“Global Vegan Cosmetics Market to reach a market value of USD 24.9 Billion by 2031 growing at a CAGR of 6.1%”
The Global Vegan Cosmetics Market size is expected to reach $24.9 billion by 2031, rising at a market growth of 6.1% CAGR during the forecast period.
In the United States and Canada, the trend towards clean beauty and ethical consumerism gained significant traction, supported by influential social media campaigns and celebrity endorsements. Furthermore, the market's expansion in North America was enhanced by the availability of a diverse selection of vegan cosmetic products through both online and offline channels. Therefore, the North America segment is expected to register 31% revenue share in the market by the year 2031. The region's expansion was a result of a growing consumer consciousness regarding the advantages of vegan cosmetics, a growing preference for natural and organic products, and robust advocacy for animal rights.
Ethical considerations regarding the treatment of animals have become a central factor in purchasing decisions, with a growing number of consumers prioritizing products that align with their values. The advocacy efforts of animal rights organizations have successfully increased awareness of the atrocities associated with animal testing and the availability of humane alternatives, further supporting this transition to ethical consumption. The promotion of cruelty-free cosmetics has also been significantly influenced by consumer education and awareness campaigns by animal rights organizations. Hence, rising concerns about animal welfare are a key driver in the growth of the market.
Furthermore, Social media platforms and influencers have emerged as potent forces in the promotion of vegan cosmetics, thereby substantially boosting consumer interest in cruelty-free products and raising awareness. Social media's influence is pervasive, with millions of users worldwide engaging with content related to beauty, skincare, and ethical lifestyles. This digital landscape provides an ideal platform for promoting vegan cosmetics, allowing brands to reach a broad audience and connect with consumers personally. Therefore, social media platforms and influencer marketing are indispensable in promoting vegan cosmetics.
However, many natural, plant-based ingredients for formulating vegan cosmetics are not as widely available as synthetic or animal-derived counterparts. The geographic limitations in cultivating certain plant-based ingredients pose a considerable challenge. The majority of these components, which include exotic oils, botanical extracts, and essential oils, are sourced from places that have climates and soil conditions that are favorable to the cultivation of these components. Additionally, agricultural challenges such as pests, diseases, and changes in weather patterns can affect the yield and quality of plant-based raw materials. Hence, the limited availability of raw materials is a multifaceted challenge for the market.
On the basis of distribution channel, the market is classified into hypermarkets & supermarkets, specialty stores, e-commerce, and others. The hypermarkets & supermarkets segment recorded 24% revenue share in the market in 2023. These retail giants benefit from their extensive reach and convenience, making vegan cosmetics more accessible to a broader audience. The presence of vegan cosmetics in mainstream retail locations indicates a growing acceptance and demand for these products among general consumers.
Based on product, the market is divided into skin care, hair care, color cosmetics, and others. The hair care segment procured 16% revenue share in the market in 2023. The rising awareness about the potential harm of chemical-laden hair products and a shift towards safer, plant-based alternatives fueled this growth. Consumers were increasingly interested in vegan shampoos, conditioners, and grooming products that were devoid of synthetic additives and harsh chemicals. The emphasis on sustainability and cruelty-free practices further supported the expansion of this segment, as environmentally conscious consumers preferred hair care products that align with their values.
Free Valuable Insights: Global Vegan Cosmetics Market size to reach USD 24.9 billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe segment witnessed 35% revenue share in the market in 2023. Germany, France, and the United Kingdom are among the countries where there is significant consumer awareness and demand for ethical, sustainable, and cruelty-free products. European consumers are generally more inclined towards environmentally friendly and health-conscious choices, and the region has stringent regulations and standards for cosmetic products that favor the growth of vegan options.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 15.7 Billion |
| Market size forecast in 2031 | USD 24.8 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 6.1% from 2024 to 2031 |
| Number of Pages | 178 |
| Number of Tables | 280 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Distribution Channel, Region |
| Country scope |
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| Companies Included | LVMH SE, Weleda AG, Emma Jean Cosmetics, Inc., Monave Pacifica Beauty LLC, NAOS, Amway Corporation, Clarins Group SA, L'Oréal S.A., grüum Europe Ltd. (grüum) |
By Product
By Distribution Channel
By Geography
This Market size is expected to reach $24.9 billion by 2031.
Rising Concerns About Animal Welfare are driving the Market in coming years, however, Limited Availability of Raw Materials restraints the growth of the Market.
LVMH SE, Weleda AG, Emma Jean Cosmetics, Inc., Monave Pacifica Beauty LLC, NAOS, Amway Corporation, Clarins Group SA, L'Oréal S.A., grüum Europe Ltd. (grüum)
The expected CAGR of this Market is 6.1% from 2024 to 2031.
The Skin Care segment is leading the Market by Product in 2023; thereby, achieving a market value of $7.8 billion by 2031.
The Europe region dominated the Market by Region in 2023; thereby, achieving a market value of $8.4 billion by 2031.
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