According to FMI, the Vegan Footwear Market is projected to grow from USD 30,072.1 million in 2023 to USD 60,992.6 million by 2033, expanding at a CAGR of 7.3% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Vegan Footwear Market Value (2023) | USD 30,072.1 million |
| Vegan Footwear Market Anticipated Value (2033) | USD 60,992.6 million |
| Vegan Footwear Market Growth Rate (2023 to 2033) | 7.3% |
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The vegan footwear market is anticipated to expand at a 7.3% CAGR from 2023 to 2033, compared to a 5.9% from 2018 to 2022 due to increasing preference and growing consciousness among consumers about eco-friendly products, which in turn fueled the demand for cruelty-free footwear.
Benefits such as increasing popularity and fashionable looks are the key factors of vegan shoes that allow them to get traction. For instance, a sustainable luxury footwear brand, VEERAH, aims at providing luxury vegan footwear in different fashionable designs.
Many people prefer buying products that are less harmful to the environment nowadays. Hence, the demand for eco-friendly products increases, which in turn propels the demand for nature-friendly vegan footwear.
| Historical CAGR (2018 to 2022) | 5.9% |
|---|---|
| Forecast CAGR (2023 to 2033) | 7.3% |
FMI anticipates that the market valuation could reach USD 60,992.6 million by 2033.
| 2018 | USD 22,383.7 million |
|---|---|
| 2022 | USD 28,159.7 million |
| 2023 | USD 30,072.1 million |
| 2033 | USD 60,992.6 million |
With an emerging era of sustainable products in the footwear industry, several companies are receiving aid for safeguarding valuable ecosystems and reducing pollution and carbon footprints. In addition, demand for vegan footwear is increasing with customers’ growing awareness about using eco-friendly products.
It becomes easy for footwear behemoths like Adidas and VF Corp. to lessen environmental concerns by increasing the use of sustainable materials in the process of manufacturing.
It also leaves an important environmental impact by helping to lessen carbon dioxide emissions and bolsters the market notably. These initiatives are likely to flourish the vegan footwear market growth over the future period also.
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The availability of broad options and retail space allows vegan footwear products to obtain a substantial share of the global vegan footwear industry. Notable companies that prefer eCommerce platforms include Walmart, Amazon, Flipkart, eBay, and others. To sell their speciality, companies aim at opening their speciality shops.
Customers prefer to buy from online stores as it provides many discounts on products. The online store is the preferred choice of customers as they get the products at a low price, which makes their buying process enjoyable and easy too.
Consequently, there is an increase in internet penetration to fuel the sales of vegan footwear through online channels than mortar and brick shops. Changing lifestyles and rapid urbanization result in an increase in footwear purchases through online sales channels as compared to traditional formats.
In 2021, Germany dominated Europe’s Vegan Footwear Market by Country, and it may continue to do so until 2030, resulting in a market size of USD 26.14 billion by 2030. Growing demand for vegan products like vegan footwear and the soaring vegans in the region are the factors allowing Germany to dominate the market.
Additionally, vegan footwear helps in the conversation of several resources employed in the animals’ production. Moreover, the benefits of using vegan footwear help to prevent water pollution, whereas animal leather may damage streams and groundwater and makes use of plenty of water.
All these benefits of vegan footwear greatly contribute vegan footwear industry to witness significant growth in terms of sales.
The vegan footwear market is going through substantial growth in the United States. The United States market recorded a market value of USD 10.36 billion in 2021.
Top brand and store aims to capitalize on changing consumer trends in the country is one of the foremost factors contributing to the vegan footwear market growing notably during the future period in the United States.
Furthermore, the growing vegan population in the United States is the reason behind fuelling the market in the United States. The number that has surpassed vegans in this country is 20 million. All these factors lead this country to become a potential market for vegan footwear.
There is a growing demand in the India market for plant-based products, including mushroom leather, in South Asia. India has a big percentage of the vegan population, which fuels the vegan footwear demand in India.
