Vegan Cosmetics Market to Grow by USD 6.52 Billion (2024-2028) as Consumer Preference for Vegan Products Rises, with AI Powering Market Evolution- Technavio

NEW YORK, Oct. 15, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The Global Vegan Cosmetics Market size is estimated to grow by USD 6.52 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 6.78% during the forecast period. Increasing preference for vegan cosmetics from consumers is driving market growth, with a trend towards increase in strategic acquisitions and investments. However, negative impact of vegan cosmetics on humans and animals poses a challenge - Key market players include Coty Inc., Debenhams Plc, e.l.f. Beauty Inc, Kose Corp., LOreal SA, Lush Retail Ltd., MAV Beauty Brands Inc, Milk Makeup LLC, MO MI by Modern Minerals Inc., Natura International Inc., New Earth Beauty LLC, New Milani Group LLC, Pacifica Beauty LLC, PHB Ethical Beauty Ltd., PUIG S.L., The Estee Lauder Companies Inc., Unilever PLC, and Yes To Inc..

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Market Driver

The vegan cosmetics market is witnessing significant changes as leading companies like L'Oréal, Estée Lauder, e.l.f. Beauty, Debenhams Plc, Natura & Co, and Unilever Group respond to the rising trend of veganism. With increasing consumer preference for cruelty-free and plant-based products, these companies are expanding their portfolios through strategic acquisitions. For instance, Unilever Group received a binding offer from Yellow Wood Partners LLC to acquire Elida Beauty in December 2023. Similarly, L'Oréal completed the acquisition of Aesop in August 2023. These acquisitions demonstrate the growing trend of consolidation in the global vegan cosmetics market, which is expected to drive market growth during the forecast period. 

The vegan cosmetics market is on the rise, with major players like Beiersdorf and Colgate-Palmolive joining the bandwagon. Animal-free safety assessments are becoming the norm, aligning with the three pillars of veganism: ethical implications, consumer consciousness, and environmental impact. Regulatory acceptance is increasing, with a focus on education and training for cosmetic brands. Animal by-products such as lanolin, carmine, milk, fat, honey, and beeswax are being replaced by plant-based alternatives like organic oils, vitamins, minerals, and antioxidants. Synthetic fragrances are preferred over those derived from animals. Mainstream culture is embracing veganism, with celebrities, influencers, and bloggers promoting cruelty-free and sustainable options. Cushion compacts, lip balms, and other cosmetic products continue to innovate using vegan ingredients. 

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 Market Challenges

• Vegan cosmetics are free from animal ingredients and are certified cruelty-free. However, they may contain chemicals that harm the environment and animals when washed off. Parabens, derived from fruits and vegetables, are commonly used preservatives but are endocrine disruptors. Paraffin wax, a non-toxic alternative to beeswax, is used instead of petroleum products. Red 30, a vegan cosmetics color additive derived from petroleum and coal tar, may cause organ system toxicity and ecotoxicity. These adverse impacts of vegan cosmetics ingredients pose significant challenges for vendors, hindering the market's growth during the forecast period.
• The vegan cosmetics market is on the rise, with an increasing number of consumers opting for animal cruelty-free and plant-based products. However, challenges persist in sourcing alternatives to common ingredients like Milk, Fat, Honey, Beeswax, and Organic oils. Sustainability is key, as Cosmetic brands seek to offer Skin, Body, Hair, and Baby care items free from Animal-tested ingredients. Plants, Vitamins, Minerals, and Antioxidants are popular alternatives. Brands like Harry Styles's new line, Stella McCartney, LVMH, and others, lead the way in Vegan skincare and makeup. However, challenges remain with Counterfeit products and Harmful chemicals like Parabens, Phthalates, and Sulfates in Conventional cosmetics. E-commerce and Hypermarkets/supermarkets are crucial channels for distribution. Pacifica Beauty and Beauty Without Cruelty are notable players. Consumers demand transparency and cruelty-free lifestyles, making it essential for brands to avoid Artificial ingredients and focus on Sustainability and Epidermis health.

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Segment Overview 

This vegan cosmetics market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Type 
• 2.1 Skin care
• 2.2 Hair care
• 2.3 Cosmetics
• 2.4 Others
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline- The vegan cosmetics market is experiencing significant growth as consumers become more conscious of animal welfare and ethical production. Brands are responding by launching innovative, cruelty-free and vegan product lines. These include makeup, skincare, and personal care products. Major retailers are stocking these items, making vegan cosmetics increasingly accessible. Consumers can now find a wide range of high-quality, vegan options at affordable prices. This trend is expected to continue as more people choose to support companies that align with their values.

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Research Analysis

The vegan cosmetics market is on the rise, driven by consumers' increasing awareness of animal welfare and the desire for sustainable, plant-based alternatives to animal-derived ingredients. Milk, fat, honey, beeswax, and other animal-derived components are being replaced with organic oils, vitamins, minerals, antioxidants, and other plant-derived ingredients. Cosmetic brands are embracing this trend, offering vegan skincare and makeup lines free from harmful chemicals such as parabens, phthalates, and sulfates. E-commerce and hypermarkets/supermarkets are also jumping on board, making it easier than ever to incorporate vegan beauty products into a cruelty-free lifestyle. The epidermis benefits from these nourishing, natural ingredients, promoting healthy skin and body. The future of cosmetics is looking greener and more compassionate.

Market Research Overview

The vegan cosmetics market is a growing industry that caters to consumers seeking cruelty-free and sustainable beauty products. These cosmetics are free from animal derivatives such as Milk, Fat, Honey, and Beeswax, instead relying on Organic oils, Plants, Vitamins, Minerals, and Antioxidants. Sustainability is a key focus, with cosmetic brands prioritizing the use of natural and plant-based ingredients. Cushion compacts, Lip balms, Sunscreen, Lipsticks, Baby care, Hair care, Face care, and Body care are popular vegan product categories. Harmful chemicals like Parabens, Phthalates, and Sulfates are avoided, and Animal-tested cosmetics are shunned. Celebrities like Harry Styles and brands like Stella McCartney, Pacifica Beauty, and Beauty Without Cruelty have endorsed vegan cosmetics, raising awareness and driving demand. E-commerce and Hypermarkets/supermarkets make these products easily accessible. However, challenges include regulatory acceptance, consumer consciousness, and ethical implications of using Animal-derived ingredients like Lanolin and Carmine. The market also faces issues with counterfeit products and animal experimentation. The vegan lifestyle continues to influence the cosmetics industry, with a shift towards ethical production and environmental impact.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Distribution Channel
• Offline
• Online
• Type
• Skin Care
• Hair Care
• Cosmetics
• Others
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio