May 21, 2024
Vegan Cosmetics

Vegan Cosmetics Market Poised to Grow Rapidly due to Rising Awareness of Cruelty-free Products

Vegan cosmetics are cosmetic products that are free from any animal or animal-derived ingredients. These include products such as shampoo, conditioner, makeup, lotions, and other skincare items. Vegan cosmetics offer various advantages over traditional cosmetic products such as natural and organic formulation without any harsh chemicals. Growing awareness about animal cruelty in personal care products manufacturing and rising ethical consumers are increasing the demand for vegan cosmetics.

The Global vegan cosmetics market is estimated to be valued at US$ 19.19 Bn in 2024 and is expected to exhibit a CAGR of 340% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in The Vegan Cosmetics Market include Jon-Don LLC., LG Electronics., Appliance Laundry Systems LLC., Electrolux Group and ECOLAB among others.

The key opportunities in the vegan cosmetics market include growing online retail, increasing number of vegan cosmetic brands and stores as well as rising demand from developing countries. Technological advancements such as development of organic and natural formulation without any harsh chemicals are further fueling the market growth.

Market Drivers

Growing awareness about animal cruelty in personal care products manufacturing is a major market driver. Rising ethical consumers who prefer sustainable and cruelty-free products is further propelling the vegan cosmetics market growth. Growing vegan population and their rising spending on vegan products have boosted the demand for vegan cosmetic products. Stringent regulations regarding animal testing will also contribute to the market expansion.

Current challenges in Vegan Cosmetics Market
The vegan cosmetics industry is growing at a rapid pace. However, there are still some challenges faced by players in this market. One of the major challenges is consumer perception. Many consumers still think that vegan cosmetics lack efficacy and performance when compared to traditional cosmetic products. Players need to focus on thorough research and constant innovation to match the quality and delivery of regular cosmetic items. Additionally, vegan certification is another obstacle. Getting certification for cruelty-free and vegan claims requires extensive documentation and compliance with various standards. This increases the overall production cost.

SWOT Analysis
Strength: Vegan ingredients like plant extracts provide several skin benefits. Also, growing consumer demand for cruelty-free products works as a major strength.
Weakness: Higher pricing of vegan cosmetics makes them inaccessible to the mass market. Lack of standardization in vegan certification leads to confusion.
Opportunity: Rising millennial population interested in sustainable products opens new opportunities. Social media marketing helps increase outreach.
Threats: Frequent new product launches in the market increase competition. Stricter regulations around vegan claims act as a threat.

Geographical regions of concentration
North America accounts for the largest share in the vegan cosmetics market currently, both in terms of production and consumption. This is primarily due to rising veganism and awareness about cruelty-free products among American consumers. Europe is another major regional market, driven by stricter regulations regarding ingredients sourcing and testing.

Fastest growing region
The Asia Pacific region is expected to witness the highest growth in the vegan cosmetics market during the forecast period. This is due to increasing disposable incomes, growing health and wellness trend as well as rising millennial population in countries like China, India and South Korea. Brands are expanding their presence across South-East Asian countries to tap the lucrative growth opportunity.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it