06 Feb 2024
According to a MarketDigits recent study, the vegan cosmetics market is expected to reach USD 27.5 billion by 2030, expanding at a CAGR of 6.4% between 2023-2030. There has been an increasing awareness amongst customers about animal cruelty and hence, vegan consumerism has seen a huge jump all across the globe. Consumers are shifting towards vegan cosmetics due to the improvement in quality of beauty products. There is a rise in awareness of different types of cruelty-free beauty products, which has led to a massive expansion in the vegan cosmetic market.
Vegan beauty products are often gentler on the skin, reducing skin inflammation, allergies, and breakouts. They use natural and organic ingredients and, hence, can be used on sensitive skin too. Also, they are more sustainable and reduce the chances of skin diseases. With technological development, animal testing is being replaced by cheaper and more accurate methods such as reconstructed human epidermis, and human skin donated for cosmetics surgery. These have helped reduce animal testing and offer more accurate results.
Amongst all the regions, North America is the leader in the global vegan cosmetics market, while the US has the highest consumption and market share. Some of the major players in the vegan cosmetics market are Ellovi, Florame, Derma-E, CBDFX, Carolina Herrera, and Chiky Botanica.