Vegan cosmetics products such as vegan skincare, makeup and haircare products are rapidly growing in popularity. These products do not contain any animal-derived ingredients or by-products and are not tested on animals. They are seen as more sustainable and ethical alternatives to traditional cosmetics. Key ingredient alternatives include using plant-based oils instead of animal-derived oils in products such as lotions and serums. Plant-based waxes are used instead of beeswax and Vitamin E from plant sources replaces lanolin in vegan makeup products. Vegan personal care not only avoids harming animals but is also kinder on the skin as plant-based ingredients tend to be less irritating.
The vegan cosmetics market is estimated to be valued at USD 67.27 Bn in 2024 and is expected to reach USD 101.82 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
Key Takeaways
Key players operating in the Vegan Cosmetics market are Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L'copyright Group, L'Oreal S.A., LVMH Group, MuLondon, Pacifica Beauty, Unilever plc., Weleda, Coty Inc., Beauty with Cruelty, Elf Cosmetic Company, Urban Decay, Nature's Gate, Billy, TJS India, Seraphine Botanicals, Hera Beauty Ltd., and Herrco Cosmetics.
The growing vegan population worldwide and rising awareness about animal welfare are driving the demand for vegan beauty and personal care products, contributing to the of the Vegan Cosmetics Market size are seeking ethical and sustainable options.
Major companies are expanding their vegan product lines and global footprint to capitalize on this fast-growing market segment. Manufacturers are innovating with new sustainable and natural ingredients to attract conscious consumers.
Market Key Trends
One of the major trends seen in the vegan cosmetics market is the focus on sustainability and natural ingredients. Manufacturers are increasingly using plant-based oils, waxes, extracts and active ingredients that are naturally derived without harsh chemicals or synthetic preservatives. Products marketed as zero-waste, carbon-neutral, cruelty-free and packaged in recyclable materials are very popular. Another trend is customized vegan formulations specially suited for different skin and hair types. Companies are enhancing their R&D to roll out problem-solving vegan products.
Porter’s Analysis
Threat of new entrants: New entrants find it difficult due to high capital requirements and established brand loyalty of customers.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and sensitivity towards price.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to availability of substitutes.
Threat of new substitutes:
Substitute products provide a moderate threat due to customer emphasis on cruelty-free attributes, which underscores the Vegan Cosmetics Market challenges and opportunities competition exists among existing players.
Geographical Regions
North America region accounts for the largest share in the global vegan cosmetics market in terms of value. Growing awareness about cruelty-free products and presence of major market players drive the market growth.
Asia Pacific region is expected to witness the fastest growth during the forecast period. Rising middle class population, increasing income levels, and growing affinity of millennial towards vegan lifestyle support the market expansion.
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https://www.zupyak.com/p/4401951/t/the-growing-vegan-cosmetics-market-focusing-on-sustainability-and-animal-welfare
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