Worldwide Vegan Shoes Market Share Hits $300.19 billion by 2030, Witnessing a CAGR of 6.8% from 2021 to 2030

According to the report published by Allied Market Research, the global vegan Shoes 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.

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The rising millennial population in Asia-Pacific coupled with rising disposable income, rapid urbanization, higher influence of social media marketing, and ring employment rate is expected to positively impact the vegan footwear demand in the upcoming years. Further, the availability of cheap raw materials and cheap labor in this region is encouraging the manufacturers to invest in Asian countries like China, India, Bangladesh, and Indonesia to set up manufacturing plants. Therefore, Asia-Pacific is expected to offer lucrative growth opportunities to the market players.

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.

According to the top CXOs, as internet use has grown more widespread, so has the population of people using social media. In light of this, the majority of the industry's major players plan to advertise their goods and services on social media sites including Facebook, YouTube, Instagram, Pinterest, and Google. One of the main methods used by many businesses and sectors to educate target customers on social media about the rising environmental concerns, the advantages of wearing vegan shoes, and the availability of vegan products is social media marketing. Thus, the global vegan footwear market sees a crucial opportunity through its social media marketing approach to establish momentum and expand its consumer base among its target demographics.

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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.

Key findings of the study

The vegan footwear market was valued at $157,898.2 million in 2020, and is estimated to reach $300,199.6 million by 2030, growing at a CAGR of 6.8% during the forecast period.

By end user, the children segment is estimated to witness the fastest growth, registering a CAGR of 9.4% during the forecast period.

In 2020, depending on material type, the polyurethane segment was valued at $72,463.3 million, accounting for 45.9% of the global vegan footwear market share.

In 2020, the U.S. was the most prominent market in North America, and is projected to reach $22,827.8 million by 2030, growing at a CAGR of 6.2% 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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