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  • Published On : Dec 2022
  • Code : CMI5435
  • Industry : Consumer Goods
  • Pages : 120
  • Formats :

Vegan footwear is one of the trading product in the market. vegan footwear are made without utilization of any animal by product such as wool, leather, silk, fur, and shearling naturally and eco-friendly.  With changing mindsets of young generation are more eco-consciousness towards the vegan product is encouraging and supporting the brands of vegan footwear.  Additionally, consumers are given more important to sustainable products and comfort that can help to increases the sales of vegan footwear.

The global vegan bacon market was valued at US$ 40.4 Bn and is expected exhibit a CAGR of 7.2% during the forecast period (2022-2030).

Drivers:

Rapid shift towards the vegan products can drive the market growth in upcoming years. For instance, in January 2021, Adidas  a sports shoes Manufacture Company, launched their vegan shoes in the market which are made from mushroom leather. Additionally, Adidas launched sneakers which are made from mycelium, the thread like structure of mushroom. This sneakers are increasingly used as a vegan alternative to leather and become more popular in the globe in very short time.

Growing government rules and regulation toward leather products can drive the market growth in the forecast period. For instance, in December 2020, Adidas launched a sport shoes called Fiturecraft.Loop that is made from 100% recycled products materials and can be recycled over and over. The shoe is made from 100% reusable TPU, TPU is a material of thermoplastic polyurethane which make sole light, elastic, flexible, and abrasion properties. Even the laces are also made from recycled plastics which can helps them to increase the sales of the shoes.

Figure 1. Global Vegan Footwear Market Revenue Share (%), By Material Type, 2021

Vegan Footwear  | Coherent Market Insights

Among material types, polyurethane held a dominant position in the global vegan footwear market in 2021, accounting for 34% market revenue share, followed by microfiber and recycled plastics. Demand for vegan footwear has been increasing in polyurethane, owing to rise in demand for vegan footwear as they are free from animals by products.

Market Restraints

Lack of awareness regarding vegan footwear and high cost of the footwear, can restrain the market growth. For instance, in 2020, Nike announced partnership with musical artists and longtime vegan Billie Eilish to launch their new footwear ‘Space Hippie Line’ made from scrap materials. Nike can collect the scrap materials from factory floor and they called them space junk and recycled materials. Making the sustainability product such as athletic footwear can restraint the market growth.

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Vegan Footwear Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 40.4 Bn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 7.2% 2030 Value Projection: US$ 75.7 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, and Rest of Asia Pacific
  • Middle East & Africa: Middle East & Africa
Segments covered:
  • By Product Type: Shoes, Sandals, Heels, Flats, Sneakers
  • By Material Type: Microfiber, Polyurethane, Recycled Plastics, and Others
  • By End-use: Children, Male, and Female
  • By Distribution Channel: Offline (Supermarket and Hypermarket), Online, and Specialty Stores
Companies covered:

Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, and AVESU GmbH.

Growth Drivers:
  • Rapid shift towards the vegan products 
  • Growing government rules and regulation toward leather products 
Restraints & Challenges:
  • Lack of awareness regarding vegan footwear and high cost of the footwear 

Market Trends

Increasing demand for sustainable products and recycled commodities, vegan footwear is expected boost the market growth in the forecast period. For instance, in February 2022, the sports company, Puma launched their first vegan leather football boot, ‘King Platinum 21 Vegan’. This footwear is made for the modern players who are looking for animal free product and help to increase the sales of vegan footwear in the market. The rapid moving towards the eco-friendly footwear is better for animals as well as the environment which will helps to increase the presence of vegan leather in the market. 

Increase the demand vegan footwear in the global market, the manufactures are focusing on developing new and advanced materials such as made the shoe by using mycelium. Furthermore, in April 2021, Reebok launched two new vegan athletic shoes, Nano X1 vegan and the Floatride Energy Grow. This shoes are made from castor palm oil, bloom algae, natural rubber, and recycled polyester.

