Portland, OR, Nov. 24, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global vegan footwear market generated $156.89 billion in 2020, and is projected to reach $300.19 billion by 2030, witnessing a CAGR of 6.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rapid increase in the vegan population, growing environmental concerns among the consumers and government rules and regulation toward leather products drive the growth of the global vegan footwear market. However, availability of counterfeit products and increased demand for leather restrain the market to some extent. On the other hand, rise in demand for fancy yet comfortable footwear and increase in social media marketing present new opportunities in the upcoming years.
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COVID-19 scenario:
- 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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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