Press release
Vegan Footwear - Fashion Industry To Turn Green With Launch Of Vegan Footwear
Veganism is no longer limited to food. The vegan population demands products that are carefully created without harming the environment and creating toxic chemicals. Thus began the popularity of vegan footwear. Even major footwear company such as adidas has "stepped" into the market with their vegan footwear and set an example for small & medium companies and start-ups. Slowly and gradually, many footwear companies began to re-imagine their sustainability goals and rethink the ecosystem of luxury fashion.
According to a report published by Allied Market Research, the global vegan footwear market size is anticipated to reach $300.1 billion with a significant CAGR from 2021 to 2030. North America is currently holding the highest market share and is expected to grow at the fastest CAGR during the forecast period.
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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.
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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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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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