Vegan fashion refers to clothing, accessories, shoes, and textiles that use no animal products or by-products. An increasing number of fashion brands and retailers produce cruelty-free and animal-friendly clothing and accessories made from sustainable and eco-friendly materials like organic cotton, hemp, recycled polyester, bamboo, and more. With rising awareness of animal rights and environmental protection, many consumers now opt for vegan alternatives to conventional leather, wool, cashmere, and silk. The global vegan fashion market is estimated to be valued at US$518.12 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising animal rights and environmental concerns remain a key driver propelling growth of the global vegan fashion market over the forecast period. Many individuals avoid using animal products and by-products for both ethical and environmental reasons. Conventional materials like leather, wool, cashmere and silk are derived from animals through practices considered unethical and environmentally damaging by some consumers. Meanwhile, vegan fashion products made from plant-based and recycled materials have lower carbon footprint and water usage compared to traditional fabrics. Innovation in vegan fabrics that mimic textures of conventional materials while having superior sustainability credentials also contributes to growth of demand. For instance, modern faux leather is often manufactured from bio-based plastics or agricultural by-products making it a viable alternative to plastic-derived leather.

SWOT Analysis
Strength: Vegan fashion involves using cruelty-free materials such as synthetic textiles and plant-based leather which appeals to customers who support animal welfare causes. It helps reduce deforestation, land and water use which is beneficial for the environment. The rising health and wellness trend among consumers has increased the demand for vegan clothing and accessories.

Weakness: Vegan materials may be more expensive than regular fabrics since the production process involves more advanced technology. Some vegan options still lack the texture and feel of animal-derived materials which impacts customer experience. There is a lack of awareness about vegan fashion brands and their benefits among mainstream shoppers.

Opportunity: With the millennial generation and Gen Z becoming more values-driven, there is potential to tap into this rapidly growing customer segment focused on ethical consumption and sustainability. Vegan fashion brands can leverage influencer marketing to promote their products on social media and appeal to a wider audience. Growing concerns about animal rights and environmental protection have opened opportunities for vegan brands in new geographic markets.

Threats: Established brands promoting fast fashion based on animal materials dominate the apparel market making it difficult for vegan brands to acquire new customers at scale. Counterfeiting and unauthorized use of trademarks by some suppliers undermine brand value. Economic uncertainties during the ongoing pandemic may impact discretionary spending on ethical fashion purchases.

Key Takeaways

The global Vegan Fashion Market Growth is expected to witness high growth over the forecast period driven by rising awareness about environmental and animal welfare issues.

Regional analysis: North America dominates the global vegan fashion market currently accounting for over 30% share due to higher adoption rates in the U.S and Canada. Europe holds the second largest share with countries like UK, Germany and Italy housing major vegan apparel brands. Asia Pacific is emerging as the fastest growing regional market for vegan fashion. Nations like India and China represent huge opportunities for international as well as local vegan players due to growing health and wellness trends.

Key players: Key players operating in the vegan fashion market are Dell, IBM, Hewlett Packard Enterprise, Fujitsu, Lenovo, Hitachi, Toshiba, Apple, Samsung, Microsoft, Cisco, HCL Technologies, Wipro, Infosys, Tata Consultancy Services, Tech Mahindra, Unisys, Dimension Data, Getronics, CompuCom. Many are investing in blockchain to ensure traceability of raw materials and combat counterfeiting issues. Major players also focus on establishing strategic partnerships with local artisans to benefit communities and curb supply chain ineffic

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