VEGAN COSMETICS MARKET ANALYSIS

Vegan Cosmetics Market Size and Trends

The vegan cosmetics market is estimated to be valued at USD 67.27 Bn in 2024 and is expected to reach USD 101.82 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.

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The vegan cosmetics market is expected to witness a positive growth trend over the forecast period. The growth in demand for cruelty-free products is expected to drive the market growth. Further, increasing awareness about the benefits of vegan cosmetic products is also expected to support the market growth. Consumers are seeking products that are vegan certified and not tested on animals. Moreover, social media influencers promoting vegan lifestyles are positively influencing the purchase behavior of consumers towards vegan cosmetic products. The advent of natural and organic skincare brands catering to vegan consumers worldwide will continue boosting the vegan cosmetics market during the projection years.

Rising Health Consciousness

The modern consumer is becoming increasingly conscious about the ingredients used in the personal care products they use. With numerous reports highlighting the presence of toxic and harmful chemicals in conventional cosmetic products, people are actively seeking out natural and organic alternatives. Vegan cosmetics perfectly fit this demand side behavior as they are formulated without any animal-derived ingredients or by-products and are also free from chemicals like parabens, phthalates, and mineral oils. The vegan lifestyle in mainstream now and more individuals want their personal care and makeup items to align with their ethical beliefs of avoiding harm to animals. They wish to make compassionate choices and feel good about what they apply on their skin on a daily basis. By opting for vegan cosmetics, people believe they are not only taking care of their own well-being but also doing their bit to create a more sustainable world.

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Another major driver is the rising opposition to any form of animal testing in the cosmetic industry. Images and videos of animals being harmed and abused for cosmetic testing have created considerable discontent among the public. Many see such practices as unnecessary, unethical, and an indication of lack of innovation. They feel anguished by how multinational corporations are using living creatures to test odd ingredients just for profit making. Brands promoting vegan and cruelty-free credentials attract these socially conscious customers who want to make purchases from companies that demonstrate empathy. Several countries have already passed legislation to ban cosmetic testing on animals. Many popular brands proactively took a no-animal-testing stance even before it was mandated. Cruelty-free certification granted by third-party auditors like PETA and Leaping Bunny acts as proof for consumers that particular vegan brands are truly walking their talk. This builds trust and allows such brands to tap into customers seeking conscientious options.