Vegan Cosmetics Market Aims for Sustainable Growth, Anticipating...

Vegan Cosmetics Market Aims for Sustainable Growth, Anticipating US$30.5 Billion by 2033

Posted 2024-02-26 10:48:17

The vegan cosmetics market is expected to be worth US$ 16,8674 million in 2023 and to grow at a 6.1% CAGR from 2023 to 2033. The vegan cosmetics market is predicted to be valued US$30,493 million by 2033.

The market’s expansion is influenced by several variables, such as the consumer demand for cruelty-free cosmetics, the expansion of the cosmetics market, and the advertising and marketing tactics used by cruelty-free cosmetics manufacturers.

Marketing and Promotion Power the Cruelty-free Cosmetics Industry

Recent years have seen strong expansion in the cosmetics sector, driven by rising incomes and changing lifestyles. Due to the increase in disposable income, more people are buying high-end goods that promise to deliver results.

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In developing countries, demand for cosmetics has constantly increased. A huge shift has occurred as customers go from budget-friendly to high-end branded cosmetics. Men’s grooming products now include deodorants, bath products, hair care products, concealers, skin-whitening products, sunscreens, anti-aging items, and classic shaving supplies. The global cruelty-free cosmetics market has grown in demand due to this shift in customer preferences. This changing customer behavior promises a bright future for the sector.

E-commerce’s Role in Empowering Small and Medium-sized Cosmetics Enterprises

Cross-border trade has increased due to globalization and deregulation, leading to increased B2B and B2C transactions. Online business, especially in e-commerce, has been spurred by technological advancements and expanded internet access. Thanks to technological advancements like AI, the e-commerce industry has grown as a result of the move toward online buying.

Using social media and smartphones, small and medium-sized cosmetics companies have discovered a platform to display their products. Due to the rise in internet purchasing, technological advancements, and increased consumer knowledge of the market, cruelty-free cosmetics are expected to grow. Key cruelty-free makeup manufacturers benefit from cooperation with significant online retailers, which indicates a positive future for the global vegan cosmetics market.

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Urbanites’ Trust in Vegan Certifications Threatens Traditional Cosmetic Brands

Urban consumers who appreciate ethical products are the main market for cruelty-free makeup manufacturers. Urbanites trust vegan and cruelty-free certificates more than advertisements to ensure that products aren’t tested on animals.

The Vegan Awareness Foundation’s cruelty-free logo and Cruelty-Free International’s Leaping Bunny certification are essential. To obtain vegan certification, businesses must update their production techniques and follow stringent regulations. These regulations prohibit the use of GMOs, animal testing, and animal products. Investment and efficient marketing are required for this accreditation. The hesitation of well-known cosmetics companies to use cruelty-free products presents a growth obstacle for the private-label vegan cosmetics market.

Regional Outlook

In North America, Europe, and Asia Pacific, the vegan cosmetics market size is expanding rapidly. Demand for vegan cosmetics is rising in North America as consumers become more aware of ethical and environmentally friendly beauty products. With strict legislation promoting cruelty-free and plant-based beauty products, Europe remains a significant market.

Asia Pacific, meanwhile, is turning out to be a lucrative market as a result of expanding veganism and K-beauty trends. These areas are seeing an increase in cutting-edge, non-cruelty formulations and eco-friendly packaging, which points to a bright future for the cruelty-free cosmetics market.

Key Takeaways

The facial products in the product type category to grab a share of 36.40% through 2033.
Pumps and dispensers in the packaging type segment to acquire 23.60% of the market share by 2033.
The United States vegan cosmetics industry to grab a share of 32.5% by 2033.
Canada to hold a vegan cosmetics market share of 3.2% by 2033.
By 2033, the United Kingdom is going to own 6.8% of the global market.
Germany is going to dictate 5.2% of the global vegan cosmetics market by 2033.
By 2033, China may possess 8.4% of the global vegan cosmetics market.
India is anticipated to hold a 7.8% cruelty-free makeup market share by 2033.
By 2033, Japan’s cruelty-free cosmetics market is going to latch a 5.8% share.

Competitive Landscape

International and domestic cruelty-free cosmetic manufacturers might be found in the market. To improve their portfolio offering in the market, prominent vegan makeup manufacturers put a lot of effort into methods, including innovation and new product launches.

Key Vegan Cosmetics Manufacturers Companies

Milani
Too Faced
Tarte
Urban Decay
Wet n Wild
Lush
Kat Von D Beauty

Recent Breakthroughs

A vegan nail lacquer with 128 different hues was announced in January 2022 by Colorbar, one of the industry’s top manufacturers, to increase its selection of vegan items in the Indian market.
A cooperation between the consumer goods behemoth ‘Unilever’ and Hourglass, one of the producers of vegan beauty products, to see the release of a carmine-free vegan lipstick in the market in March 2021.
The 100% vegan mascara from ‘Kat Von D Beauty’ cosmetics company was introduced in April 2019. It is manufactured from a combination of sunflower and olive oil.

Key Segmentation

By Product Type: