Press release
Vegan Cosmetics Market Global Forecast over 2024 - 2031 | Amway Corporation, Estee Lauder Companies Inc.
Vegan Cosmetics Market
The vegan cosmetics market is estimated to be valued at USD 67.27 Bn in 2024 and is expected to reach USD 101.82 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
Market Dynamics:
The growing vegan movement and rising consumer awareness about animal welfare are driving significant demand for vegan cosmetics. A perception that vegan products are more natural and sustainable compared to conventional cosmetics is another major factor propelling the market growth. Additionally, improvements in vegan formulation technologies have allowed manufacturers to replicate the texture and performance of traditional cosmetics using plant-based alternatives, further encouraging consumers to switch to cruelty-free products. However, the fragmentation of regulations around vegan claims and the difficulty of educating consumers about multi-ingredient products continue to hamper the vegan cosmetics market to some extent.
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Vegan Cosmetics Market Drivers
Rise in awareness regarding animal cruelty in cosmetics testing drives the vegan cosmetics market
With growing awareness of animal cruelty in cosmetics testing and promotion of cruelty-free products by PETA and other animal welfare organizations, consumers are shifting their preference towards vegan cosmetic products. Various animal welfare groups have raised concerns over the unethical testing of cosmetic products on animals which causes severe pain and distress. This has encouraged consumers to look for brands that do not involve any kind of animal testing in their products. As a result, prominent cosmetic brands have started developing and promoting vegan ranges in their product portfolio in order to attract ethically conscious customers.
Vegan Cosmetics Market Opportunity
Rise of digital-first brands offers huge scope for vegan cosmetic startups
With the rapid growth of e-commerce, digital marketing and social selling, there is a huge opportunity for vegan cosmetic startups to leverage online platforms and direct to consumer model. Rising internet and smartphone penetration globally has boosted the direct to consumer trend where new brands can establish themselves by engaging millennial customers via social media influencer marketing. Digital first approach allows vegan brands to get their products discovered without depending on expensive retail shelf space. It also helps reduce operational overheads through an optimized supply chain and distribution model. Several independent vegan cosmetic startups focused on natural formulations are entering the market by first establishing strong digital presence and community. This presents a massive opportunity for new players to tap into the fast growing vegan cosmetics sector.
Vegan Cosmetic Market Trends
Surging popularity of multi-use vegan skincare products
A notable trend gaining momentum in the vegan cosmetics market is the increase in multi-functional skincare products that serve more than one purpose. Customers are gravitating towards streamlined routines with minimal products offering multiple benefits. This has led to the rise of hybrid vegan products like tinted moisturizers with SPF, treatment oils that can also be used as makeup removers and balms that work as lip and cheek color in one. Such versatile formulations allow customers to replace multiple single-use products with lighter multi-tasking options. They are also preferred by conscious consumers looking to reduce waste from excessive packaging. This trend is encouraging vegan beauty brands to innovate and launch multi-benefit products catering to the increasing demand.
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Top Companies Featured in This Report:
★ Amway Corporation
★ Estee Lauder Companies Inc.
★ Groupe Rocher
★ L'Occitane Group
★ L'Oreal S.A.
★ LVMH Group
★ MuLondon
★ Pacifica Beauty
★ Unilever plc.
★ Weleda
★ Coty Inc.
★ Beauty with Cruelty
★ Elf Cosmetic Company
★ Urban Decay
★ Nature's Gate
★ Billy
★ TJS India
★ Seraphine Botanicals
★ Hera Beauty Ltd.
★ Herrco Cosmetics
Market Segmentation:
By Product Type:
★ By Product Type: Skin Product, Hair Product, Lip Product, Eye Product, and Others
★ By Gender: Kids, Male, and Female
★ By Price Point: Premium and Economic
★ By Distribution Channel: Online and Offline (Supermarket, Hypermarket, Specialty Stores, Others)
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Inquiries Addressed in this Report include:
📈 What was the size of the Vegan Cosmetics Market in 2024, and what is the projected value by 2031?
📈 What is the present global market landscape for the Vegan Cosmetics Market?
📈 What strategies offer optimal opportunities for growth maximization in the business?
📈 What recent trends are shaping the Vegan Cosmetics Market?
📈 How does the market share of Vegan Cosmetics Market revenue, sales, and size vary across specific geographical regions?
📈 Who are the prominent industry players in the Vegan Cosmetics Market?
📈 Which segment of the Vegan Cosmetics Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Vegan Cosmetics sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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