Vegan Cosmetics Market to Reach $28.5 Billion, Globally, by 2031 at 5.9% CAGR: Allied Market Research
Consciousness regarding enhancement of the overall personality and increase in the vegan and vegetarian population drive the growth of the global vegan cosmetics market.
PORTLAND, Ore., June 13, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Vegan Cosmetics Market by Product Type (Skincare, Cosmetics, Haircare, Others), by Price Point (Premium, Economic), by Gender (Women, Men, Children), by End User (Personal, Commercial), by Distribution Channel (Hypermarkets/supermarkets, Specialty Stores, Online Channels, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global vegan cosmetics industry generated $16.6 billion in 2021, and is anticipated to generate $28.5 billion by 2031, witnessing a CAGR of 5.9% from 2022 to 2031.
Prime determinants of growth
Consciousness regarding enhancement of the overall personality, increase in the vegan and vegetarian population, expansion of the vegan cosmetics business, and increase in disposable income drive the growth of the global vegan cosmetics market. However, the high prices associated with these cosmetics and the absence of common rules for vegan certification restrain the market growth. Organic and vegan cosmetic products are perceived to be safer than chemical skincare products, therefore opportunities in the vegan cosmetics market are expected to be rising.
Owing to the implementation of the global lockdown in the pandemic, the manufacturing facilities of vegan cosmetics were forced to close for a short term, which, in turn, hampered the market growth.
Also, the disposable income of world’s population decreased, which reduced the demand for vegan cosmetics products.
Disruptions in the supply chain along with less workforce and decreased raw materials created challenges for manufacturers.
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The women segment to maintain its leadership status throughout the forecast period
Based on gender, the women segment held the highest market share in 2021, accounting for nearly four-fifths of the global vegan cosmetics market, and is estimated to maintain its leadership status throughout the forecast period, owing to wide availability of cosmetics products for women. However, the children segment is projected to manifest the highest CAGR of 7.6% from 2022 to 2031, due to the increasing usage of cosmetic products by children.
The hypermarkets/supermarkets segment to maintain its lead position during the forecast period
Based on distribution channel, the hypermarkets/supermarkets segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global vegan cosmetics market, and is projected to maintain its lead position during the forecast period. This is attributed to rapid westernization trends and emergence of modern trades in developing regions.However, the online stores segment is expected to portray the largest CAGR of 7.8% from 2022 to 2031, owing to the increased association of internet and e-shopping with consumers in developing regions.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue 2021, accounting for nearly two-fifths of the global vegan cosmetics market, due to the increase in awareness and rise in marketing activities in the developing countries such as U.S., Canada, and Mexico. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.7% from 2022 to 2031. This is attributed to the increase in westernization and adaption of vegan cosmetic products among consumers.
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SOURCE Allied Market Research