The global vegan footwear market is predicted to reach US$ 42.18 billion in 2022, with an annual growth rate of 8.0 percent between 2022 and 2030. Millennials have emerged as a crucial market demographic, displaying a strong desire to spend on trendy garments and footwear.
| Attribute | Details |
| Estimated Vegan Footwear Market Size 2022 | US$ 42.18 Bn |
| Projected Vegan Footwear (2030) Market Size | US$ 76.30 Bn |
| Value CAGR (2022-2030) | 8.0% |
| Vegan Footwear Market Top Players Share in 2021. | 35%-40% |
The younger generation is exhibiting outstanding environmental awareness. To some extent, this is due to celebrity and role model social media influence and messaging broadcast across public channels.
The shifting mindset of consumers is encouraging them to support firms that respect their beliefs and way of life. Vegan footwear is also becoming more popular as people become more concerned of comfort, eco-friendly materials, and sustainable products.
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Future Market Insights’ (FMI’s) report on the market studies various factors enabling growth. It also uncovers hidden opportunities for the market players. Some of the key takeaways from the report are:
- According to the report, behemoths such as Nike, Inc., Adidas AG, Puma SE, Under Armour, and others are incorporating various recycling programs and introducing new collections of vegan footwear with eco-friendly fires to retain the customers
- Companies are investing in product designing and innovation to establish a strong foothold in the emerging markets. Simultaneously, they are reducing their carbon footprint which is helping them to lower operating costs. These steps adopted by the companies are improving their brand perception in the market
- North America is expected to retain its dominance backed by the immense popularity of vegan fashion among millennial. The footwear manufacturing sector is witnessing a strong demand for vegan footwear in the U.S. In Europe the market will gain from the rising demand in the U.K. and Germany
- Based on product type, the shoes segment holds the highest share in the global vegan footwear market and is expected to exhibit a higher CAGR as compared to other product types
- The footwear industry is thriving immensely through increased sales via e-Commerce platforms. Online retailing is expected to gain momentum in response to the surging popularity of vegan footwear in the coming years
Rising Demand for Eco-Friendly Shoes Causing Sales Uptick
At present, maximum number of footwear manufacturers are acting in response to the increasing demand for sustainable products and recycled commodities. Some of the leading brands are therefore abandoning the use of fur and leather and replacing them materials used with recycled plastics and polyester, rubber, and others.
This is seen as a key strategic move among companies to retain existing consumers and attract new ones. Some of them are even reviewing their pricing strategies to gain better traction.
While demand for eco-friendly products will remain the chief growth driver, expansion of the market will remain subdued amid the ongoing pandemic. The unprecedented COVID-19 outbreak has caused significant disruptions in supply chain, compelling brands to focus on leveraging their online presence.
Growth according to FMI, will remain stunted during the pandemic. However, the market is expected to recover soon since consumers are likely to be more cautious about their choices in the post COVID-19 period.
“Keeping in mind shifting preference of consumers, most companies are expected to focus on sustainability. Some of them will also include plant-based materials for manufacturing shoes to gain competitive advantage,” said an FMI analyst.
Who is winning?
Some of the key companies operating in the vegan footwear market are Nike Inc., Susi Studio, Adidas AG, Matt & Nat, Veerah, Hexa Vegan Shoes, AVESU GMBH, Beyond Skin UKamong, Ethletic, MooShoes, and others.
Several vegan footwear companies are spending on promotional activities, expansion of their physical store presence, and entering into a strategic partnership with prominent retailers to cater to growing consumer demand.
- In 2019, the company Adidas AG, entered into a strategic partnership with an American hip hop group, Beastie Boys and introduced ‘Adidas Skateboarding X’, a vegan sneaker.
- In 2019, beauty entrepreneur & celebrity tattooist Kat Von D had launched a collection of vegan shoes made of vegan leather made from apples, faux fur, and recycled rubber, etc.
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Get Valuable Insights into Vegan Footwear Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global vegan footwear market, presenting historical demand data (2015-2021) and forecast statistics for the period from 2022-2030. The study divulges compelling insights on the vegan footwear market based on the product type (shoes, sneakers, boots, sandals, heels, loafers, and others), material type (microfiber, polyurethane (PU), recycled plastics, recycled polyester, cotton, natural rubber, hemp, others), end-user (men, women, and kids), pricing (mass/ economic, premium) and sales channel (direct, indirect {hypermarkets/supermarkets, specialty stores, multi-brand stores, independent stores, convenience stores, online retailers, and other sales channel}) across all major regions.
Global Vegan Footwear Market by Category
By Product Type, Global Vegan Footwear Market is segmented as:
- Shoes
- Sneakers
- Boots
- Sandals
- Heels
- Loafers
- Others
By Material Type, Global Vegan Footwear Market is segmented as:
- Microfiber
- Polyurethane (PU)
- Recycled Plastics
- Recycled Polyester
- Cotton
- Natural Rubber
- Hemp
- Others
- By Pricing Type, Global Vegan Footwear Market is segmented as:
- Mass/Economic
- Premium
By End-User, Global Vegan Footwear Market is segmented as:
- Men
- Women
- Kids
By Sales Channel, Global Vegan Footwear Market is segmented as:
- Direct
- Indirect
- Hypermarkets/ Supermarkets
- Specialty Stores
- Multi-brand Stores
- Independent Stores
- Convenience Stores
- Online Retailers
- Other Sales Channel
By Region, Global Vegan Footwear Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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