Pune, May 02, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider's report, the Bio-Based Leather Market attained a value of USD 725 million in 2022 and is anticipated to expand to USD 1200 million by 2030, with a projected compound annual growth rate (CAGR) of 6.5% during the forecast period from 2023 to 2030.
Market Report Scope
Bio-based leather, also known as vegan leather or faux leather, is a sustainable alternative to traditional animal leather. It is made from natural and renewable materials such as plant fibers, cork, pineapple leaves, apple peels, and recycled plastics. These materials are processed to create a leather-like texture, which can be used to produce a wide range of products such as shoes, bags, jackets, and furniture.
Market Analysis
The global bio-based leather market is on the rise, driven by a range of factors including population growth, urbanization, and increased disposable income in emerging economies. Consumers are becoming increasingly aware of the benefits of sustainable materials and are demanding bio-based leather in a wide range of applications. This has led to a surge in demand for the product worldwide. Furthermore, environmental concerns have also played a significant role in the growth of the market. The introduction of stringent environmental policies has prompted market players to invest in new sustainable materials that can help eliminate the harmful waste generated by the tannery industry. This has led to a surge in research and development of bio-based leather alternatives that can provide the same level of durability and quality as traditional leather, without the environmental impact.
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Impact of Recession
During a recession, consumers may become more price-sensitive and reduce their spending on non-essential items. This can lead to a decrease in demand for bio-based leather products, as they are often priced higher than their traditional counterparts due to the cost of producing them. However, the impact of a recession on the bio-based leather market may not be entirely negative. Consumers may become more conscious of the environmental impact of their purchases during a recession, and may be more likely to choose sustainable and eco-friendly products. This could lead to an increase in demand for bio-based leather, as it is a more sustainable option compared to traditional leather.
Key Regional Development
According to market analysts, the Asia-Pacific region is anticipated to witness a surge in demand for bio-based leather in the coming years. This growth is attributed to factors such as an increase in population, rapid urbanization, and improving living standards of consumers in the region. As consumers' disposable incomes rise, they tend to seek out more sustainable and environmentally-friendly products, which has led to a growing demand for bio-based leather. The fashion industry is a major contributor for bio-based leather market in the region.
Key Takeaway from Bio-Based Leather Market Study
- The mushroom segment is set to dominate the market. This innovative material is produced by combining the fibrous root structure of mushrooms with other natural fibers, resulting in a sustainable and eco-friendly alternative to traditional leather.
- Within the market, the footwear segment is expected to take the lead due to the versatility and durability of the material. Bio-based leather offers a viable alternative to traditional leather, which is associated with high environmental impact and ethical concerns.
Recent Developments Related to Bio-Based Leather Market
- Bucha Bio, a manufacturer specializing in creating sustainable leather and plastic products from kombucha, has successfully closed its seed funding round, raising $1.1 million. The innovative company is dedicated to developing environmentally-friendly alternatives to traditional leather and plastic manufacturing methods, which often have a detrimental impact on the planet.
- NFW, a biobased materials platform, has secured $85 million in funding to fuel its expansion plans. The funding was raised from a group of investors who believe in the potential of NFW's innovative approach to developing sustainable materials.
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Bio-based Leather Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 725 Million |
| Market Size by 2030 | US$ 1200 Million |
| CAGR | CAGR of 6.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Segments | • By source (Mushroom, Pineapple, Cork, Leftover Fruits (apple & grapes), Others(includes corn, coconut husk, palm, and cactus)) • By end-use (Footwear, Garments & Accessories, Others(includes furniture and automotive)) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Company Profiles | Natural Fiber Welding Inc., Ananas Anam Ltd., Toray Industries Inc., Bolt Threads Inc., Modern Meadows, ECCO Leather, Nat-2, MycoWorks, VEGEA, Fruitleather Rotterdam, Ultrafabrics, Tjeerd Veenhoven studio. |
| Market Drivers | • Concerns about the effects of the leather industry on the environment are helping the bio-based leather industry grow. • Animal-free fabrics are easy to make and don't cost much. • The global market is getting more and more interested in eco-friendly and cruelty-free products. |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Bio-based Leather Market Segment, By source
9.Bio-based Leather Market Segment, By end-use
10. Regional Analysis
11. Company Profile
12.Competitive Landscape
13. Conclusion
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