Vegan Cosmetics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Vegan Cosmetics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The global vegan cosmetics market is anticipated to register a CAGR of 6.5% during the forecasted period (2021-2026).

The shift in consumer preference during the pandemic led to seek out healthier cosmetics options causing the sales of organic and vegan products to surge, moreover, with enhanced online transactions, startups and private label brands have benefited the market studied, thereby gravitating to artisanal and luxury brands that supported or were positioned as vegan products witnessed a growth rate, for instance, e.l.f. Beauty reported 7% Y-O-Y net sales growth, largely driven by digital promotions during the pandemic.

The market growth is driven by increasing consumer awareness of the usage of animal-derived ingredients and increasing demand from mainstream consumers across the world for vegan-certified products is expected to push the revenue generation in the global market over the medium

Millennial customers are the major consumers of the market since they are more attracted to innovative products. The demand for natural hair colors is growing in the cosmetics market, hence, the manufacturers put their emphasis on vegan and toxin-free ingredients in the hair care products.

Key Market Trends

Growing Consumer Appetite For Cruelty-free Product Claims

The cruelty-free (no animal testing), vegetarian (no byproducts of animal slaughter), and vegan (no animal ingredients at all) beauty market has exploded in recent years.​ Today’s consumers pay attention to not only a particular shade of lipstick that suits them but also about how that lipstick is made.​

Many A-list celebrities are endorsing vegan cosmetics and vegan lifestyles. Famous advocates for the animal product-free life include Miley Cyrus, Kate and Rooney Mara (who launched the vegan clothing line, Hiraeth), Jared Leto, Jennifer Lopez, Anne Hathaway, Brad Pitt, and Natalie Portman.​ Therefore, the influence of celebrities on consumers is expected to further drive the procurement of vegan cosmetics.

Animal-free alternatives have led companies, such as EpiSkin and EpiDerm to produce lab-grown human skin samples for testing the cosmetic products. An ability to create samples on demand not only reduces costs but being human epidermis, also increases the accuracy of results. Hence, the increasing demand for vegan cosmetics among millennials and technological advancements are driving the vegan cosmetics market growth.​

Europe Holds A Major Share In The Market

The European region has witnessed an increasing demand for natural and organic products, due to the rise in consumer awareness about the harmful effects of certain compounds, such as paraben and aluminium compounds present in skincare, hair care, and deodorants. A high percentage of European consumers choose one brand over others, based on its natural and ethical formulation, with vegan beauty product sales have increased substantially in the United Kingdom alone during the past few years. This has enhanced an increase in the demand for safe, natural, and organic vegan cosmetics products in recent times.​ The purchases are made based on efficacy, longer-lasting protection, and clinical properties. The demand for vegan ingredients has been quite evident in the market, and this has led to a majority of companies launching products with nature-inspired ingredients, such as plant-inspired and premium botanical ingredients, coupled with multi-functional properties. For Instance, in 2019 Avon United Kingdom launched a range of vegan skin care and make-up line Distillery in the market.

Competitive Landscape

Global vegan cosmetics is a competitive market, with some of the players operating in the market studied are Loreal SA, Coty Inc,. MuLondon, Billy Jealousy and Beauty Without Cruelty. These companies are widening their operational boundaries across different countries in the world.​ Major players are focusing on introducing new products in the market to cater to the interests of the players to enhance their spot in the market. Major emerging market players targeting leading brands are making strategic acquisitions of the market leaders in the more mature and sophisticated markets.

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1 INTRODUCTION
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Facial Cosmetics
5.1.2 Eye Cosmetic Products
5.1.3 Lip and Nail Make-up Products
5.1.4 Hairstyling and Coloring Products
5.1.5 Others
5.2 By Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Specialty Stores
5.2.4 Online Retailers
5.2.5 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 Germany
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 MuLondon
6.4.2 Billy Jealousy
6.4.3 Beauty Without Cruelty
6.4.4 Nature's Gat
6.4.5 MO MI BEAUTY
6.4.6 Emma Jean Cosmetics, INC
6.4.7 Inika
6.4.8 Gabriel Cosmetics Inc.
6.4.9 Groupe Rocher
6.4.10 Pacifica Beauty
6.4.11 Loreal SA ( Urban Decay )
6.4.12 e.l.f. Cosmetics, Inc
6.4.13 Coty Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET

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