Coherent Market Insights

Vegan Fashion Market to Surpass US$ 835.7 Bn by 2030

Vegan Fashion Market to Surpass US$ 835.7 Bn by 2030 - Coherent Market Insights

Publish In: Dec 21, 2022

The Global Vegan Fashion Market was valued at US$ 451.7 Bn, according to the Global Vegan Fashion Market Report, 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) – published by Coherent Market Insights.

The global vegan fashion market is expected to surpass US$ 835.7 Bn by 2030 and exhibit a CAGR of 7.1% during the forecast period 2022-2030. Vegan products are made from natural or synthetic sources that do not contain any animal-derived ingredients. The ingredients generate from animals include honey, beeswax, lanolin, collagen, cholesterol, gelatin, and many others. Vegan fashions are avoid animal cruelty and testing. The term vegan is also means that a product is free from animal testing as well. Vegan products are used for skin care, hair care, face care, and others.

To know the latest trends and insights prevalent in this market, click the link below:

Browse 25 market data tables* and 20 figures* on "Global Vegan Fashion Market” – Forecast to 2022-2030.

Key Trends and Analysis of the Global Vegan Fashion Market:

  • Among regions, in 2021, Europe was the largest vegan fashion market owing to increasing awareness among consumers and high disposable income. The plant-based market in Europe is expected to grow at a rapid pace during the forecast period, due to increasing demand for functional vegan products such as cosmetics, clothing, footwear, etc. items among the European population. In Europe, the growing vegan trends especially in the U.K. can help to increase the sale of vegan products and also boost the market growth.
  • The rapid shift towards vegan products is playing a key role in the growth of the vegan fashion market in the globe. Moreover, increasing animal welfare, consumers are helps to boost the vegan fashion market growth.
  • Rising trend of veganism has boost the manufacture to launch new products and their alternatives are attract to consumers for buying the vegan product which can helps to increase the market growth.

Key Takeaways of the Market:

  • Among distribution channel, the offline segment is held a dominant position in the global vegan fashion market in 2021. The availability of different varieties and a wide range of vegan products in specialty stores, hypermarkets, and supermarkets is anticipated to boost the market growth in upcoming years.
  • For instance, in February 2021, beauty products manufacturer company, ‘G&M’, launched vegan cosmetics such as lipsticks, hair color, and others worldwide for growing the vegan cosmetics market in upcoming years, especially among millennial consumers.

Key Players

Major 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.

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

Since March 2020, almost every industry in the world has suffered due to the COVID-19 pandemic. The demand for consumer goods in 2020 reduced significantly, which in turn, hampered the growth of the vegan fashion market. Furthermore, supply chain disruptions also reduced the growth of the vegan fashion market. Moreover, import and export activities were reduced drastically due to stringent regulatory policies.

North America is facing positive effect of COVID-19, due to shutdown of stores, they can dealing through e-commerce platform which can help to increase the sales of vegan product. Furthermore, rapid shift towards organic & safe products in North America can help to boost the market growth in upcoming years.

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