by Vegan cosmetics are personal care products that are free of any animal-derived product or by-product. These cosmetics are gentle on skin and cause no harm to animals during production. They are manufactured without the use of beeswax, carmine, wool or cashmere, silk, collagen, elastin or keratin. The demand for vegan cosmetics is increasing owing to the rise in awareness about animal welfare and cruelty-free products.
The Global vegan cosmetics market is estimated to be valued at US$ 19.19 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the vegan cosmetics market are Jon-Don LLC., LG Electronics., Appliance Laundry Systems LLC., Electrolux Group, ECOLAB, among others.
The key opportunities in the market include rising demand from millennials and generation Z for ethical and sustainable products. Moreover, favorable regulations regarding vegan certification globally are augmenting the demand for vegan cosmetics.
North America accounts for the largest share in the Global Vegan Cosmetics Market Demand. However, Asia Pacific is expected to witness the highest growth owing to growing vegan population and rising disposable incomes in the region.
Market drivers
The rising concerns regarding animal welfare among consumers is a major driver for vegan cosmetics market. People are increasingly opting for cosmetic products that are not tested on animals and are manufactured without any animal-derived ingredients. Moreover, the availability of vegan alternatives for every type of personal care product including makeup, skincare, and hair care is fueling the market growth.
Pest Analysis
Political: Regulations regarding animal testing and vegan certification are evolving to become more clearly defined, aiding consumers and the market.
Economic: Rising incomes and spending power, coupled with a focus on health and wellness, are fueling demand for vegan and natural products.
Social: More people are avoiding animal-derived ingredients based on health, ethics, and environmental impact concerns, growing veganism social trends.
Technological: Innovation in plant-based formulas and organic, sustainable ingredients allows vegan cosmetics to rival traditional products in quality, expanding their appeal.
Geographical Regions Of Concentration
Europe represents the largest regional market currently in terms of value, driven by countries like Germany and the UK where vegan lifestyles have grown increasingly popular. Strict regulations on animal testing have also promoted vegan alternatives.
Fastest Growing Region
North America’s vegan cosmetics market is anticipated to see the most robust expansion through 2031, fueled by rising adoption of veganism among millennials and Generation Z in the United States and Canada. Heightened awareness of ingredients and growing concerns for animal welfare is catalysing market gains.
