Vegan Footwear Market

Vegan Footwear Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Vegan Footwear Market grew at a CAGR of 5.9% between 2017-2021 and is estimated to be US$ 1,27,465.3Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.3% and is expected to reach a valuation of US$ 2,34,814.3Mn by 2032 end.

Due to increased knowledge of its potential applications, the Vegan Footwear business, which is still in its infancy, has gained traction. Carbon fiber producers recycle carbon fiber due to the dumping duty and an increasing focus on environmental rules.

Market Dynamic

THE RAPIDLY GROWING VEGAN POPULATION IS A MAJOR DRIVER OF THE VEGAN FOOTWEAR MARKET

The vegan footwear business is mostly driven by the world’s constantly expanding vegan population. The Vegan Society claims that going vegan might reduce healthcare expenses, prevent climate damage, and lower greenhouse gas emissions. The world’s population is becoming more vegan due to an increased understanding of its advantages.

Additional factors anticipated to drive the market’s growth include the rising number of animal lovers, increasing NGO activities involving animal abuse and animal rights, such as PETA, and the expanding trend of animal humanization.

LACK OF AWARENESS REGARDING VEGAN FOOTWEAR

Several problems could hamper the global market for vegan shoes. Major barriers to market growth in the upcoming years include a lack of consumer knowledge about vegan footwear, the high cost of vegan footwear, and the availability of counterfeit footwear goods in developing and undeveloped nations.

Market Segments Covered in Report

By Product Type:

• Shoes
• Sneakers
• Boots
• Sandals
• Heels
• Loafers
• Others

By Material Type:

• Microfiber
• Polyurethane (PU)
• Recycled Plastics
• Recycled Polyester
• Cotton
• Natural Rubber
• Hemp
• Others

By End-User:

• Men
• Women
• Kids

By Sales Channel:

• Direct
• Indirect
• Hypermarkets/ Supermarkets
• Specialty Stores
• Multi-brand Stores
• Independent Stores
• Convenience Stores
• Online Retailers
• Other Sales Channel

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Which material type is dominating Vegan Footwear consumption?

The polyurethane sector dominated 45.9% of the market. Due to considerations including ease of use and the abundance of polyurethane footwear on the market, the polyurethane sector held the largest market share.

Which sales channel of Vegan Footwear to gain traction in the coming years?

The segment of specialty stores held the largest share, with 62.9%. Due to their rising popularity in developed regions like North America and Europe, specialty stores had the biggest market share for vegan footwear.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• Due to the rising popularity of veganism and the huge demand for vegan footwear in the United States, North America holds the largest market share at 36.7%.
• Due to the rising demand from countries like Germany and the United Kingdom, the market in Europe, which is now in second place, is anticipated to expand greatly.

Competition Analysis

Leading market participants who are active globally concentrate on business growth, development, and new product introductions.

The key developments in the Global Vegan Footwear Market:

• In December 2021, RTFKT, a well-known company that employs cutting-edge innovation to produce next-generation collectibles that blend gaming and culture, was acquired by NIKE, Inc.

A list of some of the key suppliers present in the market are:

• LVMH
• Nike
• Adidas
• Puma
• Under Armour
• Skechers
• Tommy Hilfiger
• Asics
• VF Corp
• Columbia Sportswear Co.

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.