The global vegan cosmetics market is growing rapidly due to the rising demand for cruelty-free personal care products. Vegan cosmetics refer to personal care items free of animal-derived ingredients such as honey, beeswax, animal fats, and others and are not tested on animals. These include products such as shampoos, conditioners, lotions, creams, lip balms, and makeup items providing care for hair, skin, and lips without harming animals. The growing awareness about the benefits of vegan products and avoidance of animal testing is driving consumers towards vegan cosmetics.

The global vegan cosmetics Market is estimated to be valued at US$ 19.19 Billion in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the major trends fueling the growth of the vegan cosmetics market is the rising vegan population worldwide. According to data, the vegan population grew by 600% between 2014 to 2019 globally as people are more inclined towards plant-based diets and lifestyles. The vegan demographic mainly includes millennials who consider animal welfare and are keen to buy vegan products. Thus, the growing base of ethical vegan consumers enhances the demand for vegan cosmetics significantly.

SWOT Analysis
Strength: Vegan cosmetics are cruelty-free and not tested on animals, appealing to ethical consumers. They are suitable for people with sensitive skin as natural ingredients are used.

Weakness: Vegan cosmetics have a limited range of ingredients as compared to conventional cosmetics. They also have a higher price point which limits their demand.

Opportunity: Growing awareness about animal welfare and health benefits of natural products is increasing the demand for vegan cosmetics globally. There is an opportunity to cater to this rising consumer segment.

Threats: Conventional cosmetics players can enter the vegan market and capture market share using their established brand names and distribution network. Stricter regulations can increase costs of vegan cosmetics production.

Key Takeaways
Global Vegan Cosmetics Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is projected to be US$ 19.19 Bn, indicating huge potential.

Regional analysis:

North America region currently dominates the vegan cosmetics market owing to rising health and fitness consciousness. The region accounted for over 35% market share in 2023 led by U.S. and Canada. Europe is another major market boosted by stringent laws against animal testing. Asia Pacific is expected to witness fastest growth during the forecast period led by countries like India, China and South Korea where demand for natural products is rising rapidly.

Key players:

Key players operating in the vegan cosmetics market include Jon-Don LLC, LG Household & Health Care Ltd,and Appliance Recycling Centers of America. These brands are investing in product development, celebrity endorsements and marketing campaigns to increase penetration in both developed and emerging markets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it