In terms of revenue, the Global Vegan Leather Market is expected to reach USD 74.5 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 9.5% from 2023 to 2030.
Vegan Leather is frequently produced using plastic-based components like polyurethane and polyvinyl chloride, also known as PVC. Natural leather is thicker and heavier than Vegan Leather. Because of this, Vegan Leather is excellent for fashion and, in general, is simpler to deal with. Also, creative businesses are emerging from nowhere to offer a brand-new leather-like substance. Active cultures, mushrooms, and pineapples have all been used to create a more sustainable future for fashion. The market for cruelty-free substitutes is expanding as more people become aware of the leather industry's negative consequences on the environment and animals. By employing plants to develop leather-like materials, several firms are attempting to produce Vegan Leather with the least negative environmental impact possible. The main drivers of the expansion of the Vegan Leather market are the rising demand for fashionable and upscale goods, the need for comfort, and lavish spending. The global economy benefits from using leather and the industries that make up the leather industry. Nonetheless, the industry has been pressured to switch to Vegan Leather due to the growing environmental footprint. According to PETA, one million animals have reportedly been slaughtered, and these incidents have been documented in places like China and India.
Key Highlights from the Report
· Among Products, the Footwear segment is expected to take over the Vegan Leather market with the highest market share during the forecast period. Consumers are being enticed to expand their understanding by factors including the expanding trend of replacing genuine leather in handbags, briefcases, automobile furnishings, and clothes, boosting the segment's growth.
· By End-User Industries, the Men segment accounted for the highest growth rate in the forecast period. A growing working population and broader product availability are two factors that are anticipated to widen segmental growth.
· Geographically, North America held the largest market share in 2021 and is likely to be the most profitable market in the forecast period due to the expanding income and an increasing population base.
The demand for Vegan Leather has grown noticeably worldwide over the last ten years. Numerous reasons, such as changing consumer preferences, rising environmental concerns, increasing demand for products free of animal products, and growing public awareness of the benefits of Vegan Leather, among others, are behind the skyrocketing demand for faux or Vegan Leather. Currently, Vegan Leather is being used increasingly in different contexts, such as footwear, interior decoration, furniture, clothing, and luxury products. Furthermore, the expanding demand from the footwear industry is anticipated to be a major driver of development. When a leather-like finish is required for fabrics, footwear, apparel, and upholstery, the product is used because the alternative material is unusable, inappropriate, and prohibitively expensive.
As more consumers gravitate towards buying animal-free goods, animal cruelty laws and policies worldwide are significantly improving the prospects of the Vegan Leather market. The cost of conventional leather has been rising steadily over the past few years, increasing demand for less expensive options like Vegan Leather. The need for synthetic leather is growing due to the physical and functional properties of Vegan Leather being on the level with those of traditional leather. Moreover, research and development initiatives within the Vegan Leather industry have been essential in setting Vegan Leather apart from conventional leather in terms of its overall characteristics. Market participants spend on research and development projects to create Vegan Leather with superior properties. The creation of Vegan Leather with various textures, colors, patterns, and functionalities is a project being worked on by both up-and-coming and established actors in the current market environment. Many companies are forming smart alliances to create cutting-edge, eco-friendly Vegan Leather that keeps up with changing market trends.
North America is anticipated to lead the world in revenue and market development for Vegan Leather. A broader consumer base, an increase in the general public's disposable income, and the existence of numerous well-known manufacturers will all contribute to the region's growth during the forecast period. China is reportedly one of the nations with the highest levels of output and consumption. In addition, it's anticipated that booming e-commerce will increase revenue. The North America Vegan Leather market is expected to grow due to rising consumer demand for goods and expanded use of Vegan Leather in the automotive sector.
The Global Vegan Leather Market is Segmented as follows
- Product Type
- Other Product Types
- End User
- Industrial Vertical
- Fashion Industry
- Automotive Industry
- Furniture Industry
- Others Industrial Verticals
- Sales Channel
- Online Retail
- Offline Retail
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Vegan Leather Market is
Adriano Di Marti (U.S.), Kuraray Co. Ltd. (Japan), H.R. Polycoats Pvt. Ltd. (India), Yantai Wanhua Group Co. Ltd. (China), Alfatex Italia (Italy), BASF SE (Germany), Dupont (U.S.), Willow Tex (U.S.), Ultrafabrics (U.S.), Anli Group (China)
The Global Vegan Leather Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|