The global vegan footwear is estimated at USD 42.18 billion in 2022 and is projected to reach USD 76.30 billion by 2030
The global vegan footwear is estimated at USD 42.18 billion in 2022 and is projected to reach USD 76.30 billion by 2030, at an approximate CAGR of 8.0% from 2022 to 2030. Share of Vegan Footwear market in its parent market (Footwear market) is approximately 6.0%-10.0%.
The younger generation is exhibiting outstanding environmental awareness. To some extent, this can be attributed to celebrities’ and their role models’ social media influence and messages broadcast across public platforms.
Future Market Insights’ (FMI’s) report on the market studies various factors enabling growth. It also uncovers hidden opportunities for the market players. Some of the key takeaways from the report are:
Rising Demand for Eco-Friendly Shoes Causing Sales Uptick
At the moment, the majority of footwear producers are responding to the growing demand for sustainable products and recycled materials. As a result, some of the most well-known brands are eliminating the use of fur and leather in favour of recycled plastics, polyester, rubber, and other materials.
While demand for environmentally friendly products will continue to be the primary growth driver, market expansion will be limited due to the ongoing pandemic. The extraordinary COVID-19 epidemic has wreaked havoc on the supply chain, forcing companies to focus on maximising their internet presence.
According to FMI, during the epidemic, growth will be stunted. Consumers are likely to be more cautious about their decisions in the post-COVID-19 period, therefore the market is predicted to rebound quickly.
“With changing consumer preferences in mind, most businesses are expected to prioritise sustainability.” To achieve a competitive advantage, some of them will use plant-based materials to manufacture shoes,” according to an FMI analyst.
Who is winning?
Nike Inc., Susi Studio, Adidas AG, Matt & Nat, Veerah, Hexa Vegan Shoes, AVESU GMBH, Beyond Skin UKamong, Ethletic, MooShoes, and others are among the major players in the vegan footwear sector.
To meet rising customer demand, several vegan footwear companies are investing in promotional activities, expanding their physical store presence, and forming strategic partnerships with well-known retailers.
Get Valuable Insights into Vegan Footwear Market
In its latest release, Future Market Insights presents an independent research of the global vegan footwear market, including historical demand data (2015-2021) and projection figures for the years 2022-2030.
The research reveals compelling insights into the vegan footwear market based on product type (shoes, sneakers, boots, sandals, heels, loafers, and others), material type (microfiber, polyurethane (PU), recycled plastics, recycled polyester, cotton, natural rubber, hemp, and others), end-user (men, women, and children), pricing (mass/economic, premium), and sales channel (direct, indirect hypermarkets/supermarkets, specialty stores, multi-brand stores, independent stores, con
About Future Market Insights, Inc. Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware
Feb 02, 2023