WASHINGTON, April 03, 2023 (GLOBE NEWSWIRE) -- Global Vegan Leather Market was valued at USD 61.5 Million in 2022 and is projected to reach a value of USD 106.0 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 9.5% over the forecast period 2023-2030.
Market Overview
The market for Vegan Leather is expanding due to increased urbanization, rising disposable income, and rising population, particularly in emerging markets. The market demand has grown globally due to rising consumer awareness, evolving lifestyles, and rising utilization of numerous applications. Players in the market are now looking into new sustainable materials to replace tannery waste, sediment, and other solid waste produced by the sector due to the advent of strict environmental protection rules.
We forecast that the footwear category in Vegan Leather market sales will account for more than 42% of total sales by 2030. Because more high-end shoes and sneakers use imitation leather instead of genuine leather. Additionally, the cost of footwear manufactured from imitation leather is nearly three times less than that of genuine leather derived from the hide, which contributes to the application segment growth.
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Market Dynamics
Increased Demand for Environment-friendly Products to Support Market Expansion
Compared to true leather or PU/PVC-based leather, the manufacturing process for Vegan Leather has no disadvantages. The manufacturers create Vegan Leather by blending natural flax or cotton fibers with palm, soybean, corn, and other plants. The pineapple leaves are considered waste material that can be upgraded into something useful without using many resources. Shoes, wallets, and other products made of pineapple fiber are already available. Similarly, collagen derived from sources including spores, by products of the food industry, and collagen derived from the fermentation process can be utilized to create Vegan Leather. Vegan Leathers are eco-friendly since they don't harm the environment like traditional leather. As a result, this aspect is expected to cause the market to grow more quickly.
Adverse Impact of the Leather Industry to Drive the Market Growth
Most of a tannery's pollution is generated by conventional pre-tanning and tanning processes, accounting for around 90% of the total pollution. Sewage from tanneries contains a variety of pollutants, including salt, lime sludge, sulfides, and acids. Additionally, raising animals whose skin is made into leather requires a significant amount of water and pastureland that must be stripped of trees. Long-term exposure to arsenic, a tanning component, has been related to lung cancer in susceptible individuals. Real leather has roughly three times the negative environmental impact of its synthetic substitutes, such as polyester (PU) leather, and livestock production consumes a lot of fossil fuels. The rising awareness of the negative effects of further leather fuels the demand for leather made from bio-based materials.
Top Players in the Global Vegan Leather Market
- Adriano Di Mart (Mexico)
- Kuraray Co. Ltd (Chiyoda City)
- Yantai Manhua Group Co. Ltd. (China)
- Alate Italia (Vaile Syndic)
- BASF SE (Ludwigshafen)
- Dupont (Wilmington)
- Willow (Tax California)
- Anil Group (Hong Kong)
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Top Trends in Global Vegan Leather Market
- One trend that Vantage Market Research (VMR) expects to see in the Vegan Leather industry is pineapple is increasingly being used to make bio-based types. A bio-based material called Peated was created utilizing pineapple leaf fibers. Utilizing agricultural waste materials, pineapple is increasingly employed to create bio-based products. Long fibers are extracted from the discarded pineapple leaves and washed, filtered, and dried. The finished product is then processed to create a non-woven mesh by mixing it with polylactic acid made from corn. Then it is coated to add qualities like strength, longevity, and water resistance.
- Another trend that VMR predicts will continue in the Vegan Leather industry is its increased awareness and research, and development. Many enterprises are taking advantage of the opportunity to make a difference due to the expanding public awareness of animal mistreatment and the widespread destruction of ecosystems, extending lucrative chances to market participants in the foreseeable period. Additionally, the market for Vegan Leather will continue to increase due to continuing research and development.
Top Report Findings
- Based on Product Types, the footwear category controls most of the Vegan Leather market's revenue. As Vegan Leather is animal- and environment-friendly, it is increasingly used in producing footwear. Vegan Leather offers aesthetics in terms of feel and appearance when used in footwear. The development of sustainable solutions is receiving growing funding from the footwear industry. When making shoes, Vegan Leather offers products that can be recycled or biodegraded at the end of their useful lives.
- Based on the End Users, most of the Vegan Leather market's revenue is controlled by the women category. Since women are more prone than males to undergo modifications in their life, more women may adopt this ethos (or feel forced to do so) to their food. As the connection between plant-based diets and hormone balance becomes more and more apparent, more women are considering turning vegan.
