Global Vegan Cosmetics Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

An increasing number of product launches by celebrities worldwide also highlights the rising consumer interest in novel & innovative products

The Global Vegan Cosmetics Market is estimated to be USD 16.6 Bn in 2023 and is expected to reach USD 23.84 Bn by 2028 growing at a CAGR of 7.51%.

Vegan cosmetics are made up of chemical compounds taken from natural or synthetic sources. It classifies goods that don't contain any animal by-products or derived materials, like gelatin, cholesterin, or collagen (such as honey, beeswax, or milk). Animal testing and abuse are absent as well. It is used to clean or protect the body or hair and is intended for personal care, skin care, face care, and hair care. A person's appearance can be improved or changed with the help of makeup by concealing flaws, emphasizing their natural characteristics (such as brows and eyelashes), bringing out their best qualities, or entirely changing their appearance. Vegan cosmetics frequently contain plant-based oils, butter, waxes, and extracts. There is no requirement for animal-derived substitutes because these compounds offer nourishing benefits for the skin and hair. Natural antioxidants and preservatives are also commonly used in vegan cosmetics to help preserve the quality and efficacy of the formulation. Kat Von D Beauty, Tarte Cosmetics, Pacifica Beauty, and Too Faced Cosmetics are some well-known manufacturers of vegan cosmetics.

So, the market is driven by the implementation of bans on animal-tested cosmetics as people's choices reflect concerns about animal cruelty. A growing number of companies are starting to make vegan cosmetics. Consumers frequently change their purchase decisions because of animal cruelty. As a result, a rising number of companies are concentrating on creating completely vegan and cruelty-free cosmetics. People are converting to veganism to avoid eating meat due to factors including environmental awareness and animal welfare. As more individuals adopt a vegan lifestyle and hunt for products that support their ethical convictions, it is growing in popularity. These goods are not just devoid of dangerous chemicals and pollutants but also of animal testing. They don't contain beeswax, collagen, gelatin, honey, carmine, cholesterol, milk, lanolin, or other animal-derived materials, they are a healthier and much more humane option. Also, people are using cosmetics including skin care, color cosmetics, hair care, and others more frequently. These restrictions have been implemented because of rising animal welfare concerns and improvements in non-animal testing techniques. In response to consumer demand and to comply with these laws, several businesses have also decided to become vegan and cruelty-free.

However, the market is restrained by the high circulation of counterfeit products. The counterfeit item makes the skin, hair, or nails look better, which boosts self-esteem and creates a feeling of well-being. Natural or artificial ingredients, as well as several other ingredients, may be found in cosmetic goods. They are made and offered for sale with the brand owner's consent. Vegan cosmetics are becoming more and more popular around the world, but their market growth is being hampered by the fastest-growing prevalence of counterfeit goods.

However, the market has an opportunity by rising clean beauty trends. A movement called 'clean beauty'promotes the use of cosmetics that are formulated with healthy, non-toxic, and environmentally friendly materials. Many customers are becoming more aware of the potential health dangers linked with certain chemicals and poisons typically present in cosmetics, and are looking for safer, more natural alternatives. FMI thinks that social movements like 'clean beauty'have sparked a surge in the demand for vegan cosmetics. Because they don't contain products originating from animals, which many customers believe to be unethical and unsustainable, they fall within the clean beauty movement. Also, a lot of vegan cosmetics use components derived from plants and minerals, which are thought to be safer and more organic than synthetic chemicals. Companies that offer vegan cosmetics are taking advantage of the clean beauty trend by stressing the natural and ethical components used in their products. They are also producing unique formulations that fulfill the desires of consumers who want clean, vegan, and effective beauty products.

• However, the market is challenged by the high manufacturing cost of vegan products & lack of awareness. Due to the use of alternative components that can be more expensive or more challenging to get, vegan products have higher manufacturing costs than non-vegan ones. The cost of production goes up because ingredients derived from plants are more expensive than those obtained from animals. This can make it difficult for vegan cosmetics firms to compete with non-vegan goods on price. The distinctions between vegan and non-vegan cosmetics are sometimes not understood by customers, and they also might not be aware of the advantages of adopting vegan cosmetics. This makes it challenging for brands of vegan cosmetics to reach their target market and establish success in the industry.

