LONDON--(BUSINESS WIRE)--The global vegan cosmetics market size is expected to grow by USD 3.32 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 4%. Request Free Sample Report on COVID-19 Impacts
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The market is driven by the increasing preference for vegan products from consumers. In addition, the growth of the cosmetic industry is anticipated to boost the growth of the vegan cosmetics market.
In the US, the vegan population grew four-fold during 2005-2020 and stood at nearly 10 million, as of March 2020. With increasing consciousness regarding cruelty-free brands and the adverse environmental impact of animal-based products, the demand for vegan cosmetics across the world has risen. The use of natural or plant-based ingredients in vegan cosmetics offers multiple benefits to consumers. Vegan cosmetics are known to benefit sensitive skin as they have fewer ingredients and a small number of chemicals. The presence of numerous ingredients in conventional products increases the chances of rashes, acne, dry skin, allergic reactions, and other skin problems. Thus, the increasing preference for vegan products will drive the growth of the market.
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Major Five Vegan Cosmetics Companies:
Coty Inc. has business operations under three segments: consumer beauty, luxury, and professional beauty. The company offers vegan cosmetics products such as nail polishes and palettes through its Sally Hansen, Rimmel, and CoverGirl brands.
Debenhams Plc operates its business through two geographic divisions: UK and international. The company offers vegan cosmetics under the Kat Von D brand. Vegan Love Eyeshadow Palette, Farm Sanctuary Everlasting Liquid Lipstick, and Lock-It Foundation are some of the products offered by the company.
e.l.f. Beauty Inc.
e.l.f. Beauty Inc. offers vegan and cruelty-free cosmetics and skin care products through its e.l.f. Cosmetics and W3LL PEOPLE brands. Some of the vegan products offered by the company include Opposites Attract Eyeshadow Palette, 18 Hit Wonders Eyeshadow Palette, Sheer Matte Liquid Lipstick, and Poreless Putty Primer.
KOSÉ Corp. has business operations under two segments: cosmetics and cosmetaries. The company offers vegan cosmetic products through its various brands such as AWAKE, Tarte, and JILL STUART.
Laboratoires de Biologie Végétale Yves Rocher
Laboratoires de Biologie Végétale Yves Rocher operates its business through various segments, such as cosmetics, textiles, and detergent products. The company offers a wide range of vegan cosmetics through its Yves Rocher and Arbonne brands.
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Vegan Cosmetics Distribution Channel Outlook (Revenue, USD bn, 2020-2024)
Vegan Cosmetics Regional Outlook (Revenue, USD bn, 2020-2024)
- North America
- South America
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