 6.6% between 2019 and 2028.
By region: The North America vegan cosmetics market accounted for the highest share in terms of revenue in the global vegan cosmetics market in 2018. The Europe market is expected to register the highest CAGR of over 6.7% between 2019 and 2028.
Global Vegan Cosmetics Market: Competitive Analysis
The research report on the global vegan cosmetics market includes profiles of some of major companies such as The Unilever Group, Cover FX, LVMH Moët Hennessy – Louis Vuitton S.E. (Kendo Holdings, Inc.), L’Oréal S.A. (Urban Decay Cosmetics), PHB Ethical Beauty Ltd, Arbonne International, LLC, ColourPop Cosmetics LLC (ColourPop), Total Beauty Network Pty Ltd, e.l.f. Beauty, Inc. and Pacifica Beauty LLC.