Burlingame, Dec. 19, 2023 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Luxury Vegan Handbags Market is estimated to value at US$ 1.34 Billion in the year 2023 and is anticipated to reach US$ 2.83 Billion by 2030, at a CAGR of 11.3% during forecast period 2023-2030.
The Luxury Vegan Handbags Market is poised to experience high growth due to the rising demand for sustainable fashion. As consumers become more conscious of the environmental impact of their purchases, there has been a significant shift towards sustainable and cruelty-free products. Vegan handbags, which are made from sustainable materials such as cork, pineapple fiber, and recycled plastic, are gaining popularity among eco-conscious consumers. These handbags not only offer a stylish alternative to traditional leather bags but also align with the principles of ethical fashion, making them a preferred choice among fashion-forward individuals.
Another driver fueling the growth of the market is the increasing number of fashion brands and designers launching their own range of luxury vegan handbags. Recognizing the potential of this niche market, established brands are expanding their product offerings to include vegan alternatives, while emerging designers are capitalizing on the growing demand for ethical fashion. This trend is expected to drive the market growth further in the coming years.
Market Takeaways:
- The Luxury Vegan Handbags Market Share is anticipated to witness a CAGR of 11.3% during the forecast period 2023-2030, owing to the rising demand for sustainable fashion and the growing millennial population.
- On the basis of material type, the PVC segment is expected to hold a dominant position. PVC offers a cost-effective alternative to traditional leather while providing a luxurious look and feel to the handbags. The polyurethane, recycled materials, cork, and other segments are also expected to witness growth.
- In terms of product type, handbags are expected to dominate the market. The versatility and functionality of handbags make them a popular choice among consumers. However, wallets, clutches, shoulder bags, tote bags, satchels, and others are also expected to contribute to the market growth.
- The premium price range is expected to dominate the market, as consumers are willing to pay a higher price for sustainable fashion choices. However, the mid-range and low-range segments are also expected to witness growth, driven by a wider consumer base.
- Online e-commerce websites are expected to dominate the distribution channel segment. The convenience and accessibility of online shopping have made it a preferred choice among consumers. Offline retail stores, brand outlets, and others will also play a significant role in the distribution of luxury vegan handbags.
- In terms of end-users, women are expected to dominate the market. The increasing number of women working professionals and their growing fashion consciousness contribute to this dominance. However, the men and unisex segments are also expected to witness growth.
- Millennials are the dominant consumer group in the luxury vegan handbags market. Their strong preference for sustainable and ethical fashion choices drives the market growth. Generation X, Generation Z, and baby boomers also contribute to the market, but to a lesser extent.
- North America is expected to hold a dominant position in the luxury vegan handbags market. The region has a well-established fashion industry and a high consumer awareness regarding sustainable fashion. However, other regions, such as Europe and Asia Pacific, are also expected to witness significant growth.
- Key players operating in the luxury vegan handbags market include Stella McCartney, Matt & Nat, Gunas, Freedom of Animals, Save My Bag, Angela Roi, Urban Expressions, The Sak, Kelly Clark, Ela Accessories, Rebecca Minkoff, Bruno Frisoni, Doshi, Bolt Threads, Hermes, Louis Vuitton, Givenchy, and Loewe. These players are focusing on product innovation, collaborations, and expanding their distribution channels to capitalize on the growing market opportunities.
Read the complete market research report, "Luxury Vegan Handbags Market, By Material Type, By Product Type, By Price Range, By Distribution Channel, By End User, By Consumer Group, By Geography, and other Segment Forecast 2023-2030", Published by CoherentMI.
Market Trends:
Two key trends in the Luxury Vegan Handbags Market are the growing interest in customizable vegan handbags and the rising popularity of online sales channels.
Customizable vegan handbags allow consumers to personalize their bags with various options such as color, size, and additional features. This trend appeals to consumers who seek unique and personalized accessories that reflect their style. Customizable options provide a sense of exclusivity and allow customers to create a one-of-a-kind handbag that meets their specific preferences.
Recent development:
- In March 2022, Stella McCartney introduced Stella Logo Shoulder Bag which is composed of recycled polyester and eco-canvas.
- In January 2021, Matt & Nat created a Vegano Tote Bag which is composed entirely of recycled nylon.
Market Opportunities:
Rising Demand for Sustainable Fashion
The luxury vegan handbags market is experiencing a significant growth opportunity due to the increasing demand for sustainable fashion. With growing awareness about the environmental impact of the fashion industry, consumers are seeking alternative options that are cruelty-free and eco-friendly. Luxury vegan handbags, made from materials like PVC, polyurethane, recycled materials, cork, and others, provide a sustainable and ethical choice for fashion-conscious consumers. These handbags not only mimic the luxurious look and feel of traditional leather, but they also contribute to reducing animal cruelty and minimizing the carbon footprint of the fashion industry. As a result, the luxury vegan handbags market is expected to witness substantial growth in the coming years.
Growing Millennial Population
The millennial population, which represents a large consumer group, is driving the growth of the luxury vegan handbags market. Millennials are becoming increasingly aware of the environmental and ethical issues associated with the fashion industry. They are more inclined towards sustainable and cruelty-free fashion choices, which align with their values of ethical consumption. Luxury vegan handbags cater to this demand by offering stylish and high-quality alternatives to traditional leather bags. Moreover, millennials are also more likely to pay a premium for products that align with their values. As a result, the luxury vegan handbags market is expected to witness significant growth due to the increasing purchasing power and preferences of the millennial consumer segment.
Luxury Vegan Handbags Market Segmentation:
- By Material Type
- PVC
- Polyurethane
- Recycled Materials
- Cork
- Others (Pinatex, Mushroom leather, etc.)
- By Product Type
- Handbags
- Wallets
- Clutches
- Shoulder Bags
- Tote Bags
- Satchels
- Others (Crossbody bags, belt bags, etc.)
- By Price Range
- Premium
- Mid-Range
- Low Range
- By Distribution Channel
- Offline Retail Stores
- Online E-Commerce Websites
- Brand Outlets
- Others
- By End User
- Women
- Men
- Unisex
- By Consumer Group
- Millennials
- Generation X
- Generation Z
- Baby Boomers
- By Geography
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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Top Questions Answered in this Report:
- What factors are impeding the growth of the Luxury Vegan Handbags Market?
- What are the primary drivers fueling the growth of the Luxury Vegan Handbags Market?
- Which segment dominates as the leading component in the Luxury Vegan Handbags Market?
- Who are the key players actively participating in the Luxury Vegan Handbags Market?
- Which region is expected to take the lead in the Luxury Vegan Handbags Market?
- What is the projected CAGR of the Luxury Vegan Handbags Market?
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