The global Vegan Fashion Market is estimated to be valued at US$ 451.7 Bn in 2021 and is expected to exhibit a CAGR of 7.1% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Vegan fashion refers to clothing, footwear, and accessories that are made using materials that are free from animal products, including fur, leather, wool, and silk. The market for vegan fashion has witnessed significant growth in recent years, driven by increasing consumer awareness about the ethical and environmental concerns associated with the traditional fashion industry.
Vegan fashion offers several advantages over conventional fashion, including reduced impact on animal welfare, lower carbon footprint, and a more sustainable production process. The demand for vegan fashion products is driven by consumers who are looking for alternatives to traditional fashion options that align with their ethical and eco-conscious values.
B) Market key trends:
One key trend in the vegan fashion market is the rising popularity of sustainable and cruelty-free materials. With increasing awareness about the environmental impact of the fashion industry, consumers are actively seeking out products that are made from sustainable and renewable materials. This trend has led to the development of innovative materials such as cork, pineapple leather, and plant-based fabrics like Tencel and Modal.
For example, SUSI Studio, a key player in the vegan fashion market, offers a range of footwear made from innovative materials such as recycled plastic bottles and organic cotton. These materials not only reduce environmental impact but also provide consumers with high-quality, fashion-forward options that are comparable to traditional leather footwear.
C) PEST Analysis:
Political: The vegan fashion market is influenced by government regulations and policies related to animal cruelty and sustainable practices. Governments worldwide are increasingly implementing regulations to promote ethical fashion practices and ban the use of certain animal products in fashion.
Economic: The economic factors driving the vegan fashion market include the growing consumer demand for sustainable and cruelty-free products, as well as the increasing availability of vegan fashion options at affordable prices.
Social: The social factors influencing the vegan fashion market include changing consumer preferences for ethical and eco-friendly products, as well as the influence of celebrities and fashion influencers who promote vegan fashion and lifestyle choices.
Technological: Technological advancements have played a significant role in the growth of the vegan fashion market. Innovations in materials, manufacturing processes, and design have enabled the development of high-quality vegan fashion products that rival traditional fashion options.
D) Key Takeaways:
- The Global Vegan Fashion Market Demand is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing consumer demand for sustainable and cruelty-free products.
- Regionally, North America is expected to dominate the market, driven by a strong consumer base with a preference for ethical and sustainable fashion choices. Europe is also expected to witness significant growth in the vegan fashion market, owing to increasing awareness and government support for sustainable fashion practices.
- Key players operating in the global vegan fashion market include SUSI Studio, Insecta Shoes Canada Inc., ROMBAUT, In The Soulshine, Della La LLC, Reformation, Alabama Chanin, Wawwa, Doshi FCSA, Hiareth Collective, Komodo Fashion, Brave Gentle Man, ECOALF, Rapanui, and Tact & Stone. These players are focusing on product innovation and expanding their product offerings to cater to the growing demand for vegan fashion.
In conclusion, the global vegan fashion market is witnessing significant growth due to increasing consumer awareness about ethical and sustainable fashion choices. The market is driven by the demand for cruelty-free and eco-friendly products, which has led to the development of innovative materials and manufacturing processes. With the growing popularity of vegan fashion, key players in the market are expanding their offerings and adapting to changing consumer preferences.
