July 21, 2024

Emerging Lifestyle Changes Expected To Trigger Growth In Vegan Footwear Market

The global Vegan Footwear Market is estimated to be valued at Us$ 46.43 Bn in 2023 and is expected to exhibit a CAGR Of 7.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Vegan footwear are alternatives to traditional footwear made from leather, fur, wool or other animal-derived materials. These footwear are made using advanced synthetic materials like synthetic leather, polyurethane, nylon, cotton, polyester etc. Vegan footwear delivers similar style, comfort and performance as compared to leather footwear. With growing awareness about animal welfare and ethical concerns related to animal products, vegan footwear are gaining popularity among environmentally conscious and health conscious consumers.

Market key trends:

One of the major trends in the vegan footwear market is increasing demand for sustainable and eco-friendly footwear. Consumers are shifting towards plant-based, durable and recyclable materials for footwear manufacturing due to rising environmental concerns. Footwear brands are actively investing in research & development of innovative vegan materials like pineapple leather, wild rubber etc. that have low environmental footprint. This is expected to support the growth of vegan footwear market over the forecast period.

Porter’s Analysis

Threat of new entrants: The vegan footwear industry requires high initial capital investments for manufacturing facilities and plants, creating significant barriers for new companies. However, the growing market size indicates opportunity for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of diverse vegan footwear brands. Brand loyalty and innovative styles reduce sensitivity to price changes.

Bargaining power of suppliers: Specialized manufacturing equipment and components needed limits the number of suppliers. Established suppliers wield more power over footwear brands.

Threat of new substitutes: Alternatives like canvas shoes pose minor threat but vegan footwear fulfills growing demand for ethical fashion and fulfills performance needs for various activities.

Competitive rivalry: Brands compete primarily on product features, style and price. However, market is still expanding rapidly allowing most major brands to grow without intense competition yet.

Key Takeaways

The Global Vegan Footwear Market Size  is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing awareness about animal welfare and environmental sustainability.

North America dominates the vegan footwear market currently due to strong presence of key players and rising vegan population. Europe ranks second supported by stricter regulations favoring vegan products. Asia Pacific shows fastest growth with expanding middle class and influence of Western trends in countries like India and China.

Key players operating in the vegan footwear market include Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, and AVESU GmbH. Established brands launch new sustainable collections regularly to engage ethical consumers while smaller labels cater to niche demand.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it