April 18, 2024
Luxury Vegan Handbag Market

Luxury Vegan Handbags Is Expected To Be Flourished By Changing Consumer Preferences Towards Ethical Shopping

Luxury vegan handbags are a high-end luxurious alternative to leather bags. Made from cruelty-free materials like cotton, canvas and recycled plastics, they mimic the look and feel of genuine leather. Vegan purses are suitable for every occasion like office, holiday trips and parties. Celebrities endorsing ethical fashion has boosted the popularity of stylish vegan bags among masses. They come in multiple designs, shapes and sizes to meet varied tastes and budget ranges.

The global Luxury Vegan Handbags Market is estimated to be valued at US$ 7.5 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2023 – 2033, as highlighted in a new report published by CoherentMI.

Market Dynamics :

Changing Consumer Preferences: As highlighted in the heading, changing consumer preferences towards ethical and eco-friendly shopping is one of the major drivers of luxury vegan handbags market. More customers now prefer sustainable products that do no harm animals. Moreover, rise in veganism and awareness about animal welfare has increased demand for faux leather accessories.

Ethical appeal: Luxury vegan handbags appeal to ethically conscious consumers who wish to reduce their environmental footprint. They are an eco-friendly alternative to conventional leather products. Switching to plant-based bags helps conserve animal lives and safeguard the planet’s resources. Their ethical appeal attracts socially responsible buyers including celebrities who promote veganism. This has significantly boosted the sales and revenues of vegan handbag manufacturers.

Segment Analysis :

The luxury vegan handbags market is dominated by the online segment which holds around 55% share of the overall market. The online segment is dominating as vegan products are more popular among millennials who actively use e-commerce platforms for shopping and researching products. Also, several luxury vegan handbag brands exclusively sell their products through their own websites or popular online retail platforms like Amazon, thereby boosting the share of the online segment.

Luxury Vegan Handbags Market Segmentation:

  • By Material Type
    • PVC
    • Polyurethane
    • Recycled Materials
    • Cork
    • Others (Pinatex, Mushroom leather, etc.)
  • By Product Type
    • Handbags
    • Wallets
    • Clutches
    • Shoulder Bags
    • Tote Bags
    • Satchels
    • Others (Crossbody bags, belt bags, etc.) 
  • By Price Range
    • Premium
    • Mid-Range
    • Low Range
  • By Distribution Channel
    • Offline Retail Stores
    • Online E-Commerce Websites
    • Brand Outlets
    • Others
  • By End User
    • Women
    • Men
    • Unisex 

PEST Analysis:

Political: There are no significant political risks impacting the luxury vegan handbags market currently. Most countries support sustainable and ethical fashion.
Economic: The growing global economy and rising disposable incomes are fueling the demand for luxury products including vegan handbags. High employment rates boost consumer confidence and spending.
Social: People are increasingly adopting vegan and sustainable lifestyles. They prefer cruelty-free fashion products to reduce the environmental impact. Rising animal welfare concerns is driving the popularity of faux leather goods.
Technological: Advanced material science and manufacturing techniques are being used to develop vegan leather alternatives that closely mimic genuine leather in terms of texture and durability. New product launches are aided by digital marketing platforms.

Key Takeaways:

The global Luxury Vegan Handbags Market Size is expected to witness high growth over the forecast period of 2023-2033. The market size is projected to reach USD 12 billion in 2024, increasing product innovations and sustainable fashion trends.

Regional Analysis: North America represents the largest and fastest growing regional market for luxury vegan handbags due to the strong influence of veganism. The presence of key brands and higher disposable incomes are fueling demand. Europe is another major market driven by stringent environment regulations and awareness about ethical products in the region.

Key Players: The key players operating in the luxury vegan handbags market are Matt & Nat, Everlane, Veja, Pact, Rothy’s. Matt & Nat primarily dominates due to early mover advantage and a wide variety of sustainably crafted handbag styles.

*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it