Global Vegan Cosmetics Market is Expected to Grow at a CAGR of 6.5% in the Forecast Period of 2024-2032

Europe leads the global vegan cosmetics market driven by the strong presence of major key players in the cosmetics industry in the region, who are increasingly introducing vegan product lines into their product portfolio. In the coming years, North America is projected to experience a considerable growth in the market. The market in both the regions are being driven by the rising eco-consciousness among the consumers and the rising demand for vegan products.

Vegan beauty products make the use of natural ingredients such as aloe vera, essential oils, seaweed, and chamomile to enhance the body’s wellbeing and eliminate acne, dark circles, and other skin defects. Besides, vegan cosmetics have anti-ageing properties and are especially beneficial for delicate skin. Increasing environmental consciousness has led many businesses to discourage the use of raw materials harvested from animals by producing similar ingredients using other natural resources and improving standard resource efficiency. Besides, the introduction of natural alternatives, such as plant-based personal care products, works to the benefit of the consumer. In a few developed countries in Europe, the use of animal products such as hair, fur, and others is prohibited, which in turn aids the market growth. The growing demand for halal cosmetic products is growing among consumers across Malaysia, Indonesia, Jorden, and the United Arab Emirates as more products are being produced in the halal cosmetics market space, and ingredients are increasingly being halal certified. This has provided a significant boost to the vegan cosmetics industry. The growing distribution channels of the products, especially with the growth of the e-commerce market, is expected to positively influence the market with the products being easily available on online shopping sites like Amazon (NASDAQ: AMZN).

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Market Analysis by Product, Sales Channel, and Region:

• The market on the basis of the product can be divided into skin care, hair care, makeup, and others.

• For the vegan cosmetics industry, the sales channels include e-commerce, hypermarkets/supermarkets, departmental stores, and specialty shops, among others.

• The regional markets for vegan cosmetics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global cosmetics market has witnessed a massive surge over the past few years, which is aiding the growth of the vegan cosmetics market.

• Millennial customers are the primary consumers on the market, as they are more attracted to innovative products. Thus, the growing population of working younger generation is further aiding the market growth.

• With the introduction of new brands and established companies opting to introduce new lines of vegan products or even go fully vegan, options of cosmetics available to vegan consumers have increased exponentially in recent years. Thereby enhancing the market expansion of vegan cosmetics.

• The market is being supported by the rising advancements in technology to produce the new variants; as a result, invigorating the market growth.

Key Offerings of the Report:

• The EMR report offers an overview of the global vegan cosmetics market for the periods (2018-2023) and (2024-2032).

• The report also provides historical market size (2018-2023) and gives the market forecast (2024-2032) for products, sales channels, and the major regions of vegan cosmetics.

• The report provides an in-depth insight into the global vegan cosmetics market through SWOT analysis, as well as Porter’s Five Forces model.

The key players in the global vegan cosmetics market include New Earth Beauty LLC (Ecco Bella), The Vegan Box, Emma Jean Cosmetics, INC., Urban Decay, Arbonne International, LLC, Others. The report presents a detailed analysis of the above key players in the global vegan cosmetics market, analysing their potential, market shares, and the latest developments such as capacity expansion, plant turnarounds, and mergers and acquisitions.

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