Vegan Makeup Market Size (2023 - 2030)

Global Vegan Makeup Market is estimated to be worth USD 3.61 Billion in 2022 and is projected to reach a value of USD 6.01 Billion by 2030, growing at a CAGR of 6.57% during the forecast period 2023-2030.

Vegan makeup has no animal-derived ingredients but being labeled as "vegan" does not assure that the product is cruelty-free or has not been tested on animals. While the term "vegan" is not legally controlled and concentrates on the lack of animal-derived ingredients, it does not guarantee that no animals were tested. However, there are companies committed to making vegan, cruelty-free makeup products. Certain products or brands may obtain certifications like the Vegan Society seal of approval, indicating their commitment to vegan principles. Consumers should look for these certifications to ensure that their chosen products align with their values. Vegan makeup products offer several advantages. They are ideal for sensitive skin owing to their simpler formulations with fewer ingredients, reducing the chances of skin irritation, rashes, and breakouts. Vegan makeup frequently contains natural components like aloe vera, chamomile, and essential oils, which help in nourishing the skin and improving its general health and beauty. Moreover, opting for vegan makeup products benefits not only animals but also the environment, as their production involves fewer chemicals and generates less waste from animal testing. Additionally, there may be less stringent regulations on animal testing, emphasizing the importance of choosing cruelty-free options to ensure public safety. Contrary to popular belief, vegan makeup products are usually priced similarly to non-vegan alternatives, debunking the misconception that going vegan means spending more money.

Global Vegan Makeup Market Drivers:

The increasing popularity of plant-based products, coupled with the growing trend of veganism, is fueling the growth of the global vegan makeup market.

Growing global concerns regarding synthetic ingredients in cosmetics are prompting consumers to shift towards plant-based alternatives. This shift is propelling the growth of the vegan makeup market, as consumers seek innovative and health-beneficial cosmetic products. This demand has led to an increased interest in vegan ingredients sourced from various countries. Notably, South Korea is known for the yuzu citrus fruit, Australia for the Kakadu plum, and Indonesia and Malaysia for rambutan. As vegan lifestyles continue to gain popularity worldwide, the demand for vegan cosmetics is anticipated to rise even further in the coming years.

The enforcement of bans on cosmetics tested on animals is another factor contributing to the growth of the global vegan makeup market.

Consumer concerns regarding animal testing have escalated globally, particularly in North American and European nations. While Europe has already prohibited animal-tested cosmetics, there is a growing movement in the United States to enact similar legislation. Prominent animal-rights organizations like the Humane Society and Cruelty-Free International are actively advocating for additional states to adopt comparable bans. The ban on animal testing is generating a positive impact on the demand for cruelty-free products within the vegan cosmetics industry, and this trend is anticipated to persist in the foreseeable future.

Global Vegan Makeup Market Challenges:

The global vegan makeup market is encountering challenges, primarily in terms of the increasing presence of counterfeit products. The rise in counterfeit products has detrimental effects on the growth of the vegan makeup market and creates hardships for genuine vegan makeup brands in domestic and international markets. The widespread existence of counterfeit makeup products across various countries underscores the seriousness of the issue within the industry. This situation poses challenges for authentic vegan makeup brands as they strive to establish their presence and protect their market position.

Global Vegan Makeup Market Opportunities:

Market expansion strategies present a lucrative opportunity in the global vegan makeup market. Given the rising demand for vegan makeup products owing to their advantages, including the presence of natural and plant-based ingredients, cruelty-free, and environmentally friendly, businesses specializing in the production and distribution of vegan makeup products can stand to gain significantly from this opportunity by expanding their products to new and emerging regions.

COVID-19 Impact on the Global Vegan Makeup Market:

The outbreak of the COVID-19 pandemic substantially impacted the global vegan makeup market. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of vegan makeup products. Moreover, the demand for vegan makeup declined due to the financial uncertainty for many consumers created by the pandemic, which lead to a decrease in discretionary spending. These factors negatively impacted the growth of the global vegan makeup market. Despite these challenges, the global vegan makeup market is projected to recover and grow in the coming years.

Global Vegan Makeup Market Recent Developments:

• In April 2023, Reebok and Milk Makeup joined forces in a unique collaboration that merges beauty and sports. Reebok introduced a special collection called Equipment Essentials, featuring a limited-edition range of footwear and apparel. This collaboration is in partnership with Milk Makeup, a vegan beauty brand affiliated with Milk Studios, a creative agency based in New York. The collection is inspired by shared values and designs that promote creative expression, as stated by both brands.

