NEW YORK, Jan. 10, 2023 /PRNewswire/ — According to Technavio, the global vegan cosmetics market size is estimated to grow by USD 5,872.81 million from 2022 to 2027. The market is expected to grow at a CAGR of 6.5% during the forecast period. Moreover, the growth momentum will progress. Europe will account for 36% of the growth of the global market during the forecast period.
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Global vegan cosmetics market – Five forces
The global vegan cosmetics market is fragmented, and the five forces analysis covers–
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Bargaining power of buyers
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The threat of new entrants
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Threat of rivalry
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Bargaining power of suppliers
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Threat of substitutes
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For interpretation of Porter’s five forces model – buy the report!
Global vegan cosmetics market – Parent market analysis
Technavio categorizes the global vegan cosmetics market as a part of the global personal products market, which covers products and companies engaged in research and development and the production of personal and beauty care products, including cosmetics and perfumes. Technavio calculates the size of the global personal products market based on the combined revenue generated by manufacturers of these products.
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Global vegan cosmetics market – Customer landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global vegan cosmetics market – Segmentation assessment
Segment overview
Technavio has segmented the market based on distribution channel (offline and online) and type (skincare, hair care, cosmetics, and others).
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The offline segment will contribute significantly to the market’s growth during the forecast period. This segment comprises specialty stores, hypermarkets, supermarkets, convenience stores, clubhouse stores, and others. Offline shopping formats build trust among consumers. Cosmetics companies offer free samples to potential customers through their brand outlets. Consumers tend to purchase new cosmetics at retail stores. These factors have made the offline sales channel segment dominant in the vegan cosmetics market.
Geography Overview
Based on geography, the global vegan cosmetics market is segmented into Europe, North America, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global vegan cosmetics market.
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Europe is estimated to account for 36% of the growth of the global market during the forecast period. The UK, Germany, France, and Russia are some of the leading cosmetics markets in the region. Vegan cosmetics are not tested on animals. Many countries in Europe have banned the testing of cosmetics on animals. Thus, various cruelty-free cosmetics have been launched in the region. All these factors will drive the growth of the regional market during the forecast period.
Global vegan cosmetics market – Market dynamics
Key factor driving market growth
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The promotional and marketing strategies employed by cruelty-free cosmetics vendors are notably driving the vegan cosmetics market growth.
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Numerous cruelty-free cosmetics products are being launched across the world.
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Vendors such as L’Oreal are investing in promoting and marketing cruelty-free cosmetics by acquiring small cruelty-free cosmetics brands.
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In addition, numerous cosmetics startups are focusing on cruelty-free cosmetics.
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Such factors are expected to drive the growth of the market during the forecast period.
Leading trends influencing the market
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The growth of the e-commerce market is a key trend in the vegan cosmetics market.
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Small or medium-sized cosmetics companies are leveraging e-commerce to promote their products.
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the advent of social media, the increasing penetration of the internet, and the growing adoption of smartphones allow customers to access a wide range of cosmetics.
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Such factors are expected to support the market’s growth during the forecast period.
Major challenges hindering the market growth
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Stringent guidelines for obtaining vegan or cruelty-free certification are impeding the vegan cosmetics market growth.
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Cruelty-free certification assures consumers that a product is not tested on animals.
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Some of the guidelines for obtaining the Certified Vegan logo are no use of animal products, no animal testing, no use of animal genetically modified organisms (GMOs), and details of the ingredient suppliers.
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As a result, earning a vegan logo is cost- and time-intensive.
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Therefore, cosmetics brands are hesitant to add cruelty-free products to their product portfolio.
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These factors will challenge the growth of the market during the forecast period.
Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. find some insights from a sample report!
What are the key data covered in this vegan cosmetics market report?
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CAGR of the market during the forecast period
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Detailed information on factors that will drive the growth of the vegan cosmetics market between 2023 and 2027
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Precise estimation of the size of the vegan cosmetics market and its contribution to the parent market
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Accurate predictions about upcoming trends and changes in consumer behavior
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Growth of the vegan cosmetics market across Europe, North America, APAC, South America, and Middle East and Africa
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A thorough analysis of the market’s competitive landscape and detailed information about vendors
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Comprehensive analysis of factors that will challenge the growth of vegan cosmetics market vendors
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The cosmetics market size is expected to increase by USD 78.89 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.36%. This report extensively covers the cosmetics market segmentation by type (skin care, hair care, makeup, fragrance, and others), end-user (women and men), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and the Middle East and Africa).
The online premium cosmetics market size is expected to increase by USD 15.26 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7%. The rise in the aging population is notably driving the online premium cosmetics market growth, although factors such as the high cost of cosmetic skincare products may impede the market growth.
Vegan Cosmetics Market Scope |
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Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.5% |
Market growth 2023-2027 |
USD 5,872.81 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
5.75 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 36% |
Key countries |
US, Japan, UK, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Coty Inc, Debenhams Plc, e.l.f. Beauty Inc., Kose Corp., LOreal SA, Lush Retail Ltd., MAV Beauty Brands Inc., Milk Makeup LLC, MO MI by Modern Minerals Inc., Natura International Inc., New Earth Beauty LLC, New Milani Group LLC, Pacifica Beauty LLC, PHB Ethical Beauty Ltd., PUIG S.L., The Estee Lauder Co Inc, Unilever PLC, and Yes To Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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