According to a recent analysis report by Future Market Insights, global sales of Vegan Clothing reached US$ 628.7 Million in 2022. With a projected growth rate of 12% from 2023 to 2033, the market is anticipated to achieve a valuation of US$ 2.2 Billion by the end of the forecast period. Among the various types of vegan clothing, vegan apparel is expected to lead in revenue generation, with a projected Compound Annual Growth Rate (CAGR) of over 12.1% from 2023 to 2033.
The market in the United States is expected to grow to be worth US$ 797.3 Million with an absolute dollar growth of US$ 499.6 Million till 2033. The market in the country has grown at a CAGR of 8.8% from 2018 to 2022 and is expected to grow at a CAGR of 9.4% from the year 2023 to 2033.
The clothing industry related to vegan’s clothes, footwear and accessories which made without any animal products are driven by the increasing demand for environmentally friendly as well ethically correct fashion due to a growing number of consumers who know about bad influence on nature vegetalist (animal) production.
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Companies that specialize in materials development are creating vegan alternatives to traditional textiles by using innovative, animal-free materials such as grape waste, pineapple waste, and apple, as well as other bio-based materials. These companies are teaming up with fashion brands to produce lines of vegan clothing made from bio-based materials, which promotes the use of innovative materials in the industry. These strategic partnerships between materials development companies and fashion brands are likely to increase demand for vegan apparel in the market.
According to the Human Society of the United States, as of 2021, over 1,500 companies have adopted fur-free policies including major fashion brands like Gucci, Prada, and Michael Kors. According to a report by PETA, the number of fashion brands that are completely fur-free has increased by 66% since 2018. This cultural shift towards cruelty-free practices is revolutionizing vegan fashion and influencing businesses to evolve.
There has been an increasing number of investments in companies focused on developing next-generation materials to replace animal or fossil-fuel-based textiles in the fashion industry. These companies have received around US$ 3 billion in investments since 2013, indicating a growing interest in sustainable and ethical alternatives to traditional materials. Leather alternative developing companies are particularly dominant, with 60% of the invested companies in 2022 focused on developing leather alternatives. This is likely to create growth opportunities for semi-synthetic animal alternatives in the market.
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Competitive Analysis:
Key players in the Vegan Clothing Market are
- New Look
- ZARA
- Tentree
- Stella McCartney
- Nudie Jeans Co.
- Pact
- Toad & Co.
- Harper Coats
- Boody
- I Love Tyler Madison
- KOMODO
- TALA
- Boyish Jeans
- Unspun
- People Tree
The brands manufacturing vegan clothing are promoting their ethical practices and gaining consumer trust through third-party certifications and providing transparency in the manufacturing process.
Some of the recent developments in the Vegan Clothing Market are:
- In October 2020, January rebranded itself to become a cruelty-free vegan brand named Harper Coats. The brand worked with PETA To ban fur completely and donated the in-stock fur to Wildlife Rehabber in Florida to keep baby animals warm.
- In November 2022, British high fashion vegan brand Stella McCartney launched the first-ever Mylo apparel made with plant-based and lab-grown mushroom leather innovated by its long-time partner Bolt Threads.
- In December 2022, Organic cotton denim brand Nudie Jeans partnered with the e-commerce platform Centra for a ship-from-store solution to reduce delivery time and avoid carbon footprints of the supply chain. This initiative allowed customers to get their orders from the nearest retail stores and promote the sustainability commitment of the brand.
- In September 2021, a custom-fit jean brand Unspun raised seed funding of US$ 7.5 million to reduce the waste in the jeans industry with a made-to-order business model. The brands aimed to establish a fully automated manufacturing facility with on-demand production.
- In September 2020, Boody launched a collection of activewear made out of organic cotton, and bamboo and further expanded their Australian team to match up demand from customers globally.
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Key Segmentation of this Market:
By Product:
- Apparel
- Footwear
- Accessories
By Material:
- Natural
- Semi-synthetic
- Synthetic
By Sales Channel:
- Brand Outlet
- Online Sales
- Retail Sales
- Own Website
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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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