Mr Mallard said popular companies such as M.A.C made their products in Italy, which was subject to an EU ban on animal testing. Australia, India and Israel had similar bans.
Some major companies also produced ranges for countries such as China, which has until recently required imported beauty products to be tested on animals. The testing was done by China's regulatory authorities, not the company.
An online database compiled by US animal rights group Peta tracking which companies use animal tests listed a number of popular brands.
But both animal rights groups and makeup importers said the vast majority of imports came from the EU and were therefore "cruelty-free".
National Anti-Vivisection Society spokesman Stephen Manson said: "There might be a few products, but it's not like you're going to see shelves emptying. The EU's a huge market and anything that's sold there can be imported here. I can't see it having a massive impact as far as consumer choice goes."
Cosmetics, Toiletries and Fragrance Association spokesman Garth Wyllie said the proposed ban was likely to affect only cheap products imported from Asian countries.
Mr Mallard announced the policy at a vet's clinic in Wellington.