It has been observed there is a high demand in the country for shoes and handcraft. For example, PETA-certified vegan shoe brand PAIO, based in India, provides handcrafted footwear to consumers.
Moreover, the company aims to offer made-to-order solutions for completely customizable designs. These are the factors that make India a favorable vegan footwear market.
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| Segment | Product Type |
|---|---|
| Attributes | Shoes |
| Details (CAGR) | 35.6% |
| Segment | Material Type |
|---|---|
| Attributes | Microfiber |
| Details (CAGR) | 26.6% |
Based on the product type category, the shoe segment is leading the market. Shoe sales were anticipated to record a value of USD 26.4 billion in 2021. The shoe segment witnessed a market share of 35.6% in 2022.
The increasing need for trendy, fancy and comfortable footwear is boosting the demand for shoe footwear. There is high demand for athletic shoes also amid non-sporty people due to the changing living style and growing participation in physical activities.
Additionally, to increase reasonable lead times, manufacturing businesses are constantly making efforts to expand their product line. Innate buying actions of customers are being prompted by the availability of it due to the increase in the popularity of internet retailers and through different retail channels.
Based on the material type category, the microfiber segment was leading the market. In 2021, sales of microfiber materials were projected to be worth USD 7.13 billion. The Microfiber segment recorded a market share of 26.6% in 2022.
Typical fabric coated with polyurethane resin, the original PU leather has been substituted by microfiber leather. Microfiber leather had transformed the way shoes are created when synthetic leather was earlier considered to be unfitting for high-end footwear.
Microfiber leather can resist harsh weather conditions too. As synthetic leather has less than half the environmental effect of animal-derived leather, PETA cogitates this leather to be vegan leather. Animal leather causes damage to the environment same as polyurethane does more than twice.
Companies working in the vegan footwear market are making investments in innovation and design to survive in emerging markets. These companies also aim to lower operating costs by reducing their carbon footprint.
Important steps are followed by the companies to lead toward sustainable development. To increase their market share and strengthen their position in the market, these players also aim to follow the latest trends and innovations.
Key players in this market mainly emphasize adopting a few strategies such as novel product launches, expansion, and development for their business expansion globally. For example, on December 13, 2021, NIKE, Inc. announced the acquisition of a leading brand, RTFKT, which creates next-generation collectables that combine gaming and culture by using cutting-edge innovation.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; The Middle East and Africa |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Benelux, South Africa, Northern Africa GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, and New Zealand. |
| Key Segments Covered | Product Type, Material Type, Pricing, End User, Sales Channel, Region |
| Key Companies Profiled | LVMH; Nike; Adidas; Puma; Under Armour; Skechers; Tommy Hilfiger; Asics; VF Corp; Columbia Sportswear Co. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Total business of the overall market might create USD 30,072.1 million revenue in 2023.
The global demand for vegan footwear could surge at 7.3% CAGR through 2033.
Rising environmental concern is the key demand driving the market sales.
The vegan shoes segment leads with 35.6% of the global sales in 2022.
The United States leads with a record revenue generation of 10.36 billion in 2022.
1. Executive Summary | Vegan Footwear Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Shoes 5.2. Sneakers 5.3. Boots 5.4. Sandals 5.5. Heels 5.6. Loafers 5.7. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Type 6.1. Microfiber 6.2. Recycled Polyethylene Terephthalate 6.3. Plant-based Leather 6.4. Natural Rubber 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-User 7.1. Men 7.2. Women 7.3. Kids 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 8.1. Hypermarkets/ Supermarkets 8.2. Specialty Stores 8.3. Multi-brand Stores 8.4. Independent Stores 8.5. Convenience Stores 8.6. Online Retailers 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. LVMH 17.2. Nike 17.3. Adidas 17.4. Puma 17.5. Under Armour 17.6. Skechers 17.7. Tommy Hilfiger 17.8. Asics 17.9. VF Corp 17.10. Columbia Sportswear Co. 18. Assumptions & Acronyms Used 19. Research Methodology
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Vegan Footwear Market
