Vegan Footwear Market Is Boosted by Increased Focus on Sustainable Fashion
The vegan footwear market is witnessing increased growth due to rising animal welfare concerns and focus on sustainable fashion trends. Vegan footwear refers to footwear made from plant-based, synthetic, or recycled materials instead of leather or other animal-derived components. Such shoes provide an alternative for consumers who wish to avoid use of animal products.
Vegan Footwear Market Demand is typically made from synthetic and natural materials like cotton, wool, jute, rubber, PVC, and recycled plastics. They offer properties like breathability, flexibility and durability similar to leather shoes. Rising trends of veganism and sustainability have boosted demand for vegan alternatives across apparel, cosmetics and footwear industries. Vegan footwear caters to the diverse needs of runners, gym-goers, hikers and lifestyle users through varied styles, designs and performance features.
The Global Vegan Footwear Market is estimated to be valued at US$ 31.95 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the vegan footwear market are Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, AVESU GmbH., ASICS Corporation, MooShoes, Ahimsa , Niche , and Lusso Lifestyle
Rising awareness about animal welfare and environmental issues has boosted demand for vegan alternatives globally. The vegan footwear market has observed rapid growth in demand across North America and Europe due to increasing trend of veganism in the regions. Growing youth population, improved spending capacity, and flexible working culture have increased global footwear demand in recent years.
Market Key Trends:
One of the major Vegan Footwear Market Size and Trends witnessed in the global market is increasing focus of brands on innovative and sustainable materials. Brands are investing in R&D to develop novel vegan materials like pineapple leather, cork, recycled PET bottles and plant-based faux fur aiming to reduce environmental footprint of footwear production. Growing popularity of athleisure and wellness trends have also boosted demand for comfortable vegan sneakers and running shoes among health-conscious consumers.
Porter's Analysis
Threat of new entrants: Entry barriers are moderate due to requirement of large capital investments and distribution networks.
Bargaining power of buyers: Power of buyers is high as buyers have large number of choices from various brands available in the market.
Bargaining power of suppliers: Power of raw material suppliers is moderate since there are many suppliers in the market and substitutes are easily available.
Threat of new substitutes: Threat of new substitute products is high as vegan leather, plant-based leathers and traditional leather provide close substitutes.
Competitive rivalry: Competition in the industry is high as the market is consolidated and companies compete on brand, quality, and price.
Geographical Regions
North America currently holds the largest share in the vegan footwear market in terms of value owing to rising vegan population and awareness regarding animal welfare. U.S. contributes significantly to the North American vegan footwear market.
Asia Pacific region is expected to witness the fastest growth in the vegan footwear market during the forecast period. Increasing health consciousness and animal welfare concerns among individuals are driving the demand for vegan footwear in the region, especially in India and China.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)