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 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vegan footwear includes shoes made from synthetic or plant-derived materials instead of leather or any other animal-derived components. Vegan footwear offers various advantages over traditional leather shoes such as being lightweight and breathable. The increasing concerns towards animal welfare and health benefits of vegan shoes are escalating the demand for cruelty-free footwear worldwide.
Market key trends:
The global vegan footwear market is expected to witness high growth over the forecast period owing to increased health consciousness among consumers. Plant-based and synthetic materials used in vegan shoes such as polyurethane, cotton, jute and hemp provide several health benefits. These shoes are lighter in weight, allow moisture wicking and ventilation keeping the feet dry and cool. Moreover, vegan shoes do not produce foul odors like leather shoes. Growing animal welfare campaigns by social organizations have raised awareness about the harmful practices involved in the leather industry. Therefore, consumers are switching to vegan footwear made from eco-friendly materials to reduce their carbon footprint.
Porter’s Analysis
Threat of new entrants: Low barriers to entry with emerging plant-based/vegan brands. However, established players have recognizable brands and supply chain advantages.
Bargaining power of buyers: High bargaining power due to availability of substitutes. Buyers can opt for conventional footwear if vegan footwear brands hike prices.
Bargaining power of suppliers: Suppliers of plant-based materials have moderate bargaining power due to limited availability and high production costs currently.
Threat of new substitutes: High threat from new vegan alternatives and shift in consumer preferences towards sustainability.
Competitive rivalry: Intense competition expected from growing number of vegan footwear brands.
SWOT Analysis
Strengths: Higher growth compared to conventional footwear. Appealing to health and environment conscious consumers.
Weaknesses: Limited product lines and designs vs conventional brands. Higher costs of plant-based materials affect prices.
Opportunities: Growing vegan/plant-based trend drives demand. Innovation in materials to make production economically viable.
Threats: Availability and pricing of plant-based raw materials remain a challenge. Substitutes can erode market share.
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 health consciousness and focus on sustainable fashion among consumers.
Regionally, North America dominates currently due to strong vegan consumer base. However, Asia Pacific is expected to be the fastest growing market led by countries like India and China where veganism is gaining popularity.
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. Larger players are collaborating with plant-based material manufactures to scale up production and expand product lines.
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