Vegan cosmetics market to eyewitness massive growth of $28.5 billion by 2031 |amway corporation, est

Vegan Cosmetics Market to Eyewitness Massive Growth of $28.5 billion by 2031 |Amway Corporation, Estee Lauder Companies Inc. is leading key players

The concept of veganism witnessed immense popularity in recent years. Increase in concerns regarding the degradation of the environment and growing awareness of cruelty toward animals are the prime propellers of growth of veganism. The trend is not only incorporated in food products but also in other areas such as cosmetics and apparel. This is because consumers are not only interested in a vegan diet, but also look for veganism in other areas of life. Vegan cosmetics are one area which gains more attention at present. They witness a huge demand from consumers around the globe as organic and vegan cosmetic products are all-natural, good for the planet, and perceived to be safe, gentle and healthy.

Global market for vegan cosmetics

The global market for vegan cosmetics sees full of opportunities at present and is growing by leaps and bounds. A report by Allied Market research states that the vegan cosmetics market is expected to accrue a sum of $28.5 billion by 2031, exhibiting a CAGR of 5.9% during the forecast period, 2022-2031. The growing health concerns brought upon by the use of chemical and synthetic-based cosmetics, a huge number of benefits offered by vegan cosmetic products and the widespread adoption of veganism are catalyzing the market growth. Besides, consciousness regarding enhancement of personality among consumers, and an increase in disposable income which has enabled consumers to spend more on vegan cosmetics products are acting as the drivers for market expansion. In addition, the launch of several government policies all over the world with the intent to minimize unethical activities and cruelty against animals during the production of beauty products is other significant growth-inducing factors. Furthermore, the introduction of vegan men grooming products and the increase in celebrity endorsements for promoting the use of vegan cosmetics is positively impacting the growth of the market.

With greater emphasis being made on sustainability by an expanding group of consumers worldwide and veganism quickly stepping its foot into the mainstream within the cosmetic sector, players in the field are encouraged to develop innovative and sustainable vegan beauty products. Competition in the vegan cosmetics market is intensifying with the presence of established companies offering a wide number of products for consumers to choose from.

Recent Launches and Developments in Vegan Cosmetics

• In January 2022, Urban Decay, an American cosmetics brand based in the U.S. launched new color cosmetics – a plant-powered vegan mascara and the Wild Greens Pallette eye shadow. Infused with avocado and sunflower oils, cassava starch and more, the mascara offers an ideal balance of hydration and volume. The Wild Greens Palette comes with a dozen shadows and contains avocado oil. The new cosmetics range is made by using only vegan ingredients and is free of parabens, BHT, mineral oils, petrolatum and more.

• In the same month and year, Boohoo Group plc, a British online fashion retailer launched its first-ever line of vegan beauty products that includes 50 cruelty-free and vegan makeup products and accessories – a 36-shade pigmented eyeshadow palette, a radiance enhancement liquid blush and a range of setting sprays. Boosted with ingredients such as hyaluronic acid, aloe, coconut oil and botanical extracts, the cosmetics are perfect for everyday use.

• In June 2022, LG Household & Health Care, a South Korean company dealing with cosmetics, introduced a vegan-certified brand called Freshian intending to attract young millennials and Generation Z beauty consumers. Freshian features two varieties of cushion compacts, a range of lip balms and a sunscreen. Built to soothe the skin, the products are made with five types of hyaluronic acids and madecassoside.

• In May 2022, Lotte Duty Free, a South Korean retail firm unveiled a range of vegan cosmetics which are available for purchase online through its online mall LDF BUY. LDF BUY is set to sell vegan cosmetics made by two Australia-based skincare companies namely, Grown Alchemist and Hunter Lab. All of the products are made with eco-friendly ingredients and are not tested on animals.

• In April 2022, Pacifica, a vegan and cruelty-free beauty brand announced its expansion plans in the UK by launching its Superdrug which includes products such as Vegan Collagen, Vitamin C Glow Baby range, barrier-repairing Vegan Ceramide, retinoid-infused Wake Up Beautiful and peptide-packed Dreamy Youth collections. The brand is a leader in creating high-performance cosmetic products using vegan and cruelty-free formulas and plant-powered aromatherapy.

• In March 2022, Plum, a vegan beauty brand that offers skin care, hair care, body care, makeup and more, launched its first-ever line of lipsticks that are 100% vegan and cruelty-free. Featuring various shades including nudes, pinks, reds, and browns, the lipsticks are transfer-proof and last up to eight hours after application. Plum also raised $35 million in a Series C led by growth equity fund company A91 Partners LLP with investors such as Unilever Ventures and Faering Capital who participated in the round. The company said that it would use the fund to invest in the research and development of vegan cosmetics and expand the market even further.

]A vegan cosmetic is a trend that’s very top of mind in consumers today and it is surely going to stay for long. Furthermore, bigger innovations in such products are likely in the coming years as manufacturers in the space increase their focus on sustainable practices and healthier ways of living.

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