Vegan Leather Market Size Worth $204 Million By 2030

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, according to the latest market research report published by IndustryARC. Increasing demand for environment-friendly, plant-based ingredients and products and a rising vegan population across the globe are poised to propel market growth, finds IndustryARC in its recent report titled “Vegan Leather Market (2023-2030)”

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Europe is leading the Market

The Europe region held the largest revenue share of $31 million in 2022. Europe has been at the forefront of the sustainable fashion movement and has been promoting the use of eco-friendly and sustainable materials in the fashion industry. Vegan leather, also known as faux leather or synthetic leather, is one such material that has gained popularity owing to its sustainability and ethical considerations.

The European Union has implemented strict regulations on the use of chemicals in textile production and has established standards for the use of sustainable materials. This has encouraged fashion companies to adopt more sustainable practices and materials. According to Vegan Fashion, the vegan fashion sector makes a 69% of sales in the UK in 2022.

Vegan Leather Market 2023-2030: Scope of the report

Vegan Leather Market Report – Key Takeaways & Market Opportunities

Luxury Fashion Designers Switching to Animal Alternatives for Leather

The growing demand for luxury fashion products that are made from sustainable and cruelty-free materials are driving the Vegan Leather Market Growth. Consumers are more aware of the environmental impact of the fashion industry and are looking for sustainable and eco-friendly alternatives. The use of vegan leather in luxury fashion products has a major trend with many high-end brands launching their own lines of vegan leather products. Fashion designing brands such as Hugo Boss and H&M uses pineapple leather for their range of shoes and exclusive collection respectively.

Fashion Industry is Leading the Market

According to the Vegan Leather Market forecast, the fashion industry held the largest share of 38% in 2022. The fashion industry has the new development and innovation in vegan leather materials. Many leading fashion brands and designers are investing in research and development to create new materials and products that meet the growing demand for sustainable and ethical fashion are driving the fashion industry growth. As per vegan fashion statistics, the fashion industry in vegan is estimated to reach $43.2 billion by 2030 in which men’s luxury fashion is estimated to adopt more vegan friendly.

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Limited Availability of High-Quality Vegan Leather Material Hampers the Market Growth

The quality and consistency of raw materials are critical factors in producing high-quality vegan leather. The availability and consistency of these materials can vary, which can affect the quality of the final product. For instance, pineapple leaves and apple peels which are commonly used in vegan leather production have variations in texture, strength and durability depending on the specific batch and source.

Additionally, the production process for vegan leather is complex and requires specialized equipment and expertise, which may limit the number of manufacturers able to produce high-quality vegan leather. This result in a limited supply of high-quality vegan leather materials which make it challenging for designers and manufacturers to meet the demand for vegan leather products.

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The Report also Covers the Following Areas:

• Vegan Leather Market Size and Forecast
• Vegan Leather Market Trends
• Vegan Leather Analysis by Product Type

Vegan Leather Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain Analysis of key stakeholders
• Detailed Analysis of market drivers and opportunities during the forecast period
• Vegan Leather Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive Analysis of challenges and constraints in the Vegan Leather Market

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.

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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
• Matt & Nat
• Will’s Vegan Shoes
• Votch
• MycoWorks
• Kombucha Couture
• Biofiba
• Bolt Threads
• Ananas Anam
• Vegea

Related Reports:

Coating Agents For Synthetic Leather Market – Coating Agents For Synthetic Leather Market are projected to grow at a CAGR of 7.9% during the forecast period from 2023-2030 owing to the advantage of synthetic leather over genuine leather drives the market growth.

Non-leather Products Market – Non-leather Products Market is projected to grow at a CAGR of 5.1% during the forecast period from 2023-2030 owing to the problems associated with animal-derived leather and increasing usage of non-leather in the automotive industry are driving the market growth.

Superfine Fiber Leather Market – Superfine Fiber Leather Market is projected to grow at a CAGR of 7.6% during the forecast period from 2023-2030 owing to the increase in demand from consumer goods and increasing adoption in the footwear industry are driving the market growth.

Synthetic Leather Market – Synthetic Leather Market is projected to grow at a CAGR of 6.9% during the forecast period from 2023-2030 owing to the increasing vegan population preferring non-leather products is driving the synthetic leather market

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