by The Global Vegan Fashion Market is estimated to be valued at US$ 451.7 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023-2030, according to a new report published by Coherent Market Insights.
Market Overview:
The Vegan Fashion Market refers to the production and sale of clothing, footwear, and accessories that are made without the use of animal products. Vegan fashion products are gaining popularity among consumers due to their sustainable and cruelty-free nature. These products are manufactured using materials such as sustainable fabrics, plant-based leather alternatives, and recycled materials. The growing awareness about animal welfare, environmental sustainability, and ethical fashion choices is driving the demand for vegan fashion products.
Market Key Trends:
The key trend driving the Vegan Fashion Market is the increasing adoption of vegan lifestyle and ethical consumerism. With consumers becoming more conscious about the environmental impact of their purchases, there is a growing demand for sustainable and cruelty-free fashion products. This trend is further fueled by the rising awareness about animal cruelty in the fashion industry, leading to a shift towards vegan alternatives.
In addition, the fashion industry is witnessing a paradigm shift towards sustainable practices. Major fashion brands and retailers are embracing vegan fashion as a part of their sustainability initiatives. They are incorporating innovative materials and manufacturing processes to create stylish and eco-friendly products. This trend is expected to boost the growth of the Vegan Fashion Market.
Furthermore, social media influencers and celebrities are promoting vegan fashion, creating awareness and influencing consumer choices. Their endorsement of vegan fashion products has significantly contributed to the market’s growth.
PEST Analysis:
Political: The Vegan Fashion Market is influenced by political factors such as government regulations and policies regarding animal welfare and sustainability. Governments around the world are increasingly focusing on promoting ethical and sustainable practices in industries, which is likely to drive the demand for vegan fashion products.
Economic: The economic factors that impact the Vegan Fashion Market include disposable income, consumer spending patterns, and price sensitivity. As the global economy improves and purchasing power increases, consumers are more willing to invest in sustainable and cruelty-free fashion products, thereby driving market growth.
Social: The growing awareness and concern for animal rights and environmental sustainability among consumers are key social factors influencing the Vegan Fashion Market. The shift towards veganism and the desire to minimize the ecological footprint has resulted in a significant increase in demand for vegan fashion products.
Technological: Technological advancements play a crucial role in the production and marketing of vegan fashion products. Innovations such as sustainable materials, 3D printing, and online distribution platforms have made it easier for brands to cater to the growing demand for vegan fashion products and reach a wider customer base.
Key Takeaways:
The Global Vegan Fashion Market Demand is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period of 2023-2030. This growth can be attributed to the increasing consumer demand for ethical and sustainable fashion options. The market size for 2023 was estimated to be US$ 451.7 billion.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the Vegan Fashion Market. The region has a strong presence of key players and a significant consumer base that values sustainable and ethical fashion.
Key players operating in the Vegan Fashion Market include 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. These players are actively engaged in offering a wide range of vegan fashion products and implementing sustainable practices throughout their supply chains.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
