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Vegan Footwear Market Stepping Up: Projected to Soar with Sustainable Trends, Expanding Market Share, and Eco-Friendly Innovations Driving Demand Surge
Vegan Footwear Market
Vegan Footwear Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $41.46 billion In 2028 At A CAGR Of 8.8% :
The vegan footwear market size has grown strongly in recent years. It will grow from $27.01 billion in 2023 to $29.6 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to ethical consumerism, animal welfare concerns, environmental consciousness, sustainable fashion movement, fashion industry endorsement.
The vegan footwear market size is expected to see strong growth in the next few years. It will grow to $41.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to global expansion of veganism, fashion industry sustainability goals, corporate social responsibility increased availability and variety, consumer awareness and education. Major trends in the forecast period include innovation in vegan materials, collaborations and partnerships, recycled and upcycled materials, online platforms and direct-to-consumer models, celebrity endorsements.
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Vegan Footwear Market Major Segments
The vegan footwear market covered in this report is segmented -
1) By Product Type: Shoes, Sneakers, Boots, Sandals, Heels, Other Product Types
2) By Material Type: Microfiber, Polyurethane (PU), Cotton, Natural Rubber, Hemp, Other Material Types
3) By Sales Channel: Direct, Indirect
4) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Stores
5) By End User: Men, Women, Children
Key Driver - Surge In Eco-Friendly Shoe Demand Boosts Vegan Footwear Market
The growing demand for eco-friendly shoes is expected to propel the growth of the vegan footwear market. Eco-friendly shoes, also known as sustainable shoes, are footwear designed and manufactured with minimal environmental impact throughout their lifecycle, from material sourcing and production to use and disposal. Vegan footwear plays a significant role in the world of eco-friendly shoes by utilizing recycled materials like plastic bottles, cork, or algae, reducing reliance on virgin resources. For instance, in April 2021, Reebok, a US-based athletic footwear and apparel company launched two new sustainable, vegan running and training shoes namely the Nano X1 Vegan and the Floatride Energy GROW. The shoes are created from eucalyptus bark, castor bean oil, bloom algae, natural rubber, and recycled polyester as part of the brand's sustainability drive. Therefore, the rising demand for eco-friendly shoes is driving the growth of the vegan footwear market.
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Prominent Trend - Vegan Shoe Collection To Provide Sustainable Fashion
Major companies in the vegan footwear market are focused on developing vegan shoe collections made by utilizing cruelty-free materials, such as synthetic material, to provide sustainable fashion and gain a competitive edge in the market. Synthetic material is a man-made substance created through chemical processes, designed to mimic or replace natural materials. For instance, in June 2023, Adidas, a Germany-based apparel company, launched EQT93 Plant and Grow sandals, a vegan shoe collection featuring a nature-inspired color scheme and a speckled rubber sole mimicking soil texture. the sandals utilize synthetic materials for the upper, emphasizing Adidas' commitment to cruelty-free alternatives. The design draws inspiration from community gardening projects, reflecting Adidas' focus on sustainability and ethical practices.
Vegan Footwear Market Players
Major companies operating in the vegan footwear market report are Nike Inc., Adidas AG, Allbirds Inc., Kenneth Cole Productions, Veerah LLC, MooShoes, Veja, Issey Miyake Shoes GmbH, Native canada footwear Ltd., Taylor + Thomas, Nae Vegan shoes, Ahinsa Shoes Inc., Matt & Nat, AVESU GMBH, Saola Shoes, Noah Shoes, Etiko, Brave Soles, Beyond Skin Vegan shoes, Bourgeois Boheme Shoes, Rungg Shoes, Susy Shoes, Altercore Shoes, GoodGuysdontwearleather, Hexa Shoes, Sydney Brown LLC, Vegetarian Shoes, Virón world, Wills Vegan Shoes
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Largest And Fastest Growing Region In The Market
North America was the largest market in the vegan footwear market in 2023. The regions covered in the vegan footwear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Vegan Footwear Market Report Structure
3. Vegan Footwear Market Trends And Strategies
4. Vegan Footwear Market - Macro Economic Scenario
5. Vegan Footwear Market Size And Growth
…..
27. Vegan Footwear Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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