Global Vegan Cosmetics Market is expected to reach a market size of ~US$ 20 billion by 2028: Ken Research
What Is the Size of Global Vegan Cosmetics Industry?
Global Vegan Cosmetics market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 20 Bn by 2028. The Vegan Cosmetics Market is largely driven by growing popularity of plant-based products, combined with the emerging veganism trend across countries.
The rising government implementation of prohibiting animal testing for cosmetics across countries is a significant contributor to the growth of veganism. Increasing dissemination of counterfeit cosmetic products across countries may impede the growth of the vegan cosmetics market.
The ongoing COVID-19 pandemic has bolstered demand for vegan cosmetics as consumers actively seek to improve their consumption patterns beyond food, particularly those who have been infected with the virus.
Global Vegan Cosmetics Market By Product Type
The Global Vegan Cosmetics market is segmented by Product type into Skin Care, Hair Care, Makeup and Others. The Skincare segment held the largest market share of the global vegan cosmetics market in 2022, owing to increasing concern regarding skin nourishment due to numerous factors, such as the increasing occurrence of acne, black spots, scars, dullness, and tanning.
Vegan skincare typically helps in preventing the diseases, such as eczema, psoriasis, and other skin allergies due to the presence of antioxidants. Furthermore, the adverse effects of conventional skincare products, such as itching, skin irritation, and blisters, are allowing individuals to opt for natural and vegan skincare products.
Global Vegan Cosmetics Market By Distribution Channel
The Global Vegan Cosmetics market is segmented by Distribution channel into Supermarkets/Hypermarkets, Specialty Stores, Online Channels and Others. The Supermarket/Hypermarket segment held the largest market share of the Global Vegan Cosmetics Market in 2022. The growth is mainly attributed to the availability of a variety of products at lower or discounted prices as compared to other stores.
The modernization of retail stores across countries, notably in emerging countries, is increasing revenue generation through off-trade sales channels, such as supermarkets/hypermarkets.
Global Vegan Cosmetics Market By Gender
The Global Vegan Cosmetics market is segmented by Gender into Women and Men. The Women segment held the largest market share of the Global Vegan Cosmetics Market in 2022, owing to the increasing number of working women across countries.
For instance, according to World Bank, as of June 2022, the women labor force participation rate is 46% globally. Women usually experience more acne, wrinkles, and blocked skin follicles than men, which leads to oil, bacteria, and dead skin buildup in pores, influencing them to use more natural, organic, and vegan cosmetics.
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Global Vegan Cosmetics Market By Geography
The Global Vegan Cosmetics market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Europe accounted for the largest share of the Global Vegan Cosmetics Market in 2022 and will remain dominant during the forecast period (2022-2028).
The growth is mainly attributed to the emergence of a large number of prominent players for cruelty-free cosmetics in Europe, notably in Italy, France, the UK, Germany, and Spain. Furthermore, the European government’s move to prohibit animal testing for cosmetics is also encouraging individuals to use vegan cosmetics. In April 2022, European Union stated that selling cosmetic products tested on animals is prohibited and the testing applies to both the final formulation and the ingredients of the product.
Competition Scenario In Global Vegan Cosmetics Market
The Global Vegan Cosmetics Market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players with their niche in adopting advanced technology, such as fermentation technology to enhance the texture of products. Moreover, companies are competing on various parameters such as partnerships, new products offering, business models, marketing strategies, pricing, campaign, and more.
Country-niche players comprise about ~65% of the total competitors, while regional players constitute ~30% of competition. Some of the major players in the market include Arbonne International LLC, Coty Inc., Gabriel Cosmetics, L’Oréal S.A., Lush Retail Ltd., Shiseido Company, Limited, Plum, Disguise Cosmetics, Estée Lauder Companies Inc., Pacifica Beauty LLC, Amway Corp., L’Occitane en Provence, and among others.
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What is the Expected Future Outlook for the Overall Global Vegan Cosmetics Market Across the globe?
The Global Vegan Cosmetics market was valued at USD ~billion in 2022 and is anticipated to reach USD ~20 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Vegan Cosmetics market is driven by growing popularity of plant-based products, combined with the emerging veganism trend across countries. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries. With the increasing collaboration and emergence of new products, the Global Vegan Cosmetics market is changing rapidly. For instance, In December 2021, L’Oreal S.A. acquired Youth to the People, a U.S.-based company that manufactures vegan skin care products with plant extracts and innovative active ingredients.
In July 2021, Coty Inc. relaunched its existing brand Kylie Cosmetics with a new and improved vegan formula. The updated formulas are free of animal oils, parabens, and gluten and nearly 1,600 other harmful and irritating ingredients. The global vegan cosmetics market is forecasted to continue the exponential growth at ~6% that is witnessed since 2017. The major driving factor contributing to the growing popularity of plant-based products, combined with the emerging veganism trend. Though the market is highly competitive with around ~500 participants, Country-niche players comprise the dominant share of competitors and regional players also hold a significant share.
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