Vegan Cosmetics Market is Estimated to Witness High Growth Owing to High Consumer Demand for Cruelty-Free Products

Vegan Cosmetics Market


Vegan cosmetics are cosmetic products that do not contain any ingredients derived from animals, along with not being tested on animals. The growing trend of veganism and awareness regarding animal cruelty has propelled the demand for vegan cosmetics. Vegan cosmetics offer the same quality as compared to regular cosmetic products but are free from harsh chemicals and are considered safer for skin and hair.

The global vegan cosmetics Market is estimated to be valued at US$ 16.65 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity
Changing consumer preferences: Over the past few years, consumer preferences have been rapidly changing towards products that are organic, sustainable and cruelty-free. There is growing awareness regarding the harsh effects of animal testing on cosmetics. This has propelled the demand for vegan cosmetics which are not tested on animals and are considered more ethical. The increasing adoption of veganism as a lifestyle by millennials and generation z globally creates high growth opportunities for vegan cosmetic brands to tap into this demand. Educating consumers about vegan ingredients and formulations through strong marketing campaigns can further aid in market growth.

Porter's Analysis

Threat of new entrants: The vegan cosmetics industry has moderate threat of new entrants due to the high marketing and branding costs required to enter the market. However, digital technologies are enabling new startups to enter the market.

Bargaining power of buyers: Buyers have high bargaining power given the growing demand and popularity of vegan cosmetic products along with availability of substitutes. Buyers can easily switch to other brands.

Bargaining power of suppliers: Suppliers have moderate bargaining power given the global supply of plant-based ingredients for vegan cosmetics. However, keyraw materials are vulnerable tos u p p l y disruptions.

Threat of new substitutes: Threat from substitutes is high as customers can easily switch to natural/organic brands or products containing fewer chemicals.

Competitive rivalry: The industry sees intense competition due to large number of global and local players offering similar products.



SWOT Analysis

Strength: Growing health and environmental consciousness. Wide range of innovative vegan products catering to specific needs.

Weakness: Higher costs associated with R&D, certification and sourcing of ingredients compared to conventional cosmetics. Perception of lower efficacy.

Opportunity: Expanding vegan demography and improving regulations. Penetration in emerging markets.

Threats: Supply chain disruptions and volatility in raw material prices. Growing popularity of clean beauty and toxic-free labels.


Key Takeaways

Global Vegan Cosmetics Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The industry growth is supported by rising awareness about cruelty-free products and ingredients along with health and environmental benefits.

Regional analysis: North America dominates the global vegan cosmetics industry currently contributing over 35% to the total market share in 2023. Factors such as strict regulations on animal testing and growing vegan population provide a boost to market growth in the region. Asia Pacific is anticipated to be the fastest growing market during the forecast period supported by growing working women population, rising disposable incomes and changing lifestyle preferences in countries like China and India.

Key players: Key players operating in the vegan cosmetics market are Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L'Occitane Group, L'Oreal S.A., LVMH Group, and MuLondon, Pacifica Beauty, Unilever plc. Weleda, Coty Inc., Beauty with Cruelty, Elf Cosmetic Company, Urban Decay, and Nature's Gate. These players are focused on new product launches, partnerships and expansion in developing regions to gain higher market shares.

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