The Europe Vegan Cosmetics Market would witness market growth of 5.5% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe Vegan Cosmetics Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,860.4 Million by 2031. The UK market is experiencing a CAGR of 4.6% during (2024 - 2031). Additionally, The France market would exhibit a CAGR of 6.6% during (2024 - 2031).
One of the most significant drivers of the market is the rising awareness and adoption of veganism. Veganism, once considered a niche movement, has gained substantial traction. This surge is not limited to dietary choices but extends to other aspects of daily life, including beauty and personal care. Consumers who adopt a vegan lifestyle seek products that align with their values, creating a burgeoning market for vegan cosmetics. Animal welfare concerns are a central tenet driving the demand for vegan cosmetics. The traditional cosmetics industry has long faced criticism for its reliance on animal testing and the use of animal-derived ingredients such as lanolin, beeswax, and carmine.
The demographic profile of consumers who are adopting vegan lifestyles is diverse, comprising a wide range of age groups and backgrounds. However, Millennials and Generation Z are particularly influential in driving this trend. These younger consumers are more likely to prioritize ethical consumption and sustainability in purchasing decisions. Approximately three-quarters of Generation Z and Millennials are prepared to pay a premium for products that are both environmentally friendly and socially considerate. This willingness to engage in ethical products is a substantial factor that is driving the expansion of the market.
Italy is experiencing a surge in demand for vegan cosmetics, driven by cultural shifts towards natural and sustainable living and supportive regulatory frameworks. The Italian National Institute of Statistics (ISTAT) reports increased consumer expenditure on organic and natural products, which extends to the beauty and personal care sector. The Italian government has also implemented policies that encourage using natural ingredients and cruelty-free practices in cosmetics. This shift is further supported by the Italian fashion and beauty industry's move towards sustainable practices, aligning with consumer preferences for ethical and vegan products. Thus, these factors contribute to a thriving European vegan cosmetics market.
Free Valuable Insights: The Global Vegan Cosmetics Market will Hit USD 24.9 billion by 2031, at a CAGR of 6.1%
Based on Product, the market is segmented into Skin Care, Color Cosmetics, Hair Care, and Others. Based on Distribution Channel, the market is segmented into Specialty Stores, Hypermarkets & Supermarkets, E-commerce, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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