Global Bio-Based Leather Market Trend, Future Demand, Analysis By Top Leading Player And Forecast Till 2028

Market Overview:
The Global Bio-based Leather market was valued at USD 676.44 million in 2021 and is expected to reach USD 942.34 million by the year 2028, at a CAGR of 4.85%.

Due to their eco-friendly and green attributes, bio-based materials are still in their infancy, but research and development efforts are being made to significantly increase their utilization. During the projection period, a considerable growth in products made from biomaterials is anticipated. Additionally, bio-based materials are still in the development stage, but due to their renewable properties, research and development are being done to considerably expand their applications. In the second half of the forecast period, it is predicted that sales of bio-based goods will increase significantly. Additionally, polyester polyols made from bio-based succinic acid and 1, 3-propanediol make up bio-based leather. The bio-based leather fabric offers better performance and environmental safety, and has roughly 70% renewable material.

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Market Dynamics:
Driver:
The market for bio-based leather is expanding due to increased urbanization, rising disposable income, and rising population, particularly in emerging markets. The demand for the market has grown globally as a result of rising consumer awareness, evolving lifestyles, and rising utilization in numerous applications. Players in the market are now looking into new sustainable materials to replace tannery wastewater, sludge, and other solid waste produced by the sector as a result of the advent of strict environmental protection rules.

Opportunities:
Growth Opportunity in the Vegan Leather
Vegan leather, often known as "Faux" leather, serves as a substitute for animal leather. Vegan leather is made without using animal skin. The primary components used to make vegan leather are plants, fruits, and plastic. Due to its many uses in areas such as furniture, footwear, bags, accessories, clothes, automobiles, and more, vegan leather is in increasing demand. Numerous factors, including changing consumer preferences, increasing demand for products devoid of animal products, and increased awareness of the benefits of vegan leather, among others, influence the demand for faux or vegan leather.

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Segmentation Analysis of Bio-based Leather Market:
Based on the Source, mushroom-based leather is expected to grow at the maximum CAGR over the forecast period. Mushroom-based leather is produced from mycelium, the vegetative part of a fungus. The rising process takes between two to three weeks.

Based on Application, the footwear and sports segment are projected to dominate the market during the forecast period. Owing to its outstanding characteristics and high longevity, bio-based leather is commonly employed to develop different forms of footwear.

Based on the Distribution Channel, the offline channel is anticipated to register maximum sales growth during the forecast period. Owing to the high price and stability aspect of bio-based goods, offline retail is estimated to be the largest contributor to demand growth.

By Source
• Coconut Husk
• Apple & Grapes
• Mushroom
• Cactus
• Others

By Distribution Channels
• Online
• Offline

By Application
• Footwear & Sports
• Furnishing
• Automotive
• Clothing
• Bags & Wallets
• Electronics
• Other

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Regional Analysis of Bio-based Leather Market:
The Asia Pacific is expected to dominate the market during the forecast period. The Asia Pacific is a favorable market for bio-based leather owing to steep growth in the economy in the emerging world and growing consumer incomes. The massive application of bio-based leather in the region is mostly due to mammoth development in manufacturing capacity, rising commerce, as well as growth in apparel and accessories.

By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

Players Covered in Bio-based Leather Market are:
• Huafon Group
• Kuraray
• Toray
• Wenzhou Imitation Leather
• Alfatex
• Zhejiang Hexin Industry Group Co. Ltd.
• Anhui Anli Material Technology Co.Ltd.
• Kunshan Xiefu Artificial Leather Co. Ltd.
• Shandong Tongda Textile Machinery (group) Co.Ltd.
• Tongda Island
• Double Elephant
• Topsun Micro Fiber
• Yantai Wanhua Synthetic Leather Group Co. Ltd.
• Teijin Cordley
• Asahi Kasei Mayur Uniquoters Limited
• Xiangyu Xinghong
• Clarino
• Kolon Industries
• San Fang Chemical Industry Co. Ltd.
• Wanhua Micro Fiber
• Jeongsan International
• Meisheng Group

Key Industry Developments in Bio-based Leather Market
In October 2020, Bolt Threads Inc., a biotechnology company designing the next generation of developed materials, declared the creation of an unequaled consortium with iconic global companies that have attached exclusive access to its innovative material, Mylo™. Developed from illimitable renewable mycelium, Mylo looks and feels like leather; brand collaboration will start bringing products featuring Mylo to market in 2021. The Mylo consortium marks a key milestone in the industry, as global companies come together to invest in material invention and creative solutions to overcome environmental impact.

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Report includes Competitor's Landscape:
• Major trends and growth projections by region and country
• Key winning strategies followed by the competitors
• Who are the key competitors in this industry?
• What shall be the potential of this industry over the forecast tenure?
• What are the factors propelling the demand for the Action Figures And Statues?
• What are the opportunities that shall aid in significant proliferation of the market growth?
• What are the regional and country wise regulations that shall either hamper or boost the demand for Action Figures And Statues?
• How has the covid-19 impacted the growth of the market?
• Has the supply chain disruption caused changes in the entire value chain?

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