Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "Vegan Footwear Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global vegan footwear market has demonstrated remarkable expansion, surging from $24.48 billion in 2022 to an impressive $26.62 billion in 2023, reflecting a robust Compound Annual Growth Rate (CAGR) of 8.7%.
This substantial growth comes in the face of disruptions caused by the Russia-Ukraine war, temporarily impacting worldwide economic recovery post the COVID-19 pandemic.
The ongoing conflict between Russia and Ukraine triggered economic sanctions, leading to a surge in commodity prices, supply chain disruptions, and resulting inflation across goods and services sectors worldwide. However, the vegan footwear market remains resilient, with projections indicating it will ascend to a valuation of $36.44 billion by 2027, showcasing a projected CAGR of 8.2%.
The "Vegan Footwear Global Market Report 2023" joins an extensive suite of comprehensive reports available through ResearchAndMarkets.com, offering vital vegan footwear market statistics.
This includes global market size within the vegan footwear industry, regional market shares, insights into key competitors' market presence, detailed market segments, emerging trends, opportunities, and any additional essential data for thriving in the vegan footwear sector. The report delivers a comprehensive perspective, encompassing both the current and future landscapes of the industry.
Trend Spotlight: Technological Advancements
A noteworthy trend in the vegan footwear market is the prominence of technological advancements. Footwear companies are increasingly investing efforts into developing new and advanced materials for the production of vegan footwear.
For example, in 2020, Germany-based Adidas pioneered plant-based leather material sourced from mycelium, a component of fungus, for crafting shoes. Additionally, in the same year, the brand manufactured 15 million pairs of shoes using recycled plastic waste collected from coastal regions and beaches, underscoring a commitment to innovation and environmental responsibility.
In a strategic move to promote sustainability and eco-consciousness, Germany's Adidas partnered with American sneaker designer Sean Wotherspoon in August 2020 to launch SuperEarth, a new vegan footwear brand. This collection, crafted from plant-based materials and upcycled fabric, embodies the ethos of sustainability while offering consumers innovative and environmentally-friendly footwear choices.
Market Landscape
In 2022, North America asserted its position as the largest market in the vegan footwear industry. The report encompasses a wide range of regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Countries covered in the report span across Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Driving Forces: Growing Demand for Eco-Friendly Shoes
The escalating demand for eco-friendly footwear is anticipated to propel the vegan footwear market's growth. Eco-friendly shoes, crafted from environmentally harmless materials that decompose rapidly and avoid polluting air, water, or soil, have garnered substantial consumer interest. In April 2021, US-based Reebok responded to this trend by launching the Nano X1 Vegan and Floatride Energy GROW, sustainable and vegan running and training shoes. Crafted from eucalyptus bark, castor bean oil, bloom algae, natural rubber, and recycled polyester, these shoes exemplify Reebok's commitment to sustainability.
The vegan footwear market encompasses a diverse range of products, including shoes made from mushrooms, bananas, apples, and synthetic materials. Market values capture the 'factory gate' values – the worth of goods sold by creators to various entities, including wholesalers, retailers, and end consumers. This value accounts for related services offered by the creators.
Empowering Strategic Decision-Making
The "Vegan Footwear Global Market Report 2023" serves as a pivotal resource for strategists, marketers, and senior management, providing indispensable insights to evaluate market dynamics. This report delves into the vegan footwear market's robust growth trajectory and evolving trends, furnishing an exhaustive overview of trends that will shape the market in the years ahead.
Reasons to Purchase:
- Gain comprehensive global insights covering 50+ geographies.
- Understand COVID-19's impact and market response.
- Analyze the Russia-Ukraine war's repercussions on commodity supply and market dynamics.
- Gauge the influence of global inflation on market growth.
- Formulate strategic regional and country approaches with localized data and analysis.
- Identify high-potential growth segments for strategic investments.
- Leverage forecast data to outperform competitors and navigate market trends.
- Acquire consumer insights through the latest market shares.
- Evaluate performance against key industry competitors.
- Leverage dependable, high-quality data and analysis for impactful presentations.
A selection of companies mentioned in this report includes
- AVESU GMBH
- Adidas
- Beyond Skin
- Bourgeois Boheme
- Ethletic
- Hexa Shoes
- Matt & Nat
- MooShoes
- Nike
- Noah
- Rungg
- Susi Studio
- Sydney Brown LLC
- Taylor + Thomas
- Veerah
For more information about this report visit https://www.researchandmarkets.com/r/jxj22d
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