Vegan footwear excludes the usage of animal products such as leather, wool, fur, glues, etc. and is completely manufactured from eco-friendly materials. Certain factors such as surge in vegan population, growth in demand for sustainable products, rise in concerns regarding plastic wastes, increase in awareness regarding animal rights, and others have significantly boosted the demand for vegan footwear around the world recently.
Moreover, technological advancements in synthetic products have showered more options, better styling, and enhanced performance in vegan footwear. Several eco-friendly materials, such as cotton, faux fur, synthetic microfibers, recycled plastics, virgin rubber, polyurethane and many more can be used as a material for production of footwear products.
Furthermore, vegan footwear can often end up being less expensive than the animal based footwear. Also, vegan leather is versatile and often bio-degradable. It is said to leave a smaller carbon footprint as compared to original leather and synthetic leather, and are thus considered more environment friendly. The exploitation of exotic animals for their skins and brutality associated with the animal by-products are the major concerns with the animal based footwear. Because of these reasons, vegan footwear has become hugely acceptable in the fashion world.
According to a report published by Allied Market Research, the global vegan footwear market size is anticipated to reach $300.1 billion with a significant CAGR from 2021 to 2030. North America is currently holding the highest market share and is expected to grow at the fastest CAGR during the forecast period.
However, the outbreak of the COVID-19 pandemic led to a global lockdown, due to which, the production facilities of vegan leather were completely closed, especially in the initial period. The implementation of travel and transport restrictions during the pandemic caused disruptions in the supply chain, which in turn, led to unavailability of raw materials. Also, lack of labor force caused challenges in the production hubs of vegan footwear. Temporary closure of retail shops, at the same time, gave way to reduction of footwear sales. There was a significant declined in need for footwear among consumers, as they were mostly in their homes in order to maintain social distancing norms. These factors hampered the growth of the global vegan footwear market to some extent.
Nevertheless, the continuous rise in vegan population across developed economies such as North America and Europe is driving the growth of the vegan footwear market
In addition, a few more factors such as continuous growth in veganism, and rise in initiatives on animal rights and animal abuse by NGOs are boosting the growth of the market even more. Fortunately, the varieties in vegan footwear have also become better over the years. With this drift on board, the vegan community is likely to grow into large numbers and likewise, the global vegan footwear market is expected to have exponential growth in the near future.
In addition, few more factors such as continuous growth in number of animal lovers, rise in initiatives of NGOs regarding animal rights and animal abuse, and growing trend of animal humanization are boosting the growth of the market even more. Fortunately, the varieties in vegan footwear have also gotten better over the years. With this drift on board, the vegan community is likely to grow into large numbers and likewise, the global vegan footwear market is expected to have exponential growth in the near future.
- The outbreak of the COVID-19 pandemic led to the implementation of global lockdown and temporary closure of production facilities of the vegan footwear industry.
- Temporary shutdown of retail outlets resulted in sudden fall in demand for footwear among consumers.
- The pandemic also disrupted the supply chain, which in turn, led to rise in prices of raw materials.
The report offers detailed segmentation of the global vegan footwear market based on material type, distribution channel, end user, and region.
Based on end user, the women segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the children segment is estimated to register the highest CAGR of 9.4% from 2021 to 2030.
Based on distribution channel, the specialty stores segment held the largest market share in 2020, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the online stores segment is projected to register the highest CAGR of 11.6% from 2021 to 2030.
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Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than one-third of the global vegan footwear market, and is estimated to continue its dominant share by 2030. However, Asia-Pacific region is projected to manifest the fastest CAGR of 7.8% during the forecast period.
Leading players of the global vegan footwear market analyzed in the research include Nike, Adidas, AVESU GmbH, Beyond Skin UK, Ethletic, Hexa Vegan Shoes, Matt & Nat, MooShoes, Susi Studio, and Veerah.
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