The global vegan cosmetics market revenue is expected to expand at a significant CAGR over the forecast period. Vegan cosmetics are personal care products that are made without using any animal-derived ingredients. In addition, vegan cosmetics are also known as cruelty-free cosmetics, since they are not even tested on animals. Vegan cosmetics beneficial for consumers as it contains less ingredients, its anti-aging cream contains vitamins and minerals, can be used for dry skin as most of them are water based, and good for sensitive skin and many more.
Increasing vegan population and rising demand for vegan cosmetics are major factors driving growth of the global vegan cosmetics market. But, High cost of vegan cosmetics with less variety of products than conventional cosmetics may hamper growth of the target market in the near future.
The global vegan cosmetics market report has been segmented on the basis of product type, distribution channel, and region. On the basis of product type, the market is segmented into skin care, hair care, makeup and color cosmetics, and others. On the basis of distribution channel, the market is segmented into supermarkets and hypermarkets, department stores, specialty stores, and online stores. Supermarkets and hypermarkets segment dominates the global market in terms of revenue and expected to maintain its position over the forecast period, owing to availability of different types of vegan cosmetics. Online segment is expected to witness significant growth over the forecast period, owing to rising use and popularity of online shopping.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to dominate the global market in terms of revenue over the forecast period, owing to presence major cosmetics production companies in this region. The market in Asia Pacific is expected to witness fastest growth in terms of revenue, owing to increasing popularity of ecofriendly products and rising number of supermarkets in this region.
Key players operating in the global vegan cosmetics market include Urban Decay Cosmetics, LLC, MuLondon Organic, Modern Minerals Makeup, L’Oréal S.A., The Unilever Group, COVER FX Skin Care Inc., INIKA Organic, Spectrum Collections, Kendo Holdings, Inc., PHB Ethical Beauty.