• In February 2023, H&M unveiled a sustainable and vegan nail polish collection, "My nails. My style", for Spring. This collection addresses the past utilization of toxic ingredients in nail polish like formaldehyde and toluene, which pose health risks. Many nail polish companies have reformulated their products to be free from harmful chemicals, offering "x-free" options. 
• In August 2022, Ashunta Sheriff Beauty, a black-owned beauty brand, has been launched by Emmy-nominated celebrity makeup artist Ashunta Sheriff-Kendricks. The brand offers a diverse range of bold and vibrant colors that cater to every skin shade and type. Ashunta Sheriff Beauty is committed to being cruelty-free and vegan, providing ethical beauty options for consumers.

VEGAN MAKEUP MARKET REPORT COVERAGE:

Global Vegan Makeup Market Segmentation: By Product 

• Concealers

• Eyeshadows

• Foundations

• Highlighters

• Nail Polish

• Others

Based on the product type, the global vegan makeup market is segmented into concealers, eyeshadows, foundations, highlighters, nail polish, and others. In 2022, the foundation’s segment held the highest market share. The growth can be attributed to the foundations' essential role in makeup routines, broad consumer appeal, versatility, continuous innovation, and professional usage. Foundations are crucial for achieving an even skin tone and serving as a base for other makeup products. They cater to diverse consumer preferences, offering various formulations, shades, and coverage options. The multi-functionality of foundations, along with constant innovation by vegan makeup brands, drives their popularity. Additionally, foundations are not only used in everyday routines but also by professionals in the beauty industry, further propelling the segment's growth.

Global Vegan Makeup Market Segmentation: By Price Range

• Mass 

• Premium

Based on the price range, the global vegan makeup market is segmented into mass and premium. In 2022, the mass segment held the highest market share. The growth can be attributed to the advantages that mass vegan makeup products offer in contrast to premium vegan makeup products, including affordability, wide availability, alignment with consumer preferences, inclusivity, and response to growing demand. Mass-market vegan makeup products offer budget-friendly options that cater to price-conscious consumers. They are widely distributed through various retail outlets, reaching a larger audience. These products meet the needs of consumers who prioritize affordability and value for money without compromising quality. Mass-market brands also focus on inclusivity, appealing to diverse customer bases. 

Global Vegan Makeup Market Segmentation: By Distribution Channel

• Supermarkets/Hypermarkets

• Specialty Stores

• E-commerce

• Others

Based on the distribution channel, the global vegan makeup market is segmented into supermarkets/hypermarkets, specialty stores, e-commerce, and others. In 2022, the specialty stores segment held the highest market share. The growth can be attributed to the exclusive selection of vegan beauty products offered by specialty stores, which assists in attracting customers specifically seeking vegan options. Knowledgeable staff provides personalized assistance, guiding customers to choose products that align with their preferences. Collaborations with vegan beauty brands enhance brand visibility through events and promotional campaigns. Specialty stores also build trust and reputation by offering high-quality, cruelty-free, and ethical products. Customers who prioritize vegan values trust and prefer these stores. 

Global Vegan Makeup Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

The region of North America held the largest share of the global vegan makeup market in the year 2022. The rising popularity of natural and organic ingredients, the growing consumer awareness regarding vegan and cruelty-free products, and the increasing investments in research and development activities are some of the factors propelling the growth of the region. Additionally, North America is home to several significant market players, including Cover FX, Gabriel Cosmetics Inc., e.l.f. Cosmetics, Coty Inc., and Milk Makeup LLC. Due to the increasing demand for cruelty-free makeup products owing to the growing awareness regarding animal abuse, and the strong presence of major market players, including INIKA Organic, Kosé Corporation, and Plum Goodness, the region of Asia-Pacific is anticipated to expand at the quickest rate over the forecast period.

Global Vegan Makeup Market Key Players:

1. Cover FX (United States)

2. Gabriel Cosmetics Inc. (United States)

3. e.l.f. Cosmetics (United States)

4. Coty Inc. (United States)

5. Milk Makeup LLC (United States)

6. INIKA Organic (Australia)

7. Too Faced Cosmetics, Inc. (United States)

8. Hourglass Cosmetics (United States)

9. Urban Decay (United States)

10. Lush (United Kingdom)