New York, United States , May 30, 2023 (GLOBE NEWSWIRE) -- The Global Plant-Based Leather Market Size is to grow from USD 67.6 million in 2022 to USD 139.2 million by 2032, at a Compound Annual Growth Rate (CAGR) of 7.4% during the projected period. The global plant-based leather market has grown significantly in recent years as consumer awareness of environmental sustainability, concern for animal welfare concerns, and the demand for cruelty-free and eco-friendly alternatives to traditional leather have grown.
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Plant-based leather, also known as vegan leather or faux leather, is a cruelty-free and environmentally friendly alternative to animal-hide leather. It is made from a variety of plant-based materials, including pineapple leaves, apple peels, mushrooms, cork, and other novel sources. The fashion industry is a major driver of the demand for plant-based leather. Growing consumer environmental awareness, as well as the negative effects of animal agriculture, has resulted in an increase in demand for sustainable alternatives to leather, propelling the plant-based leather market. Fashion labels and designers are increasingly incorporating plant-based leather into their collections in response to changing consumer preferences for cruelty-free and sustainable fashion. High-profile endorsements and collaborations have helped to increase awareness of plant-based leather and its acceptance in the fashion industry. However, plant-based leather frequently necessitates complicated manufacturing processes and specialized equipment, resulting in higher production costs than traditional animal-based leather. Plant-based materials, such as fruits, mushrooms, and plant fibers, can be expensive to source and process. As a result, the final price of plant-based leather products is frequently higher, limiting consumer affordability and impeding market growth.
Browse key industry insights spread across 210 pages with 125 market data tables and figures & charts from the report on “Global Plant-Based Leather Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Pineapple Leather, Cactus Leather, Mushroom Leather, Apple Leather), By Application (Fashion (Clothing, Accessories, and Footwear), Automotive Interior, Home), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Description Here:
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The mushroom leather segment is expected to hold the largest share of the global plant-based leather market during the forecast period.
The global plant-based leather market is divided into four product categories: pineapple leather, cactus leather, mushroom leather, and apple leather. Among these, mushroom leather is projected to account for the majority share of the global plant-based leather market over the projected period. The increased use of mushroom leather in the fashion and automotive sectors to meet the demand for vegan and cruelty-free products, as well as partnerships between mushroom leather-based firms and globally recognized fashion and automotive brands, are attributed to segmental growth.
The fashion segment is expected to hold the largest share of the global plant-based leather market during the forecast period.
The global plant-based leather market is segmented into fashion (clothing, accessories, and footwear), automotive interior, and home. Among these, the fashion segment is projected to dominate the global plant-based leather market over the predicted period. The reason for the increase is that consumers are increasingly seeking sustainable and cruelty-free alternatives in the fashion industry, and plant-based leather provides a compelling option.
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Europe is estimated to hold the largest share of the global plant-based leather market over the predicted timeframe.
Europe is expected to hold the largest share of the global plant-based leather market during the forecast period. Europe has been at the forefront of sustainability initiatives, pushing for the use of plant-based leather in a variety of industries. European fashion brands, automakers, and furniture manufacturers have shown a strong preference for incorporating plant-based leather into their products, boosting the region's market share. During the forecast period, Asia Pacific is projected to expand at the highest pace in the global plant-based leather market. Because of its large population, rising disposable income, and shifting consumer preferences, the Asia Pacific region holds enormous potential for the plant-based leather market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Plant-Based Leather Market include Ananas Anam, DESSERTO, NUPELLE, Natural Fiber Welding, Inc., PEEL Lab, Malai Eco, Nova Milan, PANGAIA GRADO ZERO SRL, bioleather, MABEL SRL, Beyond Leather Materials, Fruitleather Rotterdam, Ecovative LLC., MycoWorks, BZ LEATHER, and Others.
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Recent Developments
In April 2022, Natural Fiber Welding, Inc. received USD85 million in funding from BMW if Ventures, Ralph Lauren Corporation, Advantage Capital, and Central Illinois Angels, allowing the company to scale its operations.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Plant-Based Leather Market based on the below-mentioned segments:
Global Plant-Based Leather Market, By Product Type
- Pineapple Leather
- Cactus Leather
- Mushroom Leather
- Apple Leather
Global Plant-Based Leather Market, By Application
- Fashion (Clothing, Accessories, and Footwear)
- Automotive Interior
- Home
Global Plant-Based Leather Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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