June 23, 2024
Vegan Footwear Market

Vegan Footwear Market is Estimated to Witness High Growth Owing to Rise in Ethical Fashion

Vegan footwear generally refers to shoes that do not use any animal by-products or components such as leather, wool, silk, pearl, down, fur or other exotic animal materials during their manufacturing process. Vegan shoes are an ethical and sustainable alternative to traditional leather shoes as they do not harm animals. The growing inclination towards ethical fashion among consumers along with rising animal welfare concerns is boosting the demand for vegan footwear globally.

The global Vegan Footwear Market is estimated to be valued at US$ 53.49 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The rise in ethical fashion presents a major market opportunity for the vegan footwear market. More and more people are consciously opting for cruelty-free and sustainable fashion choices. According to research, over 70% of millennials consider sustainability when making purchasing decisions. Young consumers today are especially conscious about how their purchases impact the environment and animal welfare. This rising trend of ethical consumerism and preference for vegan fashion is driving the demand for vegan footwear. Leading footwear brands have started offering extensive vegan collections in order to appeal to this growing customer base concerned about the treatment of animals and the environment. If vegan footwear brands effectively market themselves as a sustainable and compassionate choice, they can attract more first-time buyers and gain a significant share of this fast-growing ethical fashion market.

Porter’s Analysis

Threat of new entrants: The vegan footwear market has low threat of new entrants as it requires high capital investments and well established supplier networks.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and focus on price and variety by buyers.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material sources and less differentiation in materials.

Threat of new substitutes: Substitutes like synthetic and recycled materials present low threat as vegan leather raw materials improve on performance and sustainability.

Competitive rivalry: Intense competition exists between key brands on sustainability commitments, product innovation and rapid adoption of new technologies.

SWOT Analysis

Strengths: Growing health and ethical concerns driving demand. Various raw material options available.

Weaknesses: Higher costs than regular leather. Limited aesthetics and choice compared to regular leather.

Opportunities: Emerging markets yet to adopt vegan trends fully. Innovation in materials improving performance.

Threats: Substitution risk from lab-grown and recycled materials. Slow economic conditions may dampen discretionary spend.

Key Takeaways

The Global Vegan Footwear Market Demand is expected to witness high growth over the forecast period supported by increasing millennial population, health and sustainability trends. The global Vegan Footwear Market is estimated to be valued at US$ 53.49 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.

North America currently dominates the market owing to strong vegan influences and lifestyle changes in the region. The market in Asia Pacific is projected to grow at fastest pace led by countries like China and India with growing middle class and adaptation of Western trends.

Key players operating in the vegan footwear market are Quest Diagnostics,Roche Holding AG,Thermo Fisher Scientific, Inc.,Siemens AG (Siemens Healthineers),Abbott Laboratories (Alere, Inc.),Shimadzu Corporation,Express Diagnostics International Inc.,Dr├Ągerwerk AG & Co. KGaA,Laboratory Corporation of America Holdings. Regional analysis comprises the vegan footwear market is fragmented in nature with presence of both international and domestic players. Major brands are focused on strengthening their supply chain and distribution networks in emerging regions to capture higher share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it