We show that a cosmology driven by gravitationally induced particle production of all non-relativistic species existing in the present Universe mimics exactly the observed flat accelerating $Lambda$CDM cosmology with just one dynamical free parameter. This kind of scenario includes the creation cold dark matter (CCDM) model [Lima, Jesus & Oliveira, JCAP 011(2010)027] as a particular case and also provides a natural reduction of the dark sector since the vacuum component is not needed to accelerate the Universe. The new cosmic scenario is equivalent to $Lambda$CDM both at the background and perturbative levels and the associated creation process is also in agreement with the universality of the gravitational interaction and equivalence principle. Implicitly, it also suggests that the present day astronomical observations cannot be considered the ultimate proof of cosmic vacuum effects in the evolved Universe because $Lambda$CDM may be only an effective cosmology.
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