The Global Vegan Footwear Market size is expected to reach $32.05 billion by 2027, rising at a market growth of 11.3% CAGR during the forecast period.
Vegan footwear is manufactured by utilizing the alternatives of animal leather and is made with environment-friendly materials. Factors like growing cases of animal cruelty, rising awareness regarding animal rights, growing concerns regarding plastic wastes, growing demand for sustainable products, and rising vegan population are some of the major factors responsible for driving the growth of the vegan footwear market.
In addition, there are many trends going on in the fashion industry, which are compelling brands and retailers to adapt as per these trends and reduce the usage of animal-based materials in their products. Several campaigns and initiatives are taken by companies as well as NGOs to promote the usage of plant-based and synthetic raw materials in the footwear industry.
COVID-19 Impact Analysis
With the outbreak of the COVID-19 pandemic, the demand for various non-essential products has declined, which is expected to hinder their overall market growth. The imposition of various restrictions like lockdown, social distancing norms, ban on imports & exports, and closure of various retail outlets has negatively impacted the production and demand for vegan footwear across the world.
However, as things are getting back on track, vegan footwear companies is expected to witness a substantial rise in sales. On the other hand, consumers have shifted towards online shopping options, which is creating opportunities for companies to reach out to their potential customers through online mediums.
Market Growth Factors:
Rising environmental concerns
One of the major reasons behind people shifting towards vegan culture is that they are becoming more concerned about environmental changes. In addition, it is becoming utmost importance to reduce carbon footprints in the environment to improve the environmental conditions since animal farming contributes to an imbalance in nature.
Along with that, UNEP also mentioned that better management of plastic can help companies to decrease their direct cost, which makes it easy for the companies to increase their revenue along with taking care of environmental concerns.
High influence of social media strategies
Social media plays an important role in creating awareness among customers regarding the prevalence of various vegan products. Additionally, companies are majorly investing in forming the social media strategies to reach out to their customers residing in different parts of the world. In addition, since social media platforms have a high influence on the population, companies are increasing their digital presence on such social media platforms to understand their customer's needs and update them regarding their product line.
Market Restraining Factor:
High cost of vegan footwear
The cost of vegan footwear is comparatively higher than the conventional footwear made from animal-based products. It is because the processing of vegan raw materials for the manufacturing of vegan footwear requires high investment and thus, the end-product has a high price attached to it. In addition, companies manufacturing vegan footwear majorly focus on the high quality of the products, which requires better raw materials that do not cause any harm to the human foot.
End User Outlook
Based on end-user, the vegan footwear market is fragmented into men, women, and others. The others segment is anticipated to display the highest growth rate during the forecast period. It is due to the increasing focus of the parents towards children's fashion. In addition, parents are investing a huge amount in choosing the best products for their children that do not cause any rashes and skin allergy and thus, they are opting for vegan products including vegan footwear.
Distribution Channel Outlook
Based on distribution channel, the vegan footwear market is divided into specialty stores, supermarkets/hypermarkets, convenience stores, and others. The high reach of the supermarkets/hypermarkets to the customers along with the increasing preference of customers towards them is expected to motivate vegan footwear companies to select this distribution channel. In addition, there is a wide range of vegan footwear available in different brands, sizes, types, and prices within the hypermarkets/supermarkets, which enable customers to compare and try them before making a purchase.
Material Outlook
Based on material type, the vegan footwear market is classified into polyurethane, recycled plastics, microfiber, and others. Microfiber is a kind of synthetic fiber that is made by mixing some synthetic materials, generally the polyester-nylon blend. This material can be used to give detailing to the footwear and add to its strength and flexibility. In addition, microfiber is very thin and can be used to design the upper part of the footwear.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific region is estimated to record the fastest growth rate over the forecast period. It is due to the factors like the increasing influence of social media, growing urbanization, and rising consumer spending on vegan products.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Avesu GmbH, Garamont International Srl, Matt & Nat, MooShoes, Adidas AG, Nike, Inc., PUMA SE, Under Armour, Inc., and ASICS Corporation.
Recent Strategies Deployed in Onion Oil Market
- Sep-2021: Puma collaborated with First Mile, a UK environmental business. Under this collaboration, Puma developed a new collection of footwear & clothing, made from recycled plastic.
- Jun-2021: Nike introduced sneakers made up of pineapple leather featuring sustainable versions of their most iconic styles. This “Happy Pineapple” line by Nike consists of eco-friendly renditions of their Air Max 95 NRG, Air Force 1, Air Max 90 LX, and Air Zoom-Type shoes. These sustainable Nike sneakers are made by utilizing Piñatex, a textured plant material made from pineapple leaf fiber that is utilized in place of leather on all five silhouettes.
- Apr-2021: Adidas launched a new vegan 'leather' shoe. This shoe is made from fungi under its pledge drive to utilize sustainable materials. To manufacture these shoes, Adidas partnered with Bolt Threads, a biotechnology firm that makes plant-based materials, to create vegan alternatives for its conventional leather-based shoes.
- Dec-2020: Asics came into a partnership with GmbH, a Berlin-based menswear label. This partnership aimed to launch a distinctive new vegan leather shoe following the popular GEL-Nandi and GEL-Quantum. The GEL-CHAPPAL integrates Asics’ signature GEL sole, which is designed to minimize the impact and improve stability in running shoes with a wrapped vegan leather upper, for a smart-casual hybrid shoe that is inspired by Pakistani footwear, Peshawari chappal.
- Sep-2020: Adidas is launching a pair of limited-edition vegan sneakers. For this launch, the company teamed up with the American hip-hop group, Beastie Boys.
- Feb-2020: Nike unveiled the latest Futuristic Sneaker Line. This line of sneakers is a new vegan sneaker manufactured from recycled materials to reduce both their impact and on the environment.
- Sep-2018: Adidas unveiled a vegan version of its classic Stan Smith shoe. These shoes are marketed under the name 'Stella Stan Smith', which is designed by Stella McCartney.
Scope of the Study
Market Segments Covered in the Report:
By End user
- Men
- Women
- Others
By Distribution Channel
- Specialty Stores
- Supermarkets/Hypermarkets
- Convenience Stores
- Others
By Material Type
- Polyurethane
- Recycled plastics
- Microfiber
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Avesu GmbH
- Garamont International Srl
- Matt & Nat
- MooShoes
- Adidas AG
- Nike, Inc.
- PUMA SE
- Under Armour, Inc.
- ASICS Corporation
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Companies Mentioned
- Avesu GmbH
- Garamont International Srl
- Matt & Nat
- MooShoes
- Adidas AG
- Nike, Inc.
- PUMA SE
- Under Armour, Inc.
- ASICS Corporation
Methodology
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