July 19, 2024

The Increasing Demand For Sustainable And Ethical Footwear Options Is Anticipated To Openup The New Avanue For Vegan Footwear Market

The 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:

The vegan footwear market comprises footwear made without the use of animal products and by-products. Prominent materials used in vegan footwear include natural and synthetic fabrics, recycled rubber, cork, wood, and other plant-based materials. Many companies offer a wide range of styles including sneakers, boots, flats, heels, and sandals made with environment-friendly and sustainable materials. With growing concerns about animal welfare and awareness regarding ecological footprints, vegan footwear is gaining traction among health-conscious and eco-friendly consumers.

Market Dynamics:

The vegan footwear market is driven by rising ethical concerns regarding animal welfare and leather production. Growing preferences toward sustainable and eco-friendly products have led many consumers to opt for non-leather footwear. Additionally, supportive government policies and regulations regarding animal welfare in some countries are also fueling the market growth. For instance, the state of California passed a bill prohibiting the sale of fur products in 2019. Furthermore, vegan lifestyle among millennials and increased focus on sustainability are some other factors propelling the vegan footwear market growth over the forecast period.

Segment Analysis

The vegan footwear market is dominated by the athletic footwear segment. Athletic footwear incorporates styles such as sneakers and running shoes, and accounts for over 40% of the market share. This is because vegan consumers are increasingly concerned about fitness and sports and prefer footwear that can accommodate their active lifestyles. Athletic footwear made from vegan materials such as synthetic and plant-based fabrics are gaining popularity.

PEST Analysis

Political: There are no significant political factors influencing the vegan footwear market.
Economic: The rising disposable incomes and growing spending on ethical fashion products are fueling the demand for vegan footwear in developing nations.

Social: Increasing awareness about animal welfare and environment protection is driving consumers, especially millennials, towards veganism and vegan products like footwear.

Technological: Advancements in material science have enabled manufacturers to develop high-performance vegan leather alternatives like pineapple leather and mushroom leather that look and feel like real leather.

Key Takeaways

The Global Vegan Footwear Market Size  is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period, due to increasing awareness about environmental issues and animal cruelty. The market size for 2023 is estimated at US$ 46.43 Billion.

Regionally, North America accounts for the largest share in the vegan footwear market currently. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period. Countries like China and India are witnessing rising vegan population and increasing preference for ethical fashion among millennials and gen Z consumers.

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, and AVESU GmbH. Nike dominates the market with its wide range of cruelty-free sneakers and running shoes. Adidas is focusing on developing stylish vegan leather alternatives to strengthen its position.

*Note:

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