Market Segmentations

• The Global Vegan Cosmetics Market is segmented based on Price Point, Product, Gender, Distribution Channel, End-User, and Geography.
• By Price Point, the market is classified into Premium and Economic.
• The economic segment gained a major share of the global market. Due to their affordable prices and wide availability, vegan cosmetic products have become increasingly popular among customers worldwide, contributing to the segment's growth. Many factors, such as growing awareness of animal cruelty in the cosmetics business, growing worries about the environmental effects of conventional cosmetics, and expanding demand for natural and organic products, are driving the market for vegan cosmetics. Customers that are interested in ethical and sustainable products and are prepared to pay more for them drive this market segment.
• By Product, the market is classified into Skincare, Cosmetics, Haircare, and Others.
• The skincare segment holds the largest share of the segment. The use of skin care products by customers worldwide to preserve healthy skin conditions is what is causing the growth. Customers seeking ecological, sustainable, and ethical skincare products devoid of toxic chemicals are the market's primary drivers in this niche. the growing practice among Chinese students, visitors, and residents of Australia of giving friends and family inexpensive cosmetics. There are many different products in it, like cleansers, toners, moisturizers, serums, and masks. These solutions are made to specifically address issues with aging, acne, dryness, and sensitivity as well as diverse skin types and concerns. The market's need for vegan skin care products has been fueled by consumers' growing veganism. Nevertheless, it is anticipated that the vegan cosmetics market will expand as people become more conscious of how their skincare decisions affect both animals and the environment.
• By Gender, the market is classified into Women, Men, and Children.
• The women segment gained a major share of the global market. It is used frequently by the world's women because they are an essential component of women, and the women's market is growing. Due to the growing popularity of sustainable and ethically produced goods among women, it has gained popularity. People are drawn to organic and natural things. People are increasingly concerned about the safety and purity of the substances in the cosmetics they put on their skin. It is anticipated that as more women learn about the advantages of adopting vegan and cruelty-free products, the vegan cosmetics market will expand.
• By Distribution Channel, the market is classified into Hypermarkets/supermarkets, Specialty Stores, Online Channels, and Others.
• The hypermarkets/supermarkets segment gained a major share of the global market. It is the most popular location for customers to purchase cosmetics and provides access to a variety of vegan cosmetic goods that are unavailable elsewhere. It plays a crucial role in the distribution of vegan cosmetics. Since the demand for vegan cosmetics continues to grow, more and more supermarkets and hypermarkets are increasing their variety of vegan cosmetic items to fulfill the needs of their clients. It offers customers an easy and convenient option to buy vegan cosmetics. These retail outlets provide a large selection of goods at affordable costs, making vegan cosmetics more widely available. These shops sell a range of vegan cosmetics, such as makeup, skincare, and haircare items.
• By End-User, the market is classified into Personal and Commercial.
• The personal segment gained a major share of the global market. Since consumers require cosmetics regularly, the global population's significant use of vegan cosmetic products for personal use is the cause of the personal segment's growth. Growing worries about animal experimentation and cruelty as well as a knowledge of how traditional cosmetics affect the environment are what are driving this trend. It consists of goods created especially for individual use and personal care. Customers want personal care products that are not only efficient but also morally and environmentally responsible.
• By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific.
• Americas gained a major share of the global market. Most vegans live in America. The market for vegan cosmetics in America, led by the United States, is being propelled by the growing acceptance of natural components in cosmetics. A preference for natural and organic products, as well as a shift towards ethical and ecological lifestyles, can be credited with this expansion. On a larger scale, the rising number of working women and the proliferating number of beauty salons in American nations push cosmetic companies to accomplish the regional expansion. American customers' growing demand for vegan cosmetics is another factor fueling the industry's expansion. According to a survey by Euromonitor International, the demand for vegan cosmetics and other natural and organic beauty products is being driven by millennial and Gen Z customers. Overall, the vegan cosmetic industry in America is expected to continue to grow as more consumers become aware of the benefits of using vegan and cruelty-free products.

Recent Development

• Stella by Stella McCartney was introduced in collaboration with LVMH. According to the company, McCartney's ecological ethos of using 'just what you need'is reflected in the new brand. Reset Cleanser, Alter-Care Serum, and Restore Cream are the three items in the vegan skincare range. - September 2022
• Colorbar created a 'Vegan Nail Lacquer'range with 128 hues as part of its expanded focus on vegan and natural beauty. - January 2022
• NYX Professional Makeup launched a vegan makeup collection inspired by 20th-century studios' Avatar: The Way of Water. - November 2022
• Ashunta Sheriff launched Ashunta Sheriff Beauty, a Black-owned beauty brand with a conscience offering a Cruelty-Free, Vegan Beauty Line. - August 2022

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Amway, Arbonne International, Beauty Without Cruelty, Billy Jealousy, ColourPop Cosmetics, Coty, Cover FX, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)
• The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Vegan Cosmetics Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Vegan Cosmetics Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buys this report?

• The report offers a comprehensive evaluation of the Global Vegan Cosmetics Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market