NEW YORK, Feb. 7, 2024 /PRNewswire/ — The vegan cosmetics market size is expected to grow by USD 5.87 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 6.5% during the forecast period. The vegan cosmetics market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market companies, including Coty Inc, Debenhams Plc, e.l.f. Beauty Inc., Kose Corp., LOreal SA, Lush Retail Ltd., MAV Beauty Brands Inc., Milk Makeup LLC, MO MI by Modern Minerals Inc., Natura International Inc., New Earth Beauty LLC, New Milani Group LLC, Pacifica Beauty LLC, PHB Ethical Beauty Ltd., PUIG S.L., The Estee Lauder Co Inc, Unilever PLC, Yes To Inc.
- Coty Inc – The company offers cruelty-free cosmetics under the brands KylieSkin and Sally Hansen.
Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format
The market is segmented by Distribution Channel (Offline and Online), Type (Skin care, Hair care, Cosmetics, and Others), and Geography (Europe, North America, APAC, South America, and Middle East and Africa).
Europe, comprising nations like the UK, Germany, France, and Russia, is poised to contribute significantly, about 36%, to the global growth of the Vegan Cosmetics Market. The UK leads in cruelty-free cosmetics sales, with a notable increase in the vegan population. Strict regulations banning animal testing in cosmetics, coupled with rising consumer awareness, drive the demand for cruelty-free products. Certification by organizations like PETA and EVU further boosts the regional market’s growth trajectory.
By distribution channel, the offline segment will be significant during the forecast period.
To know additional highlights and key points on various market segments and their impact in coming years, View a PDF Sample Report.
Vegan makeup brands are thriving in the booming vegan beauty industry
The Vegan Cosmetics industry encompasses a range of cruelty-free beauty products, including plant-based cosmetics and vegan skincare. With a focus on ethical and eco-friendly beauty, these non-animal testing cosmetics cater to the growing demand for natural and sustainable beauty products. Vegan makeup brands are thriving in this booming vegan beauty industry, offering consumers a wide array of ethical choices.
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The cosmetics market size is projected to reach a value of over USD 467.98 billion in 2027 at a CAGR of 5.84% between 2023 and 2027, showing a YOY growth of 5%.
The online premium cosmetics market size is projected to increase by USD 9,515.73 million and the market size is estimated to grow at a CAGR of 4.78% between 2022 and 2027.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Distribution Channel
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
