Market Trends of Vegan Cosmetics Industry
This section covers the major market trends shaping the Vegan Cosmetics Market according to our research experts:
The Trend of Green Cosmetics
The cruelty-free (no animal testing), vegetarian (no byproducts of animal slaughter), and vegan (no animal ingredients at all) beauty market has exploded in recent years. The production and testing of these items involve the horrific abuse of a few animals, like helpless rabbits, dogs, hamsters, and mice. The consumer's preference for vegan cosmetics has been increasing because these products are ethical as the manufacturing process of vegan cosmetics doesn't use any source of animal parts. For instance, according to a survey by The Vegan Society in the United Kingdom in 2021, over 38% of beauty consumers think that the label "vegan" means that the product contains no animal ingredients. Brands have begun introducing vegan skincare lines in response to Gen Z customers' need for vegan skincare. For instance, in November 2022, NYX Professional Makeup launched a vegan makeup collection inspired by 20th-century studios' Avatar: The Way of Water. In addition to providing a vegan and animal-free product line, the firm asserted that the group attempts to lessen its adverse effects on the environment. Recyclable materials were used to make palettes, lipsticks, face spray, and paint to save waste. Additionally, customers are now more interested in learning about the science and components behind cosmetics.
Eventually, consumers are expected to prefer these products over non-vegan cosmetics due to the medical benefits of vegan cosmetics on the skin. Moreover, vegan cosmetics can help to reduce the damage to the skin that is created due to several environmental changes and increasing pollution around the globe; for example, the antioxidants present in vegan cosmetics are naturally processed from plants and can help to reduce the dryness of the skin. Thus, due to the benefits consumers can gather using these products, the demand for plant-based ingredients is growing, also elevating the growth of the vegan cosmetics market.
Europe is the Largest Market
The European region has witnessed an increasing demand for natural and organic products due to the rise in consumer awareness about the harmful effects of certain compounds, such as paraben and aluminum compounds present in skincare, hair care, and deodorants. Based on its natural and ethical formulation, many European consumers choose one brand over others. Vegan beauty product sales have increased substantially in the United Kingdom during the past few years. The increasing awareness of potential long-term damage from chemical brands has recently increased the demand for safe, natural, and organic vegan cosmetics products. For instance, over 39% of beauty customers in the United Kingdom responded in a survey conducted by The Vegan Society in 2021 that they thought it was very important that companies providing vegan cosmetics products had them approved by a third-party agency. The demand for vegan ingredients has been quite evident in the market and the purchases are based on efficacy, longer-lasting protection, and clinical properties. This has led to a majority of companies launching vegan brands and products with nature-inspired ingredients, such as plant-inspired and premium botanical ingredients, coupled with multi-functional properties. For instance, in February 2022, Boohoo, a fast-fashion clothing company, has introduced a more than 50-item vegan beauty line. According to the firm, the Boohoo Beauty line includes products for the brows, lips, eyes, and face and is offered in a variety of colours to complement different skin tones and complexions.
