Vegan cosmetics products do not contain any animal-derived ingredients and are not tested on animals. These products are usually made with plant-based formulas containing natural ingredients like botanical oils, plant butters, plant waxes, herbs, and antioxidants. Vegan cosmetics offer several advantages over regular cosmetics such as sustainable alternatives to ingredients derived from animals like honey, beeswax, and animal fats. They are suitable for vegans and those with sensitive skin or allergies. The increasing number of vegans and vegetarians globally has boosted the demand for vegan personal care products.
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 34% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for multi-functional vegan products is growing exponentially. Consumers are looking for vegan cosmetics that provide skincare along with makeup benefits. The launch of multifunctional products incorporating natural anti-aging ingredients is a key trend in the market. Manufacturers are also utilizing plant-based packaging and organic/natural ingredients to boost the eco-friendliness of their products. This is expected to increase the offerings of environmentally sustainable vegan cosmetic product ranges. Companies are adopting advanced technology and innovating their formulas to provide superior performance similar to conventional products while still being cruelty-free.
Threat of new entrants: Low-moderate. While the vegan cosmetics industry is growing rapidly, large cosmetics brands dominate distribution channels and marketing, creating barriers.
Bargaining power of buyers: Moderate-high. Buyers have many options from large brands and small companies. As vegan lifestyle grows in popularity, customers can more easily switch between brands.
Bargaining power of suppliers: Low. Many raw materials are commodity chemicals easily sourced from various suppliers around the world.
Threat of new substitutes: Low. There are no close product substitutes for vegan cosmetics targeting customers seeking cruelty-free options without animal-derived ingredients.
Competitive rivalry: High. Competition between large brands and influx of new small companies leads to intense focus on innovation, marketing campaigns emphasizing ethics and sustainability.
The Global Vegan Cosmetics Market Size is expected to witness high growth.
Regional analysis shows Europe currently dominates due to strong vegan consumer bases in countries like UK and Germany. However, North America is growing rapidly as veganism becomes more mainstream.
Key players operating in the vegan cosmetics market are Jon-Don LLC., LG Electronics., Appliance Laundry Systems LLC., Electrolux Group, ECOLAB, among others. The market is seeing increasing participation of large beauty brands like L’Oréal and Estée Lauder alongside innovation from millennials-focused brands.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it