The vegan cosmetics market size was USD 12.72 billion in 2020. The market is projected to grow from USD 15.87 billion in 2021 to USD 24.79 billion in 2028 at a CAGR of 6.57% during the 2021-2028 period. Additionally, the rising rate of product renovation will boost the market growth.
Supply Chain Disruptions to Hamper Market Growth During Pandemic Era
The COVID-19 pandemic caused severe economic backlash to various sectors. Production delays and disruptions in supply chains affect the market in a negative manner. Sales pertaining to luxury beauty products will also see a surge due to reflecting consumer preferences and the rising prospects of luxurious beauty.
Fortune Business Insights™ lists out all the vegan cosmetics market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- GABRIELCOSMETICS (Washington, U.S.)
- PHB Ethical Beauty Ltd (Brighton, U.K.)
- Natur’Alley Ltd (London, Japan)
- GoNature Sp. z o.o. (Poznań, Poland)
- Seraphine Botanicals (New Jersey, U.S)
- Nutriglow Cosmetics (Uttar Pradesh, India)
- Plum (Maharashtra, India)
- Disguise Cosmetics (Maharashtra, India)
- COTY INC. (New York, U.S.)
- G&M Cosmetics (New South Wales, Australia)
The report is highly analytical and contains valuable insights into the industry by shedding light on critical aspects such as related markets, competitive landscape, and recent industry developments. Additionally, the report also sheds light on mergers & acquisitions, SWOT analysis, the regulatory scenario in critical countries, and key industry trends.
Drivers & Restraints-
Increasing Popularity of Plant-based Products and Rising Bans on Animal Testing to Bolster Growth
Factors such as increasing global concerns regarding production and consumption of cosmetics with synthetic ingredients and shifting consumer behavior towards plant-based substitutes will boost the vegan cosmetics market growth during the forecast period. Also, evolving vegan lifestyles among consumers from emerging economies and improving raw material procurement measures will increase the footprint of the market. Additionally, the rising ban on animal testing will further fuel the market towards extended growth.
However, the rising number of counterfeit products will limit the market growth during the forecast duration.
Europe to Hold Market Dominance due to Immense Focus on R&D
Europe will witness the largest vegan cosmetics market share during the advent of the forecast period due to the region being the breeding ground for banning animal testing activities and rising focus toward research & development. Additionally, the rising number of scientific innovative centers in the region will increase the footprint of the market.
North America will hold a significant market share in terms of global contribution owing to the increasing popularity of natural ingredients and the rising population of working women. Also, a rising dearth of beauty clinics across the region and the presence of prominent players will fuel the growth of the market in an exponential way.
Product Innovation & Novel Launched to Contribute to Rocketing Market Growth
For example, Plum unveiled its first exclusive standalone store in Mumbai, India. The brand further revealed its plan to locate more than 50 stores across the Indian sub-continent by 2023. An additional certification from the People for the Ethical Treatment of Animals (PETA) will help brands build a significant image for its consumer, further extending growth.
- November 2021: CoverGirl, launched a new collection of vegan makeup essentials under its Clean Fresh label. The brand advertised its new collection to feature natural ingredients and vegan formulas extracted from aloe extract and coconut milk.