July 13, 2024
Vegan Fashion Market

Rising Awareness On Environmental Protection To Boost Growth Of The Global Vegan Fashion Market

The Global Vegan Fashion Market Is Estimated To Be Valued At US$ 518.12 Bn In 2023 And Is Expected To Exhibit A CAGR Of 7.1% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.

Market Overview:

The Vegan Fashion Market Comprises Clothing, Accessories, And Footwear Made Without Using Animal-Derived Components Such As Leather, Suede, Wool, Cashmere, And Silk. Vegan Fashion Utilizes Plant-Based And Synthetic Materials Like Hemp, Organic Cotton, Recycled Polyester, Latex, Bamboo, And Polyurethane. Demand For Vegan Fashion Is Increasing Due To Rising Awareness Regarding Animal Welfare And Environmental Protection. Consumers Today Pay Closer Attention To Sustainability And Ethical Production Of Clothing. Vegan Fashion Offers Cruelty-Free Options Produced Without Harming Animals Or The Environment.

Market Key Trends:

One Of The Key Trends In The Vegan Fashion Market Is The Growing Popularity Of Plant-Based Leather Alternatives. Several Brands Are Developing Innovative Faux Leathers Made From Pineapple Leaves, Cork, Wood Pulp, And Mushrooms That Mimic The Look And Feel Of Real Leather. Another Trend Is The Use Of Recycled And Bio-Based Fabrics. Many Companies Are Utilizing Recycled Polyester, Organic Cotton, And Tencel – A Cellulosic Fiber Produced Through Environment-Friendly Process From Tree Pulp. Startups Are Also Emerging With Novel Fabric Innovations Like Spider Silk And Algae Leather With Better Functionalities Than Existing Synthetic Options. These Eco-Friendly Fabric Developments Are Expanding Vegan Fashion Product Offerings And Boosting Market Growth.

Porter’s Analysis

Threat Of New Entrants: New Entrants Face Relatively Low Entry Barriers As The Vegan Fashion Market Comprises Mostly Small Brands And Designers. However, Established Players Have Strong Brand Recognition And Customer Loyalty Which Deters New Entrants.

Bargaining Power Of Buyers: Buyers Have Moderate Bargaining Power Given The Growing Options Available Across Premium And Affordable Price Segments. Switching Costs Are Low As Buyers Can Easily Shift To Alternatives Based On Trends, Price And Ethics.

Bargaining Power Of Suppliers: Raw Material And Component Suppliers Have Low Bargaining Power Due To The Availability Of Alternatives And Suppliers’ Dependence On Manufacturers For Bulk Sales.

Threat Of New Substitutes: Substitutes Remain A Minor Threat As Alternatives Lack The Ethics And Sustainablity Benefits Of Vegan Fashion. However, Second-Hand And Upcycled Clothing Remain Competitive Threats.

Competitive Rivalry: Intense As The Market Comprises Several Specialty Labels Vying For Market Share Through Superior Craftsmanship And Ethical Credentials.

Key Takeaways

The Global Vegan Fashion Market Growth Is Expected To Witness High Growth, Exhibiting CAGR Of 7.1% Over The Forecast Period, Due To Increasing Consumer Awareness About Sustainability And Animal Welfare. The Market Size For 2023 Is Estimated At US$ 518.12 Bn.

Regional Analysis: North America Dominates Currently Due To Sustainability Focus And Vegan Lifestyle Adoption. Europe Remains The Second Largest Market Driven By Stringent Environmental Regulations. Asia Pacific Is Expected To Witness The Fastest Growth On The Back Of Rising Disposable Incomes, Expanding Vegan Population In Countries Like India And Focus On Reducing Carbon Footprint.

Key Players Operating In The Vegan Fashion Market Are SUSI Studio, Insecta Shoes Canada Inc. ROMBAUT, In The Soulshine, Della La LLC, Reformation, Alabama Chanin, Wawwa, Doshi FCSA, Hiareth Collective, Komodo Fashion, Brave Gentle Man, ECOALF, Rapanui, And Tact & Stone. SUSI Studio Creates Fashion With Zero Waste And Minimal Eco-Impact. Reformation Uses Sustainable Materials Recycled Polyester.

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