Vegan Beauty Products Market's Remarkable $3.35 Billion Opportunity on the Horizon by 2028

From 2013 to 2017, the market for vegan cosmetics expanded at a CAGR of over 4%. One of the key factors driving the growth of the vegan beauty products market is the vegan lifestyle’s steadily rising popularity in the cosmetics and personal care industries.

Sales of vegan skin care products are expected to soar in 2019 and beyond. Consumers are more than willing to spend premium rates for high-quality vegan skin care products because they are among the primary necessities for a daily skin grooming programme.

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Key Factors Driving Growth in the Vegan Beauty Products Market:

1.       Rising Demand for Ethical Choices: Consumers are increasingly seeking products that align with their ethical values, including personal care items. This growing demand for cruelty-free and plant-based options is expected to offer numerous opportunities for vegan beauty product manufacturers through 2028.

 

2.       Shift Away from Chemical-Based Products: Consumers are expressing a strong preference for beauty products that are free from harmful chemicals, driven by safety concerns. They are gravitating towards products labeled as 'natural' and 'safe,' which is likely to drive the adoption of vegan beauty products in the coming years.

 

3.       Environmental Awareness: Modern consumers are becoming more conscious of the raw materials used in products and their source of origin. Many are recognizing the environmental impact of their purchasing decisions and are opting for environmentally-responsible products. This trend is creating favorable conditions for the widespread adoption of vegan beauty products.

 

4.       Influencer and Social Media Promotion: The increasing number of beauty bloggers and social media channels promoting makeup tips and techniques using vegan beauty products is contributing to the industry's growth. These influencers are effectively driving consumer interest in vegan beauty products, benefiting manufacturers in this sector.

Competitive Landscape:

  • In 2018, L’Oréal S.A. – a key player in the vegan beauty products market – announced the signing of a definitive agreement for the acquisition of Logocos Naturkosmetik AG, a leading German vegan beauty products manufacturer. As per L’Oréal, Logocos owns two leading and authentic vegan brands along with its exclusive expertise in the organic beauty space, which will be offering great advantages to the L’Oréal’s growth strategy. This acquisition reinforces the position of L’Oréal amidst the leading personal care companies offering certified & authentic vegan beauty products.
  • In 2018, Cosmax Inc. – a South Korea-based leading cosmetics manufacturer – made an official announcement that it has become the first company across Asia to attain a ‘Vegan’ label from the Expertise Vegan Europe (EVE) for its exclusive unit manufacturing cruelty-free cosmetic products. This label is foreseen to establish new dimensions of the company’s growth in the vegan beauty products space.
  • In 2018, O Boticário – a key player in the vegan beauty products market – expands its operations in UAE through the launch of its second retail outlet in Dubai. The official launch of this retail outlet will provide immense scope for further expansion of the company’s presence in the Middle East and tap into new customer segments via its cruelty-free beauty product offerings.

Arbonne International

Founded in 1975, Arbonne International has its official headquarters in Irvine, California. The company specializes in manufacture and commercialization of health & skincare products. Arbonne ranks among the leading companies offering products that are toxin-free, vegan, botanically-based, hypoallergenic, and PETA-approved.

Pacifica Beauty LLC

Founded in 1997, Pacifica Beauty LLC has its official headquarters in Portland, Oregon. The company manufactures a wide-range of skincare and beauty products and is well-known for its broad portfolio of cruelty-free products. Pacifica sells its products and offerings through company-owned stores as well as online stores.

Huda Beauty

Launched in 2013, Huda Beauty was introduced by Huda Kattan, an Iraqi-American business woman and make-up artist. Ever since it was launched, the brand has built an immensely positive reputation for some of its well-positioned products, including vegan makeup. With more than 140 product varieties sold in-store and online, the company is well-known for offering high quality vegan beauty products at reasonable prices.

Vegan Beauty Products Market: Segmentation

·         Product Types

  • Skin Care
  • Hair Care
  • Cosmetics
  • Bath Care
  • Fragrances
  • Tools

·         Customer Orientation

  • Women
  • Unisex
  • Men
  • Kids

·         Price Range

  • Premium
  • Economic

·         Sales Channel

  • Modern Trade
  • Specialty Store
  • Salon & Spa
  • Departmental Store
  • Convenience Store
  • Online Store
  • Drug Store & Pharmacy
  • Other Sales Channels

·         Nature

  • Organic
  • Conventional

·         Region

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

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