As per FMI’s projections, the vegan footwear market is anticipated to double from US$ 30,072.1 million in 2023 to US$ 60,992.6 million by 2033, with a robust compound annual growth rate (CAGR) of 7.3% throughout the forecast period. This upward trajectory signifies a significant shift towards sustainable and cruelty-free fashion choices among consumers worldwide. With increasing awareness about animal welfare and environmental concerns, the demand for vegan footwear is expected to soar, driven by factors such as ethical consumption practices and a growing preference for eco-friendly alternatives in the fashion industry.
Rising adoption of vegan trends and the increasing vegan population is expected to push the market to an estimated US$ 14.7 Bn in 2022. Government regulations regarding leather products along with elevated environmental concern among the consumers will supplement the vegan footwear market growth over the forecast period.
In the past few years, consumers have been displaying an inclination for sustainable goods. Concern for the environment coupled with a drive for sustainability- by consumers as well as by manufacturers- will propel the vegan footwear market.
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The global efforts to reduce carbon footprints and safeguard ecosystems are contributing factors. Initiatives and steps taken by market giants for a sustainable manufacturing process will further propel the vegan footwear market. Besides, rapidly changing consumer behavior also bode well for the market.
Driven by a wide range of variety and the retail space the vegan footwear market is expected to show impressive market growth over the period of assessment. The growing e-commerce platforms are accountable for the swift expansion of the vegan footwear market. An increasing number of specialty stores, too, aid the sales of vegan footwear.
However, due to convenience and discounts, online sales channels are more popular with consumers. All these factors, thus, promote the sales of vegan footwear for the forecast period.
“Benefits like durability, comfort, and eco-friendliness of vegan footwear will bolster the sales of vegan footwear over the forecast period,” says an FMI analyst.
Business Growth Drivers:
- Changing Consumer Preferences: There’s been a notable shift in consumer preferences towards more sustainable and cruelty-free products. As awareness about animal welfare and environmental issues grows, consumers are increasingly opting for vegan footwear options.
- Environmental Concerns: The environmental impact of animal leather production is well-documented, including deforestation, water pollution, and greenhouse gas emissions. Vegan footwear made from materials such as synthetic leather, recycled plastics, or plant-based alternatives appeals to environmentally-conscious consumers.
- Innovation in Materials: Advancements in material science have led to the development of high-quality synthetic and plant-based alternatives to leather. These materials offer similar durability, comfort, and aesthetics to traditional leather, driving the adoption of vegan footwear.
- Celebrity Endorsements and Influencer Marketing: Endorsements from celebrities and influencers who promote vegan lifestyles and products have helped raise awareness and drive demand for vegan footwear.
- Regulatory Support: Some governments and regulatory bodies are introducing policies and regulations to promote sustainable and cruelty-free practices in industries, including footwear manufacturing. This support can further incentivize companies to invest in vegan footwear options.
- Rising Vegan Population: The growing number of people adopting vegan lifestyles directly contributes to the expansion of the vegan footwear market. As more individuals seek vegan alternatives in various aspects of their lives, including fashion and footwear, the demand for such products increases.
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Industry Restraints:
- Perceived Quality and Durability: Despite advancements in materials, there may still be perceptions among consumers regarding the quality and durability of vegan footwear compared to traditional leather products. Overcoming these perceptions and ensuring that vegan footwear meets or exceeds the performance of animal leather alternatives can be a challenge.
- Higher Costs: In some cases, the production costs of vegan footwear materials may be higher than those of animal leather, impacting the pricing of vegan footwear products. This can pose a challenge in attracting price-sensitive consumers, especially in competitive markets.
- Limited Availability of Materials: While there has been significant progress in developing alternative materials for vegan footwear, the availability of these materials in large quantities and consistent quality may still be a challenge for manufacturers, particularly smaller brands.
- Market Fragmentation: The vegan footwear market is relatively fragmented, with numerous brands offering a wide range of products. This can make it challenging for individual brands to stand out and capture market share amidst competition.
- Lack of Awareness: Despite the growing awareness of veganism and sustainability, there may still be segments of the consumer population that are unaware of or indifferent to the benefits of vegan footwear. Educating consumers about the advantages of vegan footwear and dispelling myths and misconceptions can be a hurdle for industry players.
Key Takeaways:
- Rising e-commerce and sustainability drives to boost market prospects.
- By 2030, the vegan footwear market in Germany will reach an estimated US$ 26.14 Bn.
- The vegan footwear market in the U.S. is expected to undergo impressive growth over the assessment period.
- By product type, shoe segment will experience a rise in sales over the forecast period.
- Microfiber segment is anticipated to be in high demand for the projection period.
Competitive Landscape
- LVMH
- Nike
- Adidas
- Puma
- Under Armour
- Skechers
- Tommy Hilfiger
- Asics
- VF Corp
- Columbia Sportswear Co.
are some of the major players in the vegan footwear market that are profiled in the full version of the report.
Major market players are concentrating on the expansion and development of their businesses. These organizations are keen on introducing new products to the market to aid their business expansion.
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More Insights into the Vegan Footwear Market Report
In its latest report, FMI offers an unbiased analysis of the global vegan footwear market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2030.
To understand the global market potential, growth, and scope, the market is segmented based on product type (shoes, sneakers, boots, sandals, heels, loafers, others), material type (microfiber, polyurethane (PU), recycled plastics, recycled polyester, cotton, natural rubber, hemp, others), pricing (mass/ economic, premium), end-user (men, women, kids), sales channel (indirect (hypermarket/ supermarkets, specialty stores, multi-brand stores, independent stores, convenience stores, online retailers, other sales channels), direct) and region.
According to the latest FMI reports, based on region, Germany is predicted to continue its market domination till 2030. The vegan footwear market in Germany will reach a valuation of US$ 26.14 Billion. The rising number of vegans in the country has led to a spike in the demand for vegan products. In addition, vegan footwear is eco-friendly and helps in environmental protection. Thus, the regional market is propelled toward growth.
In the United States, the vegan footwear market is expected to register considerable growth over the assessment period. This growth is attributed to the expanding vegan population in the region. Swift changes in consumer trends will also positively influence the market in this region.
The vegan footwear market in India will witness an impressive rise in its demand. With the increasing demand for plant-based products in South Asia, India is expected to contribute to this growth with its massive vegetarian population. Moreover, heightened demand for handcraft and shoes also supplement the regional market growth.
Based on segmentation, by product type, the shoe category is expected to lead the market due to the high demand for comfortable and trendy footwear. In terms of material, the microfiber segment will display significant growth due to its durability.
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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