Vegan Footwear Global Market Report 2024

The vegan footwear market size has grown strongly in recent years. It will grow from $27.01 billion in 2023 to $29.6 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth observed in the historic period can be linked to several factors, including the rise of ethical consumerism, growing concerns about animal welfare, increased environmental consciousness, the momentum of the sustainable fashion movement, and endorsements from the fashion industry itself.

The vegan footwear market size is expected to see strong growth in the next few years. It will grow to $41.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period is expected to stem from the global expansion of veganism, the fashion industry's commitment to sustainability goals, corporate social responsibility initiatives, increased availability and diversity of vegan products, and heightened consumer awareness and education. Major trends expected during this period include innovation in vegan materials, collaborations and partnerships within the industry, the utilization of recycled and upcycled materials, the rise of online platforms and direct-to-consumer models, and the influence of celebrity endorsements in promoting vegan fashion.

The burgeoning demand for eco-friendly shoes is set to drive growth in the vegan footwear market. These sustainable shoes minimize environmental impact throughout their lifecycle by utilizing recycled materials such as plastic bottles, cork, or algae. Reebok's April 2021 launch of sustainable vegan running and training shoes, the Nano X1 Vegan and the Floatride Energy GROW, demonstrates this trend. Crafted from eucalyptus bark, castor bean oil, bloom algae, natural rubber, and recycled polyester, these shoes embody the brand's sustainability initiative. This rising demand for eco-friendly footwear is a key driver for the vegan footwear market's expansion.

The ascent of e-commerce is set to boost the vegan footwear market. Ethical and sustainable consumer preferences drive the demand for cruelty-free and environmentally friendly options, aligning with the ethos of vegan footwear. The Census Bureau reported U.S. retail e-commerce sales of $277.6 billion for the second quarter of 2023, indicating a 2.1% increase from the preceding quarter. This surge in e-commerce activities propels the growth of the vegan footwear market.

Major companies in the vegan footwear market are focused on crafting vegan shoe collections using cruelty-free materials to foster sustainable fashion practices and gain competitive advantages. Adidas, a renowned German apparel company, introduced the EQT93 Plant and Grow sandals in June 2023. This vegan shoe collection features a nature-inspired color palette and a speckled rubber sole mimicking soil texture. Utilizing synthetic materials for the upper, the sandals underscore Adidas' commitment to cruelty-free alternatives. Drawing inspiration from community gardening initiatives, the design mirrors Adidas' dedication to sustainability and ethical manufacturing practices.

Major players in the vegan footwear market are pioneering innovative collections, particularly leather-free shoes, to cater to cruelty-free fashion trends and bolster market profitability. Metro Brands, an innovative India-based footwear and accessories company, partnered with PETA in June 2022 to unveil the Tie-Dye Collection, marking their debut vegan shoe line. This collaboration reflects evolving consumer preferences towards cruelty-free and sustainable choices in the post-pandemic era. The Tie-Dye Collection, devoid of animal-derived materials, not only aligns with ethical values but also showcases trendy, fashion-forward designs, epitomizing Metro Brands' commitment to stylish and cruelty-free footwear.

In May 2022, Metro Brands, a footwear retail company based in India, acquired a majority stake in Thaely Private Limited for $0.36 million (Rs 2.67 crore). This strategic acquisition positions Metro Brands to capitalize on the increasing demand for sustainable footwear. It enables the company to diversify its product portfolio, enhance its brand image, and explore innovative business models and partnerships. Thaely Private Limited, the acquired entity, specializes in the production of vegan sneakers and footwear, aligning with the growing trend towards eco-friendly and cruelty-free products in the footwear industry.

Major companies operating in the vegan footwear market report are Nike Inc., Adidas AG, Allbirds Inc., Kenneth Cole Productions, Veerah LLC, MooShoes, Veja, Issey Miyake Shoes GmbH, Native canada footwear Ltd., Taylor + Thomas, Nae Vegan shoes, Ahinsa Shoes Inc., Matt & Nat, AVESU GMBH, Saola Shoes, Noah Shoes, Etiko, Brave Soles, Beyond Skin Vegan shoes, Bourgeois Boheme Shoes, Rungg Shoes, Susy Shoes, Altercore Shoes, GoodGuysdontwearleather, Hexa Shoes, Sydney Brown LLC, Vegetarian Shoes, Virón world, Wills Vegan Shoes.

North America was the largest market in the vegan footwear market in 2023. The regions covered in the vegan footwear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the vegan footwear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of vegan footwear comprise shoes, sneakers, boots, sandals, heels, and other variations. Vegan footwear is crafted without any animal-derived components or materials, eliminating items tested on animals and traditional shoe materials such as leather, wool, fur, and certain glues. Various materials used in vegan footwear include microfiber, polyurethane (PU), cotton, natural rubber, hemp, and others. Sales channels for these products involve both direct and indirect methods, encompassing supermarkets/hypermarkets, convenience stores, specialty stores, and online platforms. These distribution channels cater to end-users across different demographics, including men, women, and children.

The vegan footwear market research report is one of a series of new reports that provides vegan footwear market statistics, including vegan footwear industry global market size, regional shares, competitors with a vegan footwear market share, detailed vegan footwear market segments, market trends and opportunities, and any further data you may need to thrive in the vegan footwear industry. This vegan footwear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The vegan footwear market consists of sales of shoes made from mushrooms, bananas, apples and synthetic materials. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.