- Based on the Industrial Verticals, most of the Vegan Leather market's revenue is controlled by the furniture category. The segment has been primarily driven by rising home improvement and furnishing spending. The International Monetary Fund reported that the global housing market had gradually expanded over the past few years. The housing indices, which represent changes in residential property values, are another significant component.
- Based on Sales Channels, most of the Vegan Leather market's revenue is controlled by the online retail category. The expanding social media influence of Instagram and Twitter on consumers is to blame for potential buyers' propensity. These social media sites are used primarily by young folks. This leather handbag producer is focused on them to promote their goods globally.
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Recent Developments in the Global Vegan Leather Market
- February 2021- A footwear company named All birds joined forces with Natural Fibber Welding and invested $2 million to help the fashion sector produce plant-based materials at a reasonable cost. Adidas announced the arrival of sneakers made with a mushroom-based type in January 2021.
- November 2021- A biotech start-up and the German luxury handbag company Melina Bucher cooperated to create Vegan Leather made from biomaterials rather than plastic. Due to the agreement, the business was able to respond to the growing consumer demand for eco-friendly items by introducing accessories made of bio-based materials.
Footwear Category in Vegan Leather Market to Generate a Considerable Revenue in the Product Types segment
For better understanding, based on the Product Types, the Vegan Leather market is divided into Footwear, Bags, Clothes and Other Product Types.
During the forecast period, the market for Vegan Leather is anticipated to experience the highest CAGR for the VR devices category. The demand for footwear is anticipated to be driven by the standard of living and the urban population. The fashion sector, notably the footwear business, is responsible for the increased demand for leather. India is the world's second-largest consumer of footwear. The nation has developed its name as a supplier of high-quality leather goods thanks to the inherent qualities of a vast raw material base, competent labor, and contemporary technologies.
On the other hand, the Handbags category is anticipated to grow significantly. High-quality leather is used to make leather handbags, a fashion item that boosts the products' sturdiness and lifespan. The increased usage of leather in purses gives the item a more alluring appearance. Additional features like more pockets and compartments in handbags also increase demand. The growing athleisure trend integrates exercise into daily living and is also anticipated to fuel category expansion.
North America Region in Vegan Leather Market to Generate a Significant Revenue
North America dominates the market throughout the projection period. The region's rise, industrialization, and rising consumer living conditions are anticipated to fuel market demand. Stronger automobile industry and rising demand for fashion goods and accessories also support the region's growth. Government regulations are now in place for carbon emissions, fueling new industry expansion opportunities.
The Asia Pacific holds second largest share in the market. Market companies can launch new items on the market thanks to technological developments and sizable investments in bio-based material research & development. During the projected period, factors including rising animal welfare awareness increased footwear and furniture use, and economic expansion in nations like China, India, and Japan are anticipated to create growth possibilities.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Vegan Leather Market Forecast Report (2023-2030).
Global Vegan Leather Market Segmentation
By Product Types
- Footwear
- Bags
- Clothes
- Others
By End Users
- Men
- Women
- Kids
By Industrial Verticals
- Fashion Industry
- Automotive Industry
- Furniture Industry
- Other Product Types
By Sales Channel
- Online Retail
- Offline Retail
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 61.5 Million |
| Revenue Forecast by 2030 | USD 106.0 Million |
| CAGR | 9.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Adriano Di Marti, Kuraray Co. Ltd., H.R. Polycoats Pvt. Ltd., Yantai Wanhua Group Co. Ltd., Alfatex Italia, BASF SE, Dupont, Willow Tex, Ultrafabrics, Anli Group |
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Key Questions Answered in the Vegan Leather Market Report are:
- What is the current size of the vegan leather market, and what is its expected growth rate in the coming years?
- What are the primary factors driving the growth of the vegan leather market, and what are the main challenges facing the market?
- What are the different types of vegan leather available in the market, and what are their respective advantages and disadvantages?
- What are the major applications of vegan leather, and which industries are driving demand for it?
- Who are the leading players in the vegan leather market, and what are their market shares, strategies, and competitive landscape?
- What are the emerging trends and opportunities in the vegan leather market, and how are they likely to shape the market in the future?
- What are the regulatory and sustainability issues associated with the production and use of vegan leather, and how are they being addressed by the industry?
- What is the price range of vegan leather products, and how does it compare to the price of traditional leather products?
- What are the consumer preferences and buying patterns for vegan leather products, and how are they likely to evolve in the future?
- What are the regional dynamics of the vegan leather market, and how do they vary across different geographies and cultures?
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