New York, March 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vegan Footwear Global Market Report 2022" - https://www.reportlinker.com/p06248449/?utm_source=GNW
The global vegan footwear market is expected to grow from $22.48 billion in 2021 to $24.29 billion in 2022 at a compound annual growth rate (CAGR) of 8.08%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $33.20 billion in 2026 at a CAGR of 8.12%.
The vegan footwear market consists of sales of vegan footwear by entities (organizations, sole traders, and partnerships) that manufacture footwear products made without utilization of animal products.Vegan footwear is made without the utilization of animal by-products or materials, like wool, silk, fur, leather, or shearling.
It is manufactured using various synthetic fabrics such as polyurethane, microfiber and others.
The main vegan footwear product types include shoes, sneakers, boots, sandals, heels and other product types.Vegan shoes are made without the use of any type of animal product.
It also excludes products that were tested on animals along with many materials that are traditionally used in shoemaking such as leather, wool, fur, and some glues.The different vegan footwear material types include microfiber, polyurethane (PU), cotton, natural rubber, hemp, other material types.
The sales channels for vegan footwear are direct and indirect. The different distribution channels include supermarkets/hypermarkets, convenience stores, specialty stores and online stores for end-users including men, women and children.
North America was the largest market in the vegan footwear market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing demand for eco-friendly shoes is expected to propel the growth of the vegan footwear market.Eco-friendly shoes are made out of materials that are harmless to the environment as they don’t pollute the air, water, or soil and decompose quickly after dumping.
For instance, in April 2021, Reebok, a USA-based athletic footwear and apparel company launched two new sustainable, vegan running and training shoes namely the Nano X1 Vegan and the Floatride Energy GROW.The shoes are created from eucalyptus bark, castor bean oil, bloom algae, natural rubber, and recycled polyester as part of the brand’s sustainability drive.
Therefore, the rising demand for eco-friendly shoes is driving the growth of the vegan footwear market.
Technological advancements are a key trend gaining popularity in the vegan footwear market.Footwear companies are constantly focusing on developing new and advanced materials for manufacturing vegan footwear.
For instance, in 2020, Adidas, a Germany-based designer, and producer of apparel, accessories, and sports equipment, developed a plant-based leather material which is made from mycelium, which is part of a fungus, for making shoes. Also, in 2020, the company produced 15 million pairs of shoes that were made from recycled plastic waste collected from beaches and coastal regions.
In August 2020, Adidas, a Germany-based designer, and producer of apparel, accessories, and sports equipment, and Sean Wotherspoon, an American sneaker designer, created a new vegan footwear brand, SuperEarth. The footwear is made from plant-based materials and upcycled fabric and is developed by keeping sustainability and eco-consciousness in mind.
The countries covered in the vegan footwear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06248449/?utm_source=GNW
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