Vegan cosmetics market to reach $28.5 billion by 2031

Allied Market Research says the global vegan cosmetics market was valued at $16.6 billion in 2021 and is projected to hit $28.5 billion by 2031. Growth is being driven by rising demand for cruelty-free and plant-based beauty products, while high prices and inconsistent certification rules remain key headwinds.

Why it matters: - The vegan cosmetics market is moving from a niche category to a mainstream beauty segment. - Consumer demand is rising for products seen as safer, cruelty-free and free of animal-derived ingredients. - The market outlook signals opportunity for global beauty brands, retailers and online sellers as vegan beauty spending expands.

What happened: - Allied Market Research projects the global vegan cosmetics market will grow from $16.6 billion in 2021 to $28.5 billion by 2031. - The report estimates a CAGR of 5.9% from 2022 to 2031. - The skincare segment is projected to post the highest product-type CAGR at 5.2% during the forecast period. - The U.S. was the largest country by revenue in 2021. - Asia-Pacific is expected to be the fastest-growing region, with a projected CAGR of 7.7% from 2022 to 2031.

The details: - Vegan cosmetics use natural or synthetic compounds without animal-derived ingredients such as honey, beeswax, lanolin, collagen, albumen, carmine, cholesterol and gelatin. - The products are also marketed as free from animal cruelty and testing. - The category covers personal care, skincare, face care and hair care, including makeup products that cleanse, protect or enhance appearance. - Rising disposable income and greater focus on personal appearance are supporting demand. - Consumers are shifting toward organic and vegan products to reduce concerns about synthetic and chemical-based cosmetics. - The report says growth is also being supported by the expanding vegan and vegetarian population and wider adoption of PETA cruelty-free accreditation. - International beauty firms such as L’Oréal, Unilever and P&G may find new opportunities in the category. - High prices and the lack of common rules for vegan certification are still expected to slow growth. - Vegan color cosmetics are expected to grow fastest during the forecast period, helped by younger consumers and growing interest in fashion and makeup. - The market is segmented by product type, price point, gender, end user, sales channel and region. - Product types include skincare, cosmetics, hair care and others. - Price points are split between premium and economic products. - Gender segments include women, men and children. - End users are divided into personal and commercial buyers. - Sales channels include hypermarkets and supermarkets, specialty stores, online channels and others. - Regional coverage includes North America, Europe, Asia-Pacific and LAMEA. - The report profiles Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L'Occitane Group, L'Oréal S.A., LVMH Group, MuLondon, Pacifica Beauty, Unilever and Weleda.

Between the lines: - The report points to a category shaped by both values and commerce. - Cruelty-free positioning is becoming a buying trigger, but certification inconsistency could make it harder for consumers to compare products. - The fastest growth in online channels suggests vegan beauty is benefiting from direct-to-consumer discovery and broader e-commerce reach. - The commercial segment's projected 6.5% CAGR suggests salons, spas and other business buyers may become a bigger demand pool.

What's next: - The skincare category is likely to remain a core growth engine within vegan cosmetics. - Asia-Pacific is set to become a bigger contributor as regional demand accelerates. - Larger beauty companies may expand into vegan lines to capture new consumers and defend market share. - Request the sample PDF and buy the report for more detail.

The bottom line: - Vegan cosmetics are growing steadily, and the next phase of competition will likely center on certification, pricing and scale.