by Vegan fashion refers to clothing, accessories, and footwear made without the use of animal products such as leather, wool, down feathers or silk. Growing concerns over animal welfare and the environmental impact of industrial animal agriculture are fueling demand for vegan alternatives. Vegan fabrics like faux leather made from plant-based materials provide the look and feel of traditional materials without harming animals. With increasing popularity of veganism and focus on sustainability, many mainstream fashion brands and designers are adding faux leather, wool and down products to their lines.
The global vegan fashion market is estimated to be valued at US$ 596.88 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period of 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the vegan fashion market is the growing Millennial and Gen Z consumer base who are more ethically and environmentally conscious in their purchasing decisions. Studies show younger consumers are increasingly factoring in factors like animal welfare, environmental protection and social impact when choosing brands and products. This has propelled many fashion companies to shift toward more sustainable and ethical materials like those used in vegan fashion to attract this demographic. Further, increasing media focus on issues like deforestation, pollution and climate change related to animal agriculture is also raising awareness about vegan and sustainable fashion alternatives.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the vegan fashion market is moderate. While consumer demand for ethically sourced and sustainable fashion is growing rapidly, established brands have strong brand recognition and supply chain advantages.
Bargaining power of buyers: The bargaining power of buyers in the vegan fashion market is high. Buyers have a large number of brands and options to choose from, giving them influence over prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While some key materials have fewer substitutes, suppliers of vegan fabrics still depend on fashion brands for demand.
Threat of new substitutes: The threat of substitutes is high as sustainable and eco-friendly alternatives emerge across various price points. Substitution between fabrics is also common.
Competitive rivalry: Competition in the vegan fashion market is intense as major brands battle for market share and mind space with ethical consumers.
Key Takeaways
The Global Vegan Fashion Market Size is expected to witness high growth over the forecast period from 2024 to 2031. Major players are expanding their vegan product lines and targeting more regions to tap into the vast opportunities.
Regional analysis:
North America currently dominates the vegan fashion market led by widespread awareness. Europe follows in terms of demand fostered by strict environmental regulations. However, Asia Pacific is emerging as the fastest growing region with rising health consciousness in countries like India and China driving vegan adoption.
Key players:
Key players operating in the vegan fashion market include Dell, IBM, Hewlett Packard Enterprise, Fujitsu, Lenovo, Hitachi, Toshiba. These firms have significantly increased their investment in plant-based fabrics and sustainable processes. Dell, for instance, works closely with suppliers to cut chemical usage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
