Press release
Vegan Footwear Market Size Projected To Reach $45.57 Billion By 2034 With A Cagr Of 9%
Vegan Footwear
What Is the Expected Vegan Footwear Market Size During the Forecast Period?
In the past few years, the vegan footwear market has seen robust growth. The market, which stands at $29.42 billion in 2024, is expected to rise to $32.24 billion in 2025, registering a compound annual growth rate (CAGR) of 9.6%. Factors such as ethical consumerism, concern for animal welfare, environmental awareness, the sustainable fashion trend, and the endorsement of the fashion industry have contributed to this growth in the historic period.
Anticipations suggest a robust expansion in the vegan footwear market in the upcoming years, culminating in a market value of $45.57 billion by 2029, with a compound annual growth rate (CAGR) of 9.0%. The anticipated growth during this forecasting period can be credited to a global surge in veganism, sustainability objectives set by the fashion industry, amplified corporate social accountability, enhanced access and diversity, along with heightened consumer knowledge and education. Key trends to look out for within this period involve advancements in vegan materials, cooperative ventures and alliances, the utilization of recycled and upcycled materials, online platforms, direct-to-consumer models and celebrity endorsements.
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What Are the High-Growth Segments in the Vegan Footwear Market?
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: Super markets Or Hyper markets, Convenience Stores, Specialty Stores, Online Stores
5) By End User: Men, Women, Children
Subsegments:
1) By Shoes: Loafers, Oxfords, Ballet Flats, Casual Shoes
2) By Sneakers: Athletic Sneakers, Lifestyle Sneakers, High-Top Sneakers, Slip-On Sneakers
3) By Boots: Ankle Boots, Knee-High Boots, Chelsea Boots, Combat Boots
4) By Sandals: Flip-Flops, Slide Sandals, Gladiator Sandals, Sport Sandals
5) By Heels: Pumps, Wedges, Stilettos, Block Heels
6) By Other Product Types: Slippers, Clogs, Specialty Footwear
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What Key Drivers Are Expected to Influence Future Vegan Footwear Market Growth?
The surge in preference for environmentally friendly footwear is set to boost the expansion of the vegan shoe market. Such shoes, often referred to as sustainable footwear, are crafted and produced to generate minimal environmental harm during their entire lifespan - from obtaining materials to their ultimate disposal. Vegan shoes are making a significant contribution in this green footwear industry by leveraging recycled elements such as plastic bottles, cork, or alga, thus curtailing the dependence on fresh resources. As an example, Runrepeate's statistics from October 2023 indicated that the sustainable shoe sector is poised for a 6.8% growth, hitting $9.4 billion in 2023, and expected to skyrocket further to $13.3 billion by 2030. The report also found that close to 62.7% of all sustainable shoe offerings were not sport-related. Hence, the increasing demand for eco-friendly footwear is spurring the growth of the vegan shoe market.
Which Companies Hold the Largest Share Across Different Vegan Footwear Market Segments?
Major companies operating in the vegan footwear market include 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
What Trends Are Driving Growth in The Vegan Footwear Market?
Major businesses in the vegan footwear industry are concentrating on creating vegan shoe ranges utilizing cruelty-free substances such as synthetic materials in order to offer sustainable fashion and achieve a competitive advantage in the market. Synthetic materials are chemically produced man-made substances designed to imitate or replace natural materials. For example, in June 2023, Adidas, a clothing firm based in Germany, introduced the EQT93 Plant and Grow sandals. This vegan shoe collection incorporates a rubber sole featuring a speckled design imitating soil texture and colors inspired by nature. The sandals are made with synthetic materials for the upper part, reinforcing Adidas' dedication to cruelty-free alternatives. The design is influenced by community gardening initiatives, demonstrating Adidas' commitment to sustainability and ethical methods.
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What Are the Emerging Geographies for The Vegan Footwear Market Growth?
North America was the largest market in the vegan footwear market in 2024. The regions covered in the vegan footwear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Vegan Footwear Market?
2. What is the CAGR expected in the Vegan Footwear Market?
3. What Are the Key Innovations Transforming the Vegan Footwear Industry?
4. Which Region Is Leading the Vegan Footwear Market?
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