Vegan Footwear Market Estimated To Witness High Growth Owing To Rising Consumer Preference For Ethical Fashion
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 from 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The vegan footwear market manufactures and sells shoes made from plant-based and synthetic materials instead of leather or other animal products. These shoes are designed to have the look and feel of leather footwear but without using any animal materials or by-products. With growing environmental and animal welfare concerns, vegan footwear is gaining popularity as an ethical alternative to leather shoes.
Market Dynamics:
The global vegan footwear market is primarily driven by the rising consumer preference for ethical and sustainable fashion. Many consumers, especially millennials and generation Z, are opting for cruelty-free alternatives made from plant-based and synthetic materials due to environmental and animal welfare reasons. Furthermore, growing vegetarian and vegan demographic has also fueled the demand for vegan footwear globally. Advancements in material science have led to the development of innovative leather alternatives such as mushroom leather, pineapple leather, and cork leather which offers look and feel of real leather without compromising on quality, style or durability. Many leading footwear brands are increasingly offering vegan collections due to shifting consumer demand towards sustainable products.
SWOT Analysis
Strength: Nike, Adidas, and other leading footwear brands shifting focus towards vegan footwear due to increasing consumer demand for cruelty free and sustainable products boosts market growth. Wide range of stylish and comfortable designs attracts consumer attention. Strong online distribution network expands reach.
Weakness: Absence of strict regulations regarding use of term ‘vegan’ leads to ambiguity. Higher pricing than regular footwear limits mass adoption. Durability and performance issues raise sustainability concerns.
Opportunity: Growing awareness about animal welfare and environment protection motivates lifestyle changes. Influencers promoting veganism fuel adoption. Emerging economies present untapped market potential. Innovation in materials to match performance standards expands product portfolio.
Threats: Disposable purchasing behavior diminishes repurchases. Negative publicity dent brand image and sales. Supply chain disruptions due to pandemic affect production. Rising competition from private labels compress margins.
Key Takeaways
The Global Vegan Footwear Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing concerns about animal welfare and environment protection. The market size is estimated to reach US$ 46.43 Bn in 2023 from US$ 43.98 Bn in 2023.
North America dominates the global vegan footwear market, owing to rising vegan population. Europe remains the second largest market driven by stringent regulations. Asia Pacific exhibits fastest growth led by China, India and other developing nations experiencing thriving vegan movement.
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. Companies adopt various organic and inorganic strategies including new product launches, partnerships and expansions to gain market share.
Read More : https://marketinsightsminds.blogspot.com/2023/11/vegan-footwear-market-is-estimated-to.html
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