Dublin, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The "Plant-Based Leather Market by Product Type (Pineapple Leather, Cactus Leather, Mushroom Leather, Apple Leather), Application (Fashion (Clothing, Accessories, and Footwear), Automotive Interior, Home) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The plant-based leather market is projected to reach USD 97 million by 2027 growing at a CAGR of 7.5% from 2022 to 2027. Soaring concerns around animal welfare and the increased carbon footprint generated by animal leather industries leading to global warming have altered customer behavior. There is presently a surging demand for ethical, eco-friendly, and cruelty-free products, which has led industry stakeholders to substitute animal leather with a plant-based alternative, causing the expansion of the plant-based leather market.
Plant-based leather has a high demand in the fashion industry.
The plant-based leather market has been segmented based on application into fashion (clothing, accessories, and footwear) and other applications (automotive interior and home and interior decor). The fashion sector accounted for the largest market share in 2021. International brands such as Tommy Hilfiger, Stella McCartney, and Gucci are incorporating plant-based leather in their collections and are anticipated to shift from conventional leather to plant-based leather gradually.
Asia Pacific is projected to witness substantial growth during the forecast period in the plant-based leather market.
The well-established leather industries in India and Bangladesh and abundant raw materials are propelling the growth of the plant-based leather market in Asia Pacific. Given that plant-based leather is produced by recycling agricultural waste, Asia Pacific having produced tons of agro-waste yearly, has a significant opportunity for the industry to grow rapidly. The Philippines, a country in South-East Asia, is one of the largest pineapple producers, offering great potential for the pineapple leather market to expand in this area. The Asia Pacific plant-based leather market is competitive in nature, with many domestic and multinational players competing for market share.
Market Dynamics
Drivers
- Increasing Demand for Vegan and Cruelty-Free Products
- Harmful Effects of Conventional Leather on Environment and Humans
Restraints
- High Cost of Plant-Based Leather and Price-Conscious Consumers from Emerging Economies
- Lack of Operational Scalability of Plant-Based Leather Industry
Opportunities
- Scope for Continuous Research and Development
Challenges
- Concerns Over Quality and Consumer Perception Toward Plant-Based Leather
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Plant-Based Leather Market, by Product Type
8 Plant-Based Leather Market, by Application
9 Geographic Analysis
10 Competitive Landscape
11 Company Profiles
12 Adjacent and Related Markets
13 Appendix
Companies Mentioned
- Ananas Anam
- Beyond Leather Materials
- Bioleather
- BZ Leather
- Desserto
- Ecovative LLC.
- Fruitleather Rotterdam
- Mabel SRL
- Malai Eco
- Mycoworks
- Natural Fiber Welding, Inc.
- Nova Milan
- Nupelle
- Pangaia Grado Zero SRL
- Peel Lab
For more information about this report visit https://www.researchandmarkets.com/r/es6fpo
Attachment