Figure 2. Vegan Bacon Market Revenue Share (%), By Distribution Channel, 2021

Vegan Footwear  | Coherent Market Insights

Among Distribution channels, the online segment held a dominant position in the global vegan footwear market in 2021, accounting for 39% of market share. Due to convenience and discounts, online sales channels are more popular in the consumers. Consumers are more attract towards the vegan footwear by the availability of the different brands such as Nike, Adidas, and others. The vegan footwear are also available in different product types such as shoe, sneakers, flats, and others which can also attract the consumers for purchase the vegan footwear.

Global Vegan Footwear Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 has affected positively as well as negatively on the plant based industry. During the pandemic, vegan population rising rapidly which can helps to drive the market growth. Due to lockdowns, travel bans, and business shutdown can reduce the economic and industries growth of the developing countries. During the pandemic, disruption in raw materials supplies and freeze the supply chain, vegan footwear market witnessed the lower growth. Due to stringent regulation policies, import and export activities reduced significantly.  Due to lockdown and work from home can restrain the vegan footwear market growth. COVID-19 has negatively impacted on raw material and their prices due to shutdown of production unit and supply chain disruption. China is the largest supplier of raw materials, due to lockdown footwear industry was faced many problems and they increased the prices of raw materials.

Competitive Section

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, and AVESU GmbH.

There are no animal based by products or components used in making of vegan footwear. The main difference between vegan footwear and regular footwear is that vegan shoes are not made with animal extract materials like leather, wool, skin, and others. For making the vegan footwear manufactures use sticky rubber outsole, removable foot bed, water resistant upper, straps, laces, and all other component of the shoe. As vegan products are affordable compared to animal based products. Now a days, this products are more accepted in the fashion industry due to their causal or athletic look which can helps to drive the vegan footwear market growth.

Market Dynamics

Typically, the sneakers are made of leather, derived from cowhide, wool, fur, and hairs.  The Apple Skin a vegan footwear manufacture company made their product from the solid waste which are left over after pressing the apple and they are recycled the left over apple into new fabrics which has create lucrative opportunities in the market. Furthermore, Pinatex, a vegan footwear manufactures company made their products from the pineapple leaves. For instance, in December 2020, Asics a vegan footwear company, announced their partnership with German collective group GmbH. This partnership has focused to launch a new vegan leather shoes followed the popular Gel-Nandi and Gel-Quantum company because this products are used Gel sole which is invent for improve the consistency in athletic shoes. Additionally, in September 2021, Puma collaborated with a U.K. environmental business company ‘First Mile’, Puma developed a new collection of footwear & clothing under this collaboration. s

Key features of the study:

  • This report provides an in-depth analysis of the global vegan footwear market, its market size (US$ Bn), and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year
  • It elucidates potential revenue opportunity across different segments and explains an attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new material type launches or approvals, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global vegan footwear market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study include Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, and AVESU GmbH.
  • Insights from this report would allow marketers and management authorities of companies to make an informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The global vegan footwear market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global vegan footwear market

Detailed 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
  • Global Vegan Footwear Market , By Region:
    • North America
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Country:
        • U.K.
        • Germany
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country:
        • China
        • India
        • Japan
        • South Korea
        • ASEAN
        • Australia
        • Rest of Asia Pacific
    • Latin America
      • By Country:
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • By Country/Region:
        • Middle East
        • Africa
  • Company Profiles
    • Nike*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Adidas
    • Beyond Skin UK
    • Monk Story
    • Hexa Vegan Shoes
    • Ethletic
    • Matt & Nat
    • MooShoes
    • Susi Studio
    • Veerah
    • AVESU GmbH

 “*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

The global vegan footwear market size was valued at US$ 40.4 Bn in 2021 and is expected to grow at a CAGR of 7.2% during the forecast period.
Increasing the number of vegan population across the globe is expected to drive the market.
Increasing demand for sustainable products and recycled commodities worldwide is one of the growing trends in the market.
High price of products is hampering the market.
Major players operating in the market include Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, and AVESU GmbH.

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