Burlingame, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The global vegan footwear market was valued at US$ 40.4 Bn in 2021 and is expected to exhibit a CAGR of 7.23% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Vegan Footwear Market:
During the forecast period, the growing technological advancement in footwear industry accelerate to the development of various eco-friendly materials such as microfiber, recycled plastics, and others. Due to the faster growing industry and changing patterns of lifestyle can boost the market growth. For Instance, in 2020, Adidas AG, announced their partnership with Beastie Boys an American hip hop group has launched ‘Adidas Skateboarding X’, a vegan sneaker. Additionally, On 25 February 2021, a New Zealand-American company invested $2 million in a new company called Natural Fibre Welding Inc. that manufactures eco-friendly shoes, flats, and clothes.
In the vegan footwear, increasing the number of new startups which offering vegan footwear and expansion of footwear industry will further expand the vegan footwear in the country. Due to the availability of shoes, flats, heels, etc. vegan footwear has seen essential growth in the vegan footwear market. For instance, in 2020, Kat Von D partnered with vegan shoe designer Rebecca Mink and launched a collection of vegan shoes on world vegan day which are made from apples.
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Key Market Takeaways
The global vegan footwear market is expected to exhibit a CAGR of 7.23% over the forecast period (2022-2030). It maintain the development and use of animal-free options that helps to protect humans, animals, and the environment. Vegan footwear are made from bamboo, cork, organic cotton, and natural rubber. The vegan footwear totally made their products from plant based materials such as bacteria, fungi, etc. which can help them to protect animals. Increasing the demand of sustainable shopping of vegan footwear can boost the market growth.
Competitive Landscape:
Major players operating in the global vegan footwear market include Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, AVESU GmbH. For instance, On December 2021, Nike acquired a leading brand of vegan footwear RTFKT that uses leading edge technology to create next generation collectibles that combine culture and gaming. However, in 2019, the brand of automobile company Volkswagen announced an electric SUV concept car featuring a 100% vegan leather interior which made from apples.
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Market Segmentation:
- Global Vegan Footwear Market, By Product Type
- Shoes
- Sandals
- Heels
- Flats
- Sneakers
- Global Vegan Footwear Market , By Material Type
- Microfiber
- Polyurethane
- Recycled Plastics
- Others
- Global Vegan Footwear Market , By End-use
- Children
- Male
- Female
- Global Vegan Footwear Market , By Distribution Channel
- Offline
- Supermarket
- Hypermarket
- Online
- Specialty Stores
- Offline
- Global Vegan Footwear Market , By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- South Korea
- ASEAN
- Australia
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Middle East & Africa
- By Country/Region:
- Middle East
- Africa
- By Country/Region:
- North America
Related Market Intelligence Reports:
Leather Goods Market, By Product Type (Footwear, Luggage, Wallets & Purses, Apparel, and Others), By Distribution Channel (Hypermarkets, Supermarkets, Convenience Stores, Online Stores, and Others), and By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030
Vegan Fashion Market, by Product Type (Footwear, Accessories, Clothing, and Others), by Gender (Men, and Women), by Price Point (Premium and Economic), by Distribution Channels (Offline [Specialty Stores, Supermarket and Hypermarket] and Online), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030
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