Wilmington, Delaware, United States, May 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Bio-based Leather Market was valued at US$ 699.6 Mn in 2022 and is projected to expand at a CAGR of 6.3% from 2023 to 2031.
Consumers are increasingly becoming aware about the high carbon footprint of the traditional leather industry compared to the usage of natural leather alternatives such as cork, pineapple, corn, palm, corn, and hemp. This is likely to strengthen the adoption of bio-based leather in several end-use industries, notably the footwear industry. Recent market trends indicate a rise in demand for earth-friendly and cruelty-free fashion apparel and accessories.
A clutch of fashion brands is promoting the environmental benefits of sustainable leather by unveiling a multitude of bio-based leather products, including fashion accessories. Their efforts to commercialize bio-based leather products are likely to boost the market. An example is the launch of pineapple-based leather for handbags. Intensive focus on sustainability by the fashion industry is likely to augment the market size in the near future.
Market Scope:
| Market Revenue | USD 699.6 Mn | |
| Estimated Value | USD 1.2 Bn | |
| Growth Rate - CAGR | 6.3% | |
| Forecast Period | 2023 - 2031 | |
| No. of Pages | 350 Pages | |
| Market Segmentation | By Source, Application, and End-use | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
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Key Findings of Study
- Rise in Usage of Bio-based Leather in Footwear: Based on application, the footwear segment constituted the major share of the global Bio-based Leather Market in 2022. Several factors contribute to the attractiveness of the segment, including rapid increase in demand for natural plant-based leather alternatives in footwear and growth in shift of fashion companies toward natural, biodegradable polymers in a wide range of leather products.
Companies are also partnering with material innovators to promote development of 100% natural plant-based leather products. Decline in prices of bio-based leather footwear is likely to accelerate growth of the segment. - Consistent R&D in Novel Bio-based Materials for Sustainable Leather Materials: Companies are making sizable investments in technologies and techniques used to produce bio-based leather. Introduction of new materials sourced from microorganisms as sustainable alternative to animal hides is expected to augment market size in the near future. A case in point is mycelium hides and foams.
Key Drivers
- Growth in awareness about animal welfare and environmental impact of the global leather industry is spurring R&D activities on vegan alternatives to traditional leather. Rise in concerns about animal cruelty in the leather industry and significant carbon footprint of the industry have positively influenced market growth over the past few years.
For instance, one pair of boots of cow leather releases 66 KG of carbon dioxide into the environment. Another statistics reveals the carbon footprint of cow skin leather to be 110.0kg of CO2e/carbon dioxide equivalent per square meter, making cow skin leather a carbon-intensive process. - Rapid increase in consumer demand for eco-friendly leather products, such as footwear and clothing, is anticipated to drive market evolution in the next few years. Rise in focus of the fashion industry on sustainability is expected to boost the demand for vegan leather
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Regional Growth Dynamics
- Companies are witnessing lucrative opportunities in North America. The market in the region is driven by strict implementation of government regulations and policies, especially in the U.S. and Canada, pertaining to reduction of environmental footprint of the leather industry. Considerable initiatives toward the adoption of biodegradable materials in the leather industry are fueling the market growth.
Significant R&D activities in plant-based materials for leather is anticipated to propel the bio-based leather industry in North America. As per statistics by UN Industrial Development Organization, making cow skin leather is more climate impactful than synthetic leather or bio-based leather due to former’s high carbon footprint. This is likely to bolster market development in the near future.
Competition Landscape
The global bio-based leather industry is highly competitive, with a large number of small-scale companies competing fiercely with large-sized manufacturers. Key players are focusing on R&D of novel technologies to develop sustainable plant-based leather in order to enhance their market share. Leading companies are also researching on improving the current extraction processes of plant-based materials.
Prominent companies in the Bio-based Leather Market are
- Fruitleather Rotterdam
- Toray Industries
- VEGEA
- Bolt Threads Inc.
- ECCO Leather
- Ananas Anam Ltd.
- MycoWorks
- Ultrafabrics
- Nat-2
- Modern Meadow
- Natural Fiber Welding, Inc.
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Bio-based Leather Market Segmentation
Source
- Mushroom
- Pineapple
- Cork
- Leftover Fruits
- Palm
- Corn
- Hemp
- Others
Application
- Footwear
- Furniture
- Accessory
- Clothing
- Bag & Wallet
- Sports Equipment
- Others
End-use
- Automotive
- Electrical & Electronics
- Sports
- Consumer Goods
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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