The global vegan beauty product market garnered market share of US$ 1074.9 Mn in 2021 and projected to witness significant growth, growing with a CAGR of 5.5% across the forecast period from 2023 to 2030. Rising awareness about cruelty free beauty is increasing the demand of vegan beauty products across the globe. As a result, many companies are moving towards the production of vegan products. Vegan beauty products are composed of natural ingredients mainly plants based ingredients. Vegan beauty products are free from animals content, also are not tested on animals. For instance, in October 2020, L’Oreal launched its organic beauty product brand. La Provençale Bio has launched in French supermarkets. La Provençale Bio consists of 12 products which include, youth oil serum, youth cream, moisturizing cream, two aluminum- free deodorants, bar soaps and more. Moreover, increasing e-commerce trends is one of the key factor increasing the demand of vegan beauty products across the globe. 

Increasing awareness for cruelty free products and impact of animal-based products on environment is one of the key factor propelling the demand for vegan beauty products. Moreover, major manufacturers are focusing on producing plant-based products which not only protects the skin, but also are harmless to the environment. For instance, in October 2021, Lush cosmetics launched a range of cosmetics. The Christmas range includes 70 vegan products. Some of the vegan products comprises in Christmas range are, a Santa-shaped bubble bar, shower gel, face mark and more.

Skincare is the largest segment and continue its dominance during forecast period

The rising awareness about the negative impacts of animal-derived beauty products is thereby increasing the demand for vegan beauty products. Vegan skincare products reduce many skin problems such as dark circles, acne and consequently improves skin health. Skin problems are becoming more intensive mainly because of UV rays. Therefore, consumers are demanding more efficient plant extracts products in their skincare routine. For instance, in the year 2020, the UK experienced 25% growth in the sales of vegan skincare products. UK launched a number of vegan products which are more than the launches done in any other nation. The aforementioned factor is one of the key factors driving the market growth. Vegan skincare is not only famous among females but also, gaining popularity among male population. For Instance, in August 2021, Act of being launched its first vegan and cruelty free skincare brand for men. All the products of Act of Being are designed and tested in the US, by using natural and non-toxic ingredients.

North America holds the largest market share for vegan beauty products in 2021

Beauty industry is driving with many innovations today such as veganism and zero-waste system. North America dominated the vegan beauty products market in 2021 and most likely to dominate it in the near future. The growth is led by reasons such as new product launch in North America. For instance, in July 2019, an exhibition was organized by Cosmoprof. The “discover green” exhibition was organized for developing new vegan beauty products. In addition, an increase in the trend of veganism and awareness about animal free products is driving the market. Europe is the fastest growing segment in the forecast period. The growth is supported by factors such as presence of major players in the European market. In addition, major manufacturers are expanding their reach in the European market. For instance, in February 2021, Henkel announced relaunch of European shampoo brand. Schauma is reintroduced with vegan formula. Again Henkel plans to launch a vegan brand for premium hair salon. Through the Authentic beauty concept Henkel aims to increase its vegan product range.

Competitive Insights

The major players identified in the vegan beauty products market include Gabriel Cosmetics, Inc., The Cult Beauty, Ecco Verde, The body Shop, Pacifica Beauty LLC, Bare Blossom, P’URE Papayacare, MULONDON, LUSH, COSMAX Co. Ltd., Plum and  Urban Decay among others. The top players are focusing on key strategies such as development of new products, acquisition and many more. For instance, in May 2020, zuzu luxe, a brand by Gabriel Cosmetics, Inc. launched zuzu luxe’s coastal collection. The coastal collection contains a lip plus cheek blush cream and two vegan eye shadow palette, named beach Boho and Sunsation eye shadow palette. The coastal collection gives instant sun blushed look all with vegan products. In addition, in November 2020, L’Oreal acquired Logocos Naturkosmetik AG, a German beauty company. Through this acquisition, L’Oreal plans to increase the sales of Logocos Naturkosmetik products across the globe.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Vegan Beauty Products market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Vegan Beauty Products market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Vegan Beauty Products market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Vegan Beauty Products market?
• Which is the largest regional market for Vegan Beauty Products market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Vegan Beauty Products market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Vegan Beauty Products market worldwide?