Vegan Beauty Products Market, By Product Types (Skin care, Hair care, Bath care, Cosmetics, and Fragrance), By Customer Orientation (Women, Men, Unisex, and Kids), By Nature (Organic and Conventional), By Price Range (Premium and Economic), By Sales Channel (E-commerce, Hypermarket/Supermarket, Departmental Stores, Specialty Stores, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030

Vegan Beauty Products Market accounted for USD 15.45 Billion in 2020 and is estimated to be USD 26.32 Billion by 2030 and is anticipated to register a CAGR of 5.52%.

A vegan product is a product that does not contain any animal ingredients or animal-derived ingredients. It also means that ingredients/components as well as the final product are free from animal testing since these tests are often painful and cause the suffering and death of millions of animals every year.

Consumer Performance Shift towards Plant-Based Ingredients

Growing consumer preference towards cruelty-free and plant-based products stimulated by ethical-led choices, involving personal care products. This, in turn, is possible to create countless opportunities for the manufacturers of vegan beauty products over the forecast period. Consumers are shifting their preference from chemical-based beauty products, owing to safety reasons, and are drawn towards ‘natural’ and ‘safe’ products. This, in turn, is likely to drive the adoption of vegan beauty products in the coming years. Furthermore, a growing number of social media channels and beauty bloggers are promoting makeup hacks using vegan beauty products. This, in turn, is boosting manufacturers of vegan beauty products.

Availability of counterfeit products

Counterfeiting in the vegan beauty products space is a result of the lack of standardized regulations to draw a distinction between authorized products and fraudulent ones, which results in unreasonable competition for the legitimate market players. Vegan products have a shorter shelf life as compared to synthetic products, which is a key factor hampering the adoption of vegan beauty products.

The global vegan beauty products market is segmented based on product types, customer orientation, nature, price range, sales channel, and region

On the basis of product types, the global vegan beauty products market is segmented into skincare, haircare, bath care, cosmetics, and fragrance. Based on customer orientation, the target market is segmented into women, men, unisex, and kids. On the basis of nature, the target market is segmented into organic and conventional. Based on the price range, the target market is classified into premium and economic. Based on the sales channels, the global market is bifurcated into E-commerce, hypermarket/supermarket, departmental stores, specialty stores, and others.

Regional Insights:

On region the global vegan beauty products market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is dominating the target market as more customers use vegan cosmetics that are not animal tested and favors the development of animal-tested alternatives. The cosmetics market in the region is witnessing faster growth as compared to other regions. According to the CEO of L’Oréal, in North America, the demand for cosmetics is expected to be progressively growing, specifically vegan products. Currently, increasing demand for herbal cosmetics is propelling the growth of the region.

The key players operating in the global vegan beauty products market include L’Oréal, Estee Lauder, P&G, Unilever, Cosmas Inc, Johnson & Johnson, Grupo Bockarie, Beiersdorf, Coty, Natura, Groupe Rocher, and Gabriel Cosmetics. Market players are focusing on R&D activities which is paving way for novel products and the use of natural harmless chemicals, thus helping to consolidate their positions in the market. For instance, in 2018, Cosmas Inc. - a South Korea-based leading cosmetics manufacturer declared that it has become the first company across Asia to attain a ‘Vegan’ label from the Expertise Vegan Europe (EVE) for its widespread manufacturing cruelty-free cosmetic products. This has led to establishing new dimensions of the company’s growth in the vegan beauty products space.

• L’Oréal
• Estee Lauder
• P&G
• Unilever
• Cosmas Inc.
• Johnson & Johnson
• Grupo Bockarie
• Beiersdorf
• Coty