July 18, 2024
Luxury Vegan Handbags Market

Luxury Vegan Handbags Market Is Expected To Be Flourished By High Demand From Millennial Population

Luxury vegan handbags are cruelty-free and animal-free fashion accessories that are made from synthetic and plant-based materials such as leather alternatives. Some commonly used plant-based materials include banana fibers, pineapple leaves, apple peel, mushrooms and cork. These handbags provide the touch and feel similar to real leather but are more sustainable and environment-friendly options. Some popular brands offering luxury vegan handbags are Stella McCartney, Matt & Nat, Angela Roi and Rebecca Minkoff. These handbags are stylish, durable and affordable luxury products. With increasing ethical fashion trend and growing preference for cruelty-free products, the demand for luxury vegan handbags is increasing rapidly among millennial consumers.

The global luxury vegan handbags market was valued at US$ 1.34 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

Growing demand from millennial population: The millennial population, also known as Generation Y, has high spending power and preferences for luxury and sustainable fashion products. They are more conscious about animal welfare and environment impacts of the products they use. Hence, the demand for luxury vegan handbags is increasing steadily among millennial consumers. This growing demand from young shoppers is a key driver propelling the growth of luxury vegan handbags market.

High demand due to increasing ethical fashion trend: With rising awareness about cruelty-free and sustainable fashion, the demand for ethical and environment-friendly products is increasing globally. More consumers are opting for vegan alternatives of leather goods that do not involve harming animals. This rising trend of ethical fashion is fueling the demand for luxury vegan handbags across countries.

Segment Analysis

The luxury vegan handbags market is primarily segmented into leather, canvas, and synthetic. Among these, the leather segment dominates the market with over 35% share. Leather handbags made from innovative plant-based materials like mushroom leather, pineapple leather offer an exotic look and feel like genuine leather. This has driven their demand significantly among environmental conscious luxury consumers.

PEST Analysis

Political: Regulations promoting sustainability and animal welfare have encouraged manufacturers to offer vegan alternatives. Many countries have banned animal testing, promoting the growth of vegan brands.
Economic: Rising disposable incomes and spending on premium & sustainable products have augmented the sales of luxury vegan handbags globally. Shift towards plant-based diets and lifestyles further stimulates market growth.
Social: Increased awareness about ethical fashion and cruelty-free lifestyle positively impacts the market. Growing popularity of veganism and shift towards eco-conscious purchasing decisions favor market expansion.
Technological: Advancements in material science have facilitated development of innovative vegan leather materials that mimic genuine leather in appearance, texture and durability helping market gain traction.

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

Key Takeaways

The global Luxury Vegan Handbags Market Size is expected to witness high growth at a CAGR of 11% during the forecast period of 2023-2030.

North America dominates with over 30% share led by growing vegan consumer base in the US and Canada. Europe remains the second largest regional market supported by burgeoning vegan population in the UK and Germany.

\Key players operating in the luxury vegan handbags market are Stella McCartney, Matt & Nat, Gunas, Freedom of Animals, Save My Bag, Angela Roi, Urban Expressions, The Sak, Kelly Clark, Ela Accessories, Rebecca Minkoff, Bruno Frisoni, Doshi, Bolt Threads, Hermes, Louis Vuitton, Givenchy, and Loewe. Key players are focusing on product innovation and partnerships to strengthen their market presence.

FAQ’s

  • What are the main factors influencing the Luxury Vegan Handbags Market ?
  • Which companies are the major sources in this industry?
  • What are the market’s opportunities, risks, and general structure?
  • Which of the top Luxury Vegan Handbags MarketĀ  companies compare in terms of sales, revenue, and prices?

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