The Next Big Thing in Vegan Footwear Market | Vegan Footwear Market Is Expected to reach $300.1 billion by 2030

According to the report published by Allied Market Research, the global vegan footwear market generated $156.89 billion in 2020, and is projected to reach $300.19 billion by 2030, witnessing a CAGR of 6.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

Based on the insights of the top CXOs, with rise in internet penetration, the number of social media users has increased considerably. Taking this into consideration, most of the key players in the vegan footwear market strategize on promoting their products and services on the social media platforms such as Facebook, YouTube, Instagram, Pinterest, and Google. Social media marketing is one of the major strategies adopted by various companies and industries on imparting awareness about the growing environmental concerns, benefits of vegan footwear, and vegan product offerings among target customers on social media channels. Thus, through social media marketing strategy, global vegan footwear market sights critical opportunity in gaining traction and increasing its customer reach among its target segments.

The CXOs further added that high prices and rise in popularity of footwear brands such as Nike, Adidas, and Puma have led to the advent of counterfeit brands. Counterfeit brands are usually available in developing economies where customers are highly price-sensitive. This factor hampers the sale of the existing original vegan footwear brands in these economies. Counterfeit brands are of low quality, and often lead to inconvenience & safety issues that subsequently develop negative perceptions among customers. Online distribution channel is one of the major platforms where transaction of counterfeited brands can be easily be concealed. The rapid growth of various new online platforms that claims to offer branded footwear at huge discounts can easily influence the less aware consumers and may offer counterfeit footwear products to the consumers. Thus, development of the counterfeit industry is anticipated to hamper the growth of the vegan footwear market.

Rapid increase in the vegan population, growing environmental concerns among the consumers and government rules and regulation toward leather products drive the growth of the global vegan footwear market. However, availability of counterfeit products and increased demand for leather restrain the market to some extent. On the other hand, rise in demand for fancy yet comfortable footwear and increase in social media marketing present new opportunities in the upcoming years.

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COVID-19 scenario:

The outbreak of the COVID-19 pandemic led to the implementation of global lockdown and temporary closure of production facilities of the vegan footwear industry.
Temporary shutdown of retail outlets resulted in sudden fall in demand for footwear among consumers.
The pandemic also disrupted the supply chain, which in turn, led to rise in prices of raw materials.
The report offers detailed segmentation of the global vegan footwear market based on material type, distribution channel, end user, and region.

Based on end user, the women segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the children segment is estimated to register the highest CAGR of 9.4% from 2021 to 2030.

Based on distribution channel, the specialty stores segment held the largest market share in 2020, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the online stores segment is projected to register the highest CAGR of 11.6% from 2021 to 2030.

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Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than one-third of the global vegan footwear market, and is estimated to continue its dominant share by 2030. However, Asia-Pacific region is projected to manifest the fastest CAGR of 7.8% during the forecast period.

Leading players of the global vegan footwear market analyzed in the research include Nike, Adidas, AVESU GmbH, Beyond Skin UK, Ethletic, Hexa Vegan Shoes, Matt & Nat, MooShoes, Susi Studio, and Veerah.

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