According to FMI projection, the vegan footwear market is expected to grow from USD 30,072.1 million in 2023 to USD 60,992.6 million by 2033, at a CAGR rate of 7.3% from 2023 to 2033.
Vegan footwear refers to footwear type made without using wool, silk, leather, or animal products. The increasing trend for sustainable shopping is fostering the demand for vegan footwear.
Growing demand from customers for sustainable products allows footwear vendors to introduce novel launches in the market. Eco-friendly products are in high demand and work as the key factor to flourish the global footwear market growth during the coming years.
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One of the prime factors fueling the vegan footwear market is the increasing preference for following eco-friendly fashion. Growing favor of customers towards cruelty-free fashion and increasing investment by producers in product expansion is the foremost factors propelling the vegan footwear market.
Increasing technological advancements along with growing research and development activities are likely to create novel opportunities for market growth. Moreover, surging demand for different fashion products is likely to bolster the overall growth of the vegan footwear market.
Increasing preference of people to become vegan in recent years and growing interest to make investments in products that make less harm to the environment are the important factors that greatly contribute towards fueling the demand for eco-friendly products and consequently propel the market growth.
Key Takeaways:
- The United States is leading the market and accounted for 77.8% of the market share.
- Based on material type, the microfiber segment accounted for the high market share recording 26.6% market share.
- On the basis of product type, the shoe segment accounted for the high market share recording 35.6% market share.
- Asia Pacific is estimated to get high revenues in the market during the forthcoming years due to the growing penetration of vegan fashion in developing countries of this region such as Japan, China, and India.
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“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.
Competitive Analysis:
The key players working in vegan footwear aim to utilize developmental strategies to fuel market growth, expand market share, strengthen their market position, and grab market opportunities. These players further go on using various market tactics including partnerships, expansion, and acquisitions to increase product sales and eventually get the best results for the company growth.
Huge investments are made by companies operating in the vegan footwear market to bring innovations and novel designs in vegan footwear. The main purpose behind these investments is to compete with emerging markets.
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.
Recent development:
NIKE, Inc. made an announcement on 13 December 2021 about the acquisition of a brand, RTFKT, which creates next-generation collectibles to combine gaming and culture by using cutting-edge innovation.
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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.
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