The global vegan footwear market According to FMI, the vegan footwear market is projected to grow from US$ 30,072.1 million in 2023 to US$ 60,992.6 million by 2033, expanding at a CAGR of 7.3% from 2023 to 2033.
Rising adoption of vegan trends and the increasing vegan population is expected to push the market to an estimated US$ 14.7 Bn in 2022. Government regulations regarding leather products along with elevated environmental concern among the consumers will supplement the vegan footwear market growth over the forecast period.
In the past few years, consumers have been displaying an inclination for sustainable goods. Concern for the environment coupled with a drive for sustainability- by consumers as well as by manufacturers- will propel the vegan footwear market.
The global efforts to reduce carbon footprints and safeguard ecosystems are contributing factors. Initiatives and steps taken by market giants for a sustainable manufacturing process will further propel the vegan footwear market. Besides, rapidly changing consumer behavior also bode well for the market.
Driven by a wide range of variety and the retail space the vegan footwear market is expected to show impressive market growth over the period of assessment. The growing e-commerce platforms are accountable for the swift expansion of the vegan footwear market. An increasing number of specialty stores, too, aid the sales of vegan footwear.
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However, due to convenience and discounts, online sales channels are more popular with consumers. All these factors, thus, promote the sales of vegan footwear for the forecast period.
“Benefits like durability, comfort, and eco-friendliness of vegan footwear will bolster the sales of vegan footwear over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising e-commerce and sustainability drives to boost market prospects.
- By 2030, the vegan footwear market in Germany will reach an estimated US$ 26.14 Bn.
- The vegan footwear market in the U.S. is expected to undergo impressive growth over the assessment period.
- By product type, shoe segment will experience a rise in sales over the forecast period.
- Microfiber segment is anticipated to be in high demand for the projection period.
Competitive Landscape
LVMH, Nike, Adidas, Puma, Under Armour, Skechers, Tommy Hilfiger, Asics, VF Corp, Columbia Sportswear Co., and others are some of the major players in the vegan footwear market that are profiled in the full version of the report.
Major market players are concentrating on the expansion and development of their businesses. These organizations are keen on introducing new products to the market to aid their business expansion.
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More Insights into the Vegan Footwear Market Report
In its latest report, FMI offers an unbiased analysis of the global vegan footwear market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2030.
To understand the global market potential, growth, and scope, the market is segmented based on product type (shoes, sneakers, boots, sandals, heels, loafers, others), material type (microfiber, polyurethane (PU), recycled plastics, recycled polyester, cotton, natural rubber, hemp, others), pricing (mass/ economic, premium), end-user (men, women, kids), sales channel (indirect (hypermarket/ supermarkets, specialty stores, multi-brand stores, independent stores, convenience stores, online retailers, other sales channels), direct) and region.
According to the latest FMI reports, based on region, Germany is predicted to continue its market domination till 2030. The vegan footwear market in Germany will reach a valuation of US$ 26.14 Bn. The rising number of vegans in the country has led to a spike in the demand for vegan products. In addition, vegan footwear is eco-friendly and helps in environmental protection. Thus, the regional market is propelled toward growth.
In the United States, the vegan footwear market is expected to register considerable growth over the assessment period. This growth is attributed to the expanding vegan population in the region. Swift changes in consumer trends will also positively influence the market in this region.
The vegan footwear market in India will witness an impressive rise in its demand. With the increasing demand for plant-based products in South Asia, India is expected to contribute to this growth with its massive vegetarian population. Moreover, heightened demand for handcraft and shoes also supplement the regional market growth.
Based on segmentation, by product type, the shoe category is expected to lead the market due to the high demand for comfortable and trendy footwear. In terms of material, the microfiber segment will display significant growth due to its durability.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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