The vegan cosmetics market continues to grow, with a valuation of $28.5 billion and a CAGR of 5.9% forecast for 2022-2031
Vegan cosmetics industry
the skincare segment is expected to witness the highest CAGR of 5.2%, in terms of revenue, during the forecast period.
PORTLAND, OREGON, USA, May 26, 2023 /einpresswire.com/ — According to a new report released by Allied Market Research titled “Vegan Cosmetics Market”, the size of the vegan cosmetics market was valued at $16.6 billion in 2021, and is expected to reach $28.5 billion by 2031, with a CAGR of 5.9% from 2022 to 2031. Vegan cosmetics are composed of chemical compounds from natural or synthetic sources that do not contain any ingredient of animal origin. include honey, beeswax, lanolin, collagen, albumin, carmine, cholesterol, gelatin and many more. Vegan cosmetics are also free of animal cruelty and testing. Vegan cosmetics are for personal care, skin care, face care, and hair care. used to cleanse or protect the body or hair.Vegan cosmetics are used to enhance or alter a person’s appearance (makeup) by concealing imperfections, accentuating natural features (such as eyebrows and eyelashes), adding radiance to the face or completely redefining the look.
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Globally, the awareness regarding overall personality enhancement has greatly increased among individuals. An increase in disposable income has allowed individuals to spend more on vegan cosmetics than before. Consequently, personal care products have seen a large demand globally. Even now, due to the lack of awareness of the health risks associated with synthetic/chemical cosmetics, the demand for organic cosmetics was limited. Most consumers are inclined towards organic and vegan cosmetics to reduce the health risks associated with synthetic personal care. Organic personal care and cosmetics are made from plant extracts and natural ingredients and contain minimal/low amount of synthetic ingredients. Thus, it does not show any negative impact on the human body. Organic and vegan cosmetics are perceived to be safer than chemical skin care products. Hence, growth opportunities in the vegan cosmetics market are expected to increase.
The global vegan cosmetics market is booming due to increasing vegan and vegetarian population, expanding vegan cosmetics business, and increasing compliance with People’s cruelty-free accreditation. for the Ethical Treatment of Animals (PETA). Additionally, the entry of international companies presents a development opportunity for the global vegan cosmetics market. With the growing vegan population, global companies such as L’Oreal, Unilever, P&G and others are said to have prospects of entering the vegan cosmetics business to meet the growing demand for vegan beauty products. However, the high prices associated with these cosmetics, along with the lack of common rules for vegan certification, are expected to restrain the growth of the vegan cosmetics market.
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The demand for vegan color cosmetics is expected to grow at the fastest rate during the forecast period for the vegan cosmetics market, owing to the growing purchasing power of the vegan and vegetarian population and the desire of young vegan women to combine their interest in fashion and makeup with products made without animal by-products. These aspects generate profitable potential for multinational companies in the global vegan cosmetics market. Increased interest in fashion and beauty trends among young people from countries like Germany, France, UK, Australia and others has boosted the market demand for vegan cosmetics, which that will propel the global trade in vegan cosmetics.
The vegan cosmetics market is segmented into product type, price, gender, end user, sales channel and region. Based on product type, the market is categorized into skin care, cosmetics, hair care, and others. Based on the price, it is divided into premium and economy. On the basis of gender, the market is segmented into women, men and children. On the basis of end user, the market is divided into personal and commercial. Based on sales channel, the market is divided into hypermarkets/supermarkets, specialty stores, online channels and others. Based on region, it is analyzed in North America (US, Canada and Mexico), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia Pacific (China, Japan, Australia, South Korea, India and rest of Asia-Pacific) and LAMEA (Brazil, Argentina, Chile, South Africa and rest of LAMEA).
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KEY FINDINGS OF THE STUDY
. Based on product type, the skincare segment is expected to witness the highest CAGR of 5.2%, in terms of revenue, during the forecast period.
. According to the vegan cosmetics market analysis, on the basis of price, the economy segment is expected to grow at a significant CAGR during the forecast period.
. On the basis of gender, the female segment is expected to grow at a significant CAGR during the forecast period.
. According to the vegan cosmetics market trends, on the basis of end-user, the commercial segment is expected to experience the highest CAGR of 6.5%, in terms of revenue, during the forecast period.
. Based on the sales channel, the online channel segment is expected to grow at a significant CAGR during the forecast period.
. Based on region, the United States was the largest country in terms of revenue generation for the vegan cosmetics industry in 2021.
. Based on region, Asia Pacific is expected to experience the highest growth rate, registering a CAGR of 7.7% from 2022 to 2031.
The players operating in the global vegan cosmetics market have adopted various development strategies to expand their vegan cosmetics market share, increase their profitability and stay competitive in the market. Key players profiled in this report are Amway Corporation, Estee Lauder Companies Inc., Rocher Group, L’Occitane Group, L’Oreal SA, LVMH Group, MuLondon, Pacifica Beauty, Unilever and Weleda.
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Allied Analytics LLP
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