The global Vegan Footwear Market was valued at US$ 40.4 Bn, according to the Global Vegan Footwear Market Report, 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 Channels (Offline [Supermarket and Hypermarket], Online, and Specialty Stores), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) – published by Coherent Market Insights.
The vegan footwear market is expected to surpass US$ 75.6 Bn and exhibit a CAGR of 7.2% during the forecast period (2022-2030). Increasing the demand of vegan footwear across the globe is expected to drive market growth over the forecast period. Growing adoption of anticruelty products with the rising awareness about animal rights can create lucrative opportunities of vegan footwear in the upcoming years. The best advantage of vegan fashion is that it is a chemical free and leaves a small carbon footprint.
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Browse 25 market data tables* and 20 figures* on "Global Vegan Footwear Market” – Forecast to (2022-2030).
Key Trends and Analysis of the Global Vegan Footwear Market:
- Among regions, in 2021, Europe was the largest vegan footwear market. Increasing awareness among consumer’s and high income disposal is expected to boost the market growth. Whereas, in 2021, Germany dominated the Europe regions in vegan footwear market by country. Furthermore, increased the demand of vegan products and prevention of water pollution can drive the market growth in upcoming years. Vegan footwear also helps in the conservation of numerous resources used in the production of animals.
- In the US, the leading vegan footwear brand and store to capitalize on changing consumer brand can grow significantly in the upcoming years. In the U.S., around 20 million people are vegan and the population of vegan is growing rapidly in the country this is the important factor for vegan footwear market growth.
Key Takeaways of the Market:
- Among Distribution channel, the offline segment held a dominant position in the global vegan footwear market in 2021. The availability of various varieties and wide range of products in hypermarket and supermarket is anticipated to boost the market growth in upcoming years.
- According to Vogue, in 2021, Neemans, a footwear brand created all natural sneakers with using 100% apples, had increased their production in India due to continuous growing vegan population.
Key Players
- 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.
- These key players are constantly engaged in acquisitions to gain a competitive advantage over other players. For instance, in January 2021, Hexa Vegan Shoes, a vegan footwear manufactures released a new collection of vegan shoes and sandals called COAST SS2021. According to NASA Certified Space Technology, this shoes and sandals helps to prevent sweating and maintain the body temperature.
Global Vegan Footwear 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 growth of the plant based industry. Furthermore, supply chain disruptions also reduced growth of the plant based industry. Moreover, import and export activities reduced drastically due to stringent regulation policies.
The global vegan footwear market had been negatively impacted by the COVID-19 outbreak due to lockdown conditions. Decreased the demand of vegan footwear due to travel restriction and closure of retail outlets. However, increased the demand for organic and vegan products spikes after COVID can boost the vegan footwear market. In addition, growing trend of online shopping and private business branding helped to boost the market in post pandemic. China is the major supplier of raw materials, in 2020, due to shut down of factories and production in China, prices of raw materials were increased.
