April 18, 2024
Vegan Footwear Market

Vegan Footwear Market Is Poised To Expand

Vegan footwear, also known as animal-free footwear, is made without the use of animal materials or byproducts, including leather, suede, wool or down. Vegan footwear is made from synthetic and plant-based materials like cotton, jute, linen, recycled polyester, rubber and fossil-based plastics. Vegan shoes offer the consumers an ethical and environmentally-friendly alternative to leather shoes and promote cruelty-free fashion. With advancements in non-animal materials, vegan footwear matches the durability, comfort and styles offered by leather shoes at competitive prices.

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.

Key Takeaways

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.,Drägerwerk AG & Co. KGaA,Laboratory Corporation of America Holdings. Quest Diagnostics, Thermo Fisher Scientific and Roche Holding AG are among the top laboratory testing companies offering a comprehensive range of toxicology and drug screening services. With the rising vegan trends and demand for cruelty-free products, these players are introducing vegan footwear lines catering to ethical consumer preferences.

With growing health and environment consciousness, veganism is gaining widespread acceptance around the world. Consumers, especially millennials and generation Z, are increasingly turning to plant-based, sustainable products and lifestyles. This thriving vegan demographic is fueling for Vegan Footwear Market Demand made without animal byproducts.

The vegan footwear market is witnessing rapid global expansion propelled by the international vegan movement. Major footwear players are launching vegan collections in Europe, North America, Asia and other regions to tap the opportunities in foreign markets. Online retailers are also contributing to the global expansion by offering a wide assortment of vegan footwear brands to global shoppers.

Market key trends

One of the key trends spurring growth in the vegan footwear market is the use of innovative, high-performance materials for uppers, soles and other components. Companies are developing advanced synthetic and plant-based alternatives to leather that deliver enhanced breathability, flexibility and longevity compared to traditional materials. The superior quality and durability of new vegan materials is strengthening consumer acceptability of animal-free shoes.

Porter’s Analysis

Threat of new entrants: Low barrier for new entrants due to relatively low production costs. However, established brands have stronger brand recognition and supply chain networks.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price comparison shopping opportunities online. However, certain buyers seek niche vegan footwear with specific attributes.

Bargaining power of suppliers: Suppliers of plant-based footwear materials have moderate-to-high bargaining power depending on material choice and volumes procured. Larger footwear brands can leverage scale to negotiate better pricing.

Threat of new substitutes: Substitutes include animal-derived leather footwear and other plant-based materials. However, vegan footwear attracts certain consumers based on ethics and sustainability preferences.

Competitive rivalry: Competition is moderate-to-high among vegan footwear brands differentiated based on style, price, materials and sustainability commitments. Larger brands invest more in brand-building and product innovation.

Geographical Regions

North America currently holds the largest share of the global vegan footwear market primarily driven by the United States. Rising health and animal welfare concerns coupled with growing vegan population have accelerated demand for vegan footwear options.

The Asia Pacific region is expected to be the fastest growing regional market for vegan footwear between 2024-2031 propelled by growing middle class, strong economic growth and increasing preference for sustainable products in countries such as China and India. Production shifts to Asia driven by availability of raw materials and lower costs also support market expansion.

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