Chicago, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The plant-based leather market is a rapidly growing industry that offers sustainable and environmentally friendly alternatives to traditional animal leather. Plant-based leather, also known as vegan leather or faux leather, is made from a variety of plant-based materials such as mushrooms, pineapple leaves, cork, and synthetic polymers. This innovative approach to leather production addresses the ethical concerns associated with animal leather and aims to reduce the environmental impact of the fashion and textile industry.
What is the growth of the plant-based leather market?
The global plant-based leather market will grow to USD 97 million by 2027, growing at a CAGR of 7.5% during the forecast period. The growing awareness about climate change and animal welfare and the resulting surging demand for sustainable, ethical, eco-friendly, cruelty-free, and clean products are encouraging designers, artisans, fashion brands, and automotive companies to shift from conventional leather and adopt strategies such as collaborations and partnerships with companies manufacturing plant-based leather.
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Plant-Based Leather Market Scope:
| Report Metric | Details |
| Market Size Value in 2022 | USD 68 million |
| Revenue Forecast in 2027 | USD 97 million |
| Growth Rate | CAGR of 7.5% from 2022 to 2027 |
| Forecast period considered | 2022-2027 |
| Dominant Geography | Asia Pacific |
| Market Drivers |
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| Market Opportunities |
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Who are the top plant-based leather market manufacturers?
The key players in the plant-based leather market include Ananas Anam (UK), DESSERTO (Mexico), NUPELLE (Taiwan), Natural Fiber Welding, Inc. (US), and PEEL Lab (Japan).
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Which segment is the fastest-growing among various applications of plant-based leather during the forecast period?
The fashion industry has been one of the major industries to have acknowledged the surging trend of vegan fashion. Given the increased demand for plant-based fashion goods, various internationally acclaimed fashion brands, such as H&M, Stella McCartney, and Gucci, are slowly incorporating plant-based leather in their collections and are expected to gradually shift from conventional animal leather to cruelty-free, eco-friendly plant-based leather. These products are ethical yet maintain the style and texture of traditional leather, thus satisfying the needs of the increasingly environmentally conscious customer base.
What are the driving factors of plant-based leather market?
The plant-based leather market is driven by a range of factors that have contributed to its rapid growth. These factors include:
- Sustainability: Plant-based leather is considered a more sustainable alternative to traditional leather, which relies on the livestock industry. Consumers and businesses are increasingly concerned about environmental issues, leading to a growing demand for eco-friendly products.
- Ethical Concerns: The plant-based leather market addresses ethical concerns related to animal welfare. Consumers, particularly those who follow a vegan or cruelty-free lifestyle, prefer products that do not involve the use of animals.
- Environmental Impact: Traditional leather production is associated with deforestation, water pollution, and significant greenhouse gas emissions. Plant-based leather materials typically have a lower environmental footprint, making them an appealing choice for eco-conscious consumers.
- Innovation: Ongoing research and technological advancements have led to the development of new, high-quality plant-based leather materials. This innovation has enhanced the performance, durability, and aesthetics of plant-based leather, making it more attractive to consumers.
- Fashion Industry Adoption: Leading fashion brands and designers are incorporating plant-based leather into their collections, increasing its visibility and market acceptance. High-profile endorsements help drive consumer interest and demand.
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Which region is witnessing the highest growth rate in the plant-based leather market?
Asia Pacific includes China, India, Japan, Thailand, Indonesia, South Korea, Australia and New Zealand, and the rest of Asia Pacific. Agriculture in Asia is essential to the continents prosperity. Farming practices produce a considerable amount of waste each year, which alternative leather industries utilize to produce plant-based leather. In Japan, consumer behavior is influenced by climate change, sustainable, and cruelty-free products, and zero waste. Gradually, the demand is set to shift from traditional animal goods to cleaner, greener plant-based products by environment-conscious and vegan consumers. The Japanese shoe and accessory brand Belle and Sofa employ vegan leather instead of actual leather to manufacture designer bags and shoes.
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