Vegan Cosmetics Market

The Vegan Cosmetics Market was estimated around USD 14.8 billion in 2021 and is expected to reach USD 24.4 billion in 2029, growing at a CAGR of 6.4% over the forecast period (2021-2029).

For Additional Insights, Click to Access Complete Report – https://www.gmiresearch.com/report/vegan-cosmetics-market/

The factors driving the growth of Vegan Cosmetics Market includes growing concerns related to animal welfare, rising focus by manufacturers on producing 100% vegan and cruelty free cosmetics, changing consumers preference, and increasing use of plant-based ingredients in vegan cosmetic products and improvements in living standards. According to the report published by Ipsos Retail Performance, in the United States a 30-fold increase in vegan population was observed reaching from 290,000 in 2004 to almost 10 million in 2019, which is expected to accelerate the Vegan Cosmetics Market size in the approaching years. Moreover, increasing availability of vegan cosmetic products at e-commerce platforms and retail outlets, growing adoption of advanced technologies by manufacturers, rising demand for chemical-free cosmetic products and rapid urbanization, are some of the additional factors supplementing the Global Vegan Cosmetics Market. In addition, the increasing investments by leading player s on research and development, growing influence of social media platforms, strategic mergers and alliances between key companies and rising disposable incomes, are further contributing towards the market growth.

However, growth of the Vegan Cosmetics Market is hindered due to strict regulations regarding the production of cosmetic products.

The prominent players operating in the market are L’Oréal SA (Urban Decay), Pacifica, MuLondon Organic, Bare Blossom, Zuzu Luxe, Ecco Bella, Billy Jealousy, Groupe Rocher, Mo Mi Beauty and Emma Jean Cosmetics, INC, among others.

Based on Product Type, the Hair Care segment is predicted to grow at a significant CAGR during the forecast period

Growing demand for hair care products such as hair oil, hair conditioner and hair mask, is pushing growth of the segment.

Based on Distribution Channel, the Online segment is projected to expand at a remarkable CAGR over the forecast period

Online stores offer wide range of branded and local vegan cosmetic products, provide attractive discount options and are open 24*7, are some of the factors propelling growth of the segment.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

Growing vegan population across United States and Canada, rising concerns related to animal cruelty, increasing demand for chemical free cosmetic products and high per capita incomes, are some of the important factors augmenting the market growth in North American region.

Key Developments

In 2018, Pacifica introduced a new line of product ranging from perfumes to hair products focused on providing a healing effect to the customers. The Crystal Collection includes Aromapower aromatherapy, Happy Aromapower Shimmering Hair and Body Mist, Contact High perfume, and many more luxurious bathing products.
In 2018, Groupe Rocher declared the acquisition of Arbonne International and Nature’s Gate, two vegan cosmetics brands under the holding company Natural Products Group (NPG). This acquisition was planned to share the innovation standards, resources, and expertise to strengthen the network of consumers , suppliers, and partners.
In 2017, MuLondon launched the new organic certification by The Soil Association. The company produces cruelty-free products, especially for sensitive skin since 2008.

Market Segmentation

Segmentation by Product

Skin Care
Hair Care
Makeup
Others

Segmentation by Distribution Channel

Hypermarket/Supermarket
Specialty Stores
Convenience Stores
Online
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: [email protected]
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland

GMI Research’s leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our clients business problems and add significant value to long lasting relationship.

This release was published on openPR.