Vegan cosmetics market set to reach $28.5 billion by 2031

The global vegan cosmetics industry is anticipated to generate $28.5 billion by 2031, according to a report by Allied Market Research.

The market reportedly made $16.6 billion in 2021 and is now projected a compound annual growth rate of 5.9% from 2022 to 2031. The expected surge in the vegan cosmetics market is attributed to an increase in the vegan and vegetarian population, expansion of the vegan cosmetics business and a rise in disposable income.

Allied Market Research also emphasised that organic and vegan cosmetic products are perceived to be safer than chemical skincare products, therefore opportunities in the vegan cosmetics market are expected to rise.

Leading market players currently include Estee Lauder, L'Occitane, L'Oréal, LVMH, Pacifica, Unilever and Weleda.

In 2021, women accounted for almost 4/5 of the global vegan cosmetics market and this sector is estimated to maintain its leadership status throughout the forecast period. Children are projected the highest CAGR of 7.6% from 2022 to 2031, due to the increasing use of vegan cosmetic products by children.

Based on distribution channel, the hypermarkets/supermarkets segment accounted for the largest share in 2021, contributing to nearly 2/5 of the global vegan cosmetics market. However, ecommerce is expected to show the largest CAGR of 7.8% from 2022 to 2031.