Vegan Leather Market Overview:
Vegan Leather Market size is estimated to reach $204 million by 2030, growing at a CAGR of 11.4% during the forecast period 2023-2030. A robust rise in the vegan population across the globe coupled with an increasing demand for cruelty-free and climate-friendly products by consumers as they become more environmentally conscious are among a few significant factors leading to the market growth of Vegan Leather during the forecast period 2023-2030.
Vegan Leather is made from Polyurethane (PU), Polyvinyl chloride (PVC) and also recycled plastic. Agricultural waste and natural or plant-based sources such as pineapple leaves, apple peels, cork, flowers and wood are considered to be innovative and sustainable materials for the production of vegan leather.
Market Snapshot:
Vegan Leather Market - Report Coverage:
The “Vegan Leather Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Vegan Leather Market.
Attribute | Segment |
---|---|
By Source |
|
By Application |
|
By End User |
|
By Geography |
|
COVID-19 and Ukrainian Crisis Impact:
● The COVID-19 pandemic has decreased in demand for fashion products including vegan leather products. For many people staying at home and working remotely, there is less demand for fashion items and many consumers have reduced their spending on non-essential items. This has affected sales of vegan leather products, particularly in the fashion industry. However, the pandemic has also led to a greater focus on online sales and e-commerce which has helped to mitigate the impact of the decrease in physical retail sales. Many vegan leather manufacturers have increased their online presence and invested in digital marketing which has helped to maintain sales during the pandemic.
● The Russia-Ukraine crisis has impacted the availability and pricing of raw materials used in the production of vegan leather. Ukraine is a significant exporter of sunflower oil which is a key raw material used in the production of some types of vegan leather. The imposition of trade restrictions and economic sanctions has led to a decrease in the availability of this material and has affected the production and pricing of vegan leather products.
Key Takeaways:
● Demand for Cruelty-free and Climate-friendly Products Boosts Demand
Demand for vegan leather is on the rise mainly due to two reasons. Firstly, consumers become more nature friendly and prefer products that cause minimum or zero impact on the environment, especially the slaughtering of animals. Secondly, there has been an increase in veganism across the globe. Veganism is a commitment to not use any animal-derived ingredient in their diet as well as lifestyle. 6% of the total population of the U.S. has become completely vegan whereas, in the Asia-Pacific, the number is as high as 9% of the total population.
● Mycelium - A New Plant-based Material for Vegan Leather Made Out of Mushroom
Mycelium which an underground root structure of mushrooms is resulting as a robust leather alternative and is preferred by textile companies as it can be used efficiently used to cut down on production time. For example- Grado Zero, a German textile company manufactures their own mushroom-based leather by the name Muskin. The company’s other brand nat-2 is produced by a combination of mycelium leather, organic cotton and recycled water bottles to produce faux leather shoes.
Vegan Leather Market Share (%) By Region, 2022
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Vegan Leather Market. The top 10 companies in this industry are listed below:
- Desserto (Desserto Vegan Leather, Desserto Cactus Leather)
- Matt & Nat (Dwell Collection, Vintage Collection)
- Will’s Vegan Shoes (Chelsea Boots)
- Votch (Mesh Collection, Classic Collection)
- MycoWorks (Mushroom Leather, Reishi)
- Kombucha Couture (Malai, Kombucha Couture)
- Biofiba (Bioart, Casulo, Recofibra)
- Bolt Threads (Mylo, Geltor)
- Ananas Anam (Hugo Boss, Nae Vegan)
- Vegea (Salvatore Ferragamo, Porsche)
Scope of the Report:
Report Metric | Details |
---|---|
Base Year Considered |
2022 |
Forecast Period |
2023–2030 |
CAGR |
11.4% |
Market Size in 2030 |
$204 million |
Segments Covered |
Source, Application, End Use Industry and Region |
Key Market Players |
|
The Vegan Leather Market is projected to grow at 11.4% CAGR during the forecast period 2023-2030
The Global Vegan Leather Market size is estimated to be $87 million in 2023 and is projected to reach $204 million by 2030
The leading players in the Vegan Leather Market are Desserto, Matt & Nat, Will’s Vegan Shoes, Votch, MycoWorks and others.\\r\\n\\r\\n
High demand for sustainable and eco-friendly products and the growing popularity of plant-based diets are some of the major Vegan Leather Market trends in the industry which will create growth opportunities for the market during the forecast period.
The growing demand for luxury fashion products that are made from sustainable and cruelty-free materials is driving market growth. The development of new and innovative materials, such as those made from mushroom mycelium or pineapple leaves is creating new opportunities in the Vegan Leather Market.