Vegan cosmetics refer to personal care products that do not contain any animal-derived ingredients or byproducts. They are manufactured without using keratin, lanolin, gelatin, collagen, honey or beeswax. Increasing consumer shift towards natural beauty and wellness products free from harsh chemicals is fueling the demand for vegan cosmetics. These products are typically made from plant-derived ingredients like plant oils, plant extracts, vitamins and essential fatty acids that hydrate and nourish the skin or hair. Additionally, vegan cosmetics are suitable for individuals with sensitive skin or allergies to animal-derived ingredients.
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.
Key Takeaways
Key players operating in The Vegan Cosmetics Market are Jon-Don LLC., LG Electronics., Appliance Laundry Systems LLC., Electrolux Group, ECOLAB, among others. The key players are focusing on expanding their vegan product lines to tap the growing customer demand. For instance, Estée Lauder launched vegan skincare and makeup products under the brand names Glamglow and M.A.C Cosmetics.
The growing demand for cruelty-free cosmetic products is a major driver for the vegan cosmetics market. Moreover, social media influencers promoting vegan lifestyles have raised further awareness about animal welfare and environment issues related to conventional cosmetics industries. As a result, consumers are increasingly seeking vegan certified and plant-based products.
Geographically, the vegan cosmetics market is experiencing high growth in Europe and North America attributed to stringent regulations on animal testing in these regions. Players in the market are also expanding to Asia Pacific with the rising health-conscious middle-class population in countries like India and China showing interest in vegan lifestyle.
Market drivers
The rising influence of social media highlighting ethics of veganism has been a key driver for the vegan cosmetics market. High-profile celebrities and bloggers openly advocating veganism has positively impacted the purchasing decisions of younger consumers. Furthermore, instances of corporates such as L'Oréal and Unilever acquiring popular independent vegan brands has expanded the accessibility of these niche products globally. Thus, changing social norms emphasizing cruelty-free products coupled with wider availability is expected to propel the vegan cosmetics market during the forecast period.
Geopolitical Impacts on Vegan Cosmetics Market Growth
The global vegan cosmetics market is witnessing steady growth due to rising ethical concerns and demand for cruelty-free products. However, the ongoing geopolitical tensions and supply chain disruptions caused by the Russia-Ukraine conflict pose challenges. Sanctions on Russia have led to volatility in prices of important vegan cosmetic raw materials like coconut and olive oils exported from the region. This is negatively impacting input costs for manufacturers. Furthermore, disruptions to European gas supplies amid the energy crisis in the region threaten capacity expansion plans of vegan cosmetic companies dependent on natural gas. To ensure long term growth, companies must diversify their sourcing strategies and develop alternative supplier networks in Asia Pacific and Latin America. They also need to focus on renewable energy integration and energy efficiency measures to reduce dependency on fossil fuels. Adopting a decentralized supply chain approach and localizing production closer to demand centers can help mitigate political and economic uncertainties.
Fastest Growing Region for Vegan Cosmetics Market
Asia Pacific excluding Japan is poised to be the fastest growing region for the global vegan cosmetics market between 2024-2031. Countries like India, China, South Korea and Thailand offer promising prospects due to rising health and environmental concerns among its large youthful population. Aggressive marketing strategies by European and American vegan labels alongside growing indigenous brands are helping drive wider acceptance. China especially is witnessing an exponential surge in vegan lifestyle with online vegan beauty tutorials and trainings attracting huge audiences. As disposable incomes increase, more consumers are willing to pay premium prices for ethical cosmetic alternatives. Latent demand coupled with supportive regulatory push makes Asia Pacific an important growth market for vegan beauty in coming years.
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