According to a report by Fortune Business Insights, the global market for vegan cosmetics reached US$ 16.92 billion in 2022, with an increase expected to US$ 18.03 billion in 2023, and a projection of reaching US$ 27.04 billion by 2030, with a compound annual growth rate (CAGR) of 5.96% during the forecast period. The trend of veganism, Already present in sectors like food, this trend is also gaining traction in the cosmetics industry. Increased awareness of animal cruelty in cosmetics testing is driving demand for certain brands. free from cruelty, This should drive market growth in the coming years. The increasing popularity of plant-based products is a significant market driver, as consumers seek more sustainable alternatives. However, the growing presence of counterfeit cosmetic products may pose a challenge to market development.
The skincare segment led the market in 2022, reflecting consumer preference for... plant-based cosmetics to reduce environmental impact.
Hypermarkets/supermarkets remain the main retailers of vegan cosmetics due to their convenience and the availability of discounted products. Europe is estimated to be the main dominator of the global vegan cosmetics market, due to the presence of R&D centers focused on innovations and cruelty-free products. North America may also experience significant growth due to the increasing use of natural ingredients in cosmetic products. Given the market competitiveness, industry leaders are focusing their efforts on mergers, acquisitions, and product innovations to maintain their prominent position, while smaller-scale brands have the opportunity to expand their online presence.
A Maian, Following this global trend, the company makes plant-based substitutes for petroleum-derived raw materials available on the market, making its products more ecological, sustainable, and healthy, both for people and the environment.