With consumers interested in lightening their footprint on the globe, there has been increased interest in the vegan cosmetics market all over the world. Several major companies, such as Milani, Too Faced, Urban Decay and Wet n Wild have all jumped on the bandwagon for cruelty-free vegan cosmetics. This article will share what vegan cosmetics are, why they are going mainstream, their current and predicted market size, and the future of the vegan makeup industry.
Continue reading below to take a quick look at the vegan cosmetics market!
What Exactly Are Vegan Cosmetics?
There’s a chance that at some point or another, you’ve seen a label on a makeup product that reads “vegan” or “cruelty-free.” These two terms are often used interchangeably, although they both mean different things.
Cruelty-free means that the cosmetic product was made without testing and experimentation on animals. These companies have made the extra step to ensure that no animals were cruelly harmed in the process of creating their product. Products labelled vegan cosmetics, on the other hand, do not contain any ingredients derived from animal origin. While it may not be common knowledge that makeup and other cosmetics have traces of animals, materials such as honey, beeswax, collagen, and elastin are all derived from animals. You can refer to this guide for a full list of animal ingredients commonly found in cosmetics.
In vegan cosmetics, these animal ingredients are replaced with plants and mineral alternatives, to ensure both quality and sustainability of the product.
Although there is overlap, the terms “cruelty-free” and “vegan” are not interchangeable, which means that just because a product is vegan does not automatically mean it has not been tested on animals. You should do your research on companies promoting vegan products to make sure that they are following certified vegan guidelines. Next time you are out shopping, keep a look out for labels such as “Vegan” or “100% Vegan”. If you’re stumped on whether or not a beauty product is vegan, you can use this handy ingredient checker here.
Why Vegan Cosmetics Are Going Mainstream
The recent surge of interest in sustainability and environmentally friendly products has made its way into the beauty world. Consumers, especially younger generations, are more interested than ever in protecting the natural world and making more efforts to save the planet. With recent developments in technology, the cosmetics industry has made significant strides in building a vegan-friendly beauty empire.
Not too long ago, vegan cosmetics were rare to find, and big brands were less than involved and interested in the vegan beauty market. If you wanted vegan makeup, you had to find a niche brand to purchase from. However, huge beauty brands have caught on to the trend, and companies like CoverGirl, E.L.F Cosmetics, Rare Beauty, Milani, and NYX have all realized the importance of expanding to vegan products.
Shoppers are not only searching for effective, quality cosmetics, but also for products that support the environment and their health. Vegan cosmetics do not contain the synthetics and chemicals often found in traditional makeup or skincare. Instead, natural ingredients found in plants are used. This makes helping the environment an easier task for skincare, haircare, and makeup gurus, thus encouraging them to purchase vegan cosmetics.
Vegan Cosmetics Market Size
The demand for vegan cosmetics has never been bigger. According to a Global Analytics Report by Fortune Business Insider, the global vegan market size was worth USD 12.72 billion in 2020. This is projected to grow to USD 24.79 billion in 2028, almost doubling the market worth!
The global analysis discovered that skincare dominated the vegan cosmetics market, followed by hair care, then makeup. As far as geographic location, Europe and North America are predicted to dominate in terms of market size, while the Asia Pacific region is expected to experience the most growth. These continents will be the biggest markets within the vegan beauty industry.
These astounding numbers are growing along with the popularity of vegan cosmetics, and beauty brands and companies worldwide are taking advantage of the positive market trends. With consumers becoming more interested in beauty products that are healthier for their bodies as well as the planet, there’s no doubt that the market for vegan cosmetics will continue to grow.
The Future of Vegan Cosmetics
As demonstrated by the Global Analysis report, the future of vegan cosmetics is projected to grow rapidly and exponentially. Consumers have begun to care less about brand names and style and pay more attention to harmful ingredients and chemicals that could negatively affect them and the environment.
This isn’t just another beauty trend - this is a movement to protect the planet and use cosmetics that contain natural ingredients. With the amount of popular and high-end beauty brands making the switch to vegan ingredients, consumers are beginning to have more and more options to choose from. This can create a more competitive force for companies, allowing them to widen their scope of products. It will be interesting to see how many skincare, haircare and makeup products can be transformed from synthetic and chemical to vegan and all-natural.
COSMAX Vegan Cosmetics
As the global demand for ethical and cruelty-free products is growing, COSMAX is committed to creating new products that meet the needs of our various customers. This includes moving more toward vegan-friendly products. In fact, COSMAX is proud to say that our key production plant in South Korea is now certified vegan.
Although many Korean beauty products are not vegan or sustainable, COSMAX serves to satisfy the needs of consumers all over the world. The ever-changing cosmetics industry requires flexibility and adaptability to keep up with the market’s demands, which proves difficult for many cosmetics companies. However, with their newly certified vegan factory in Seoul, COSMAX is dedicated to new efforts for sustainability and saving the environment.
Choosing to purchase vegan cosmetics is a simple way to support and nurture the Earth, and promote your wellness too! If you’re looking for high-quality and environmentally-friendly OEM cosmetics to add to your product line, contact COSMAX Thailand today.