Vegan Beauty Products Market Poised to Reach US$ 3.35 Billion by 2028

The vegan beauty products market witnessed growth at a CAGR of over 4% in the period 2013-2017. The ever-growing popularity of veganism in the beauty & personal care space is one of the chief factors propelling growth of vegan beauty products market.

Europe is poised to establish itself as the dominant market for vegan beauty products in the foreseeable future, thanks to a growing population of Europeans embracing vegan lifestyles.The Middle East and Africa (MEA) region is projected to experience remarkable growth in the vegan beauty products market. This surge can be attributed to a rising trend of ethical consumerism among people in key Middle Eastern and African countries, which is driving the adoption of vegan practices and subsequently propelling the regional market's expansion.

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 Key Growth Drivers:

·         Consumers are increasingly seeking ethical-driven choices in personal care products, favoring cruelty-free and plant-based options. This growing trend is expected to offer numerous opportunities for manufacturers of vegan beauty products through 2028.

·         Safety concerns are leading consumers to avoid chemical-based beauty products, driving them toward products labeled as 'natural' and 'safe.' Consequently, the adoption of vegan beauty products is likely to rise over the forecast period.

·         Modern consumers are becoming more conscientious about the raw materials and their sources when making product purchases. They are opting for environmentally-responsible products to mitigate the consequences of irresponsible consumption, creating favorable conditions for the widespread adoption of vegan beauty products.

·         The surge in beauty bloggers and social media channels promoting makeup tips and techniques using vegan beauty products is further bolstering the prospects of manufacturers in this niche market.

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.

 

Key Companies Profiled:

  • Zuzu Luxe
  • Ecco Bella
  • Bare Blossom
  • Emma Jean Cosmetics
  • Modern Mineral Makeup
  • Urban Decay
  • Arbonne, Pacifica
  • Nature's Gate
  • Beauty Without Cruelty
  • Billy Jealousy
  • MuLondon Organic

 

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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