The luxury vegan men’s fashion market was valued at USD 18.97 billion in 2021 and is expected to reach USD 43.21 billion in 2030 expanding at a compound annual growth rate (CAGR) of 10.84% from 2021 to 2030. As the name suggests, vegan men's fashion refers to any and all articles of clothing, including but not limited to clothes, footwear, and accessories, that are not derived from animals or animal derivatives such as leather, wool, silk, and other similar materials. In other words, vegan men's fashion is produced without the use of any methods that include the slaughter or brutal treatment of animals. In order to create vegan men's fashion goods, materials such as soy silk, linen, pinatas (also known as pineapple leather), recycled plastic, and organic cotton are utilized.
As a result of the possibility, it presents for firms to increase their market share among customers who are becoming more environmentally concerned, the market for vegan fashion is expanding while simultaneously migrating toward the idea of sustainability. In order to remain competitive in the face of shifting consumer preferences, well-established businesses have been modifying their production processes with regard to the use of vegan and environmentally friendly ingredients. Greater social acceptance of these products can be attributed, in part, to the growing popularity of vegan clothing and accessories sourced from cruelty-free sources. Additionally, a growing consumer focus on animal welfare and safety has also contributed to this increased acceptance. As a result, these factors are driving market demand.
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People are adopting more and more vegan products and there is an increase in the vegan population
People all over the world are adopting veganism at a higher rate because it improves one's standard of life without causing any damage to animals. This is one reason for the rise in the popularity of veganism. Concerns for the well-being of animals care for one's own health, and the health of the planet are driving a change among consumers toward the usage of goods that do not include any kind of animal cruelty. Men from all over the world are becoming more interested in the fashion industry and are spending a significant amount of money on high-quality fashion wear, which is leading to an increase in the demand for luxury men's fashion items. The expansion of the vegan men's fashion industry is primarily being driven by an increase in personal disposable income as well as an increase in the number of people adopting a vegan lifestyle as a response to heightened awareness of acts of animal cruelty.
Other factors that influence market development include the increasing prevalence of vegans in the fashion sector as well as the expanding use of e-commerce platforms, particularly in emerging markets. The adoption of environmentally friendly practices by large brands or manufacturers will open the road for market expansion, particularly when paired with a rise in the number of measures taken by the government to raise awareness. It is anticipated that in the upcoming future, respected companies will form partnerships with smaller and medium-sized enterprises in order to aid in the creation of long-term product offerings.
There has been an increase in the number of independent boutiques and businesses catering to the market for luxury vegan men's clothing. These businesses are reaching out to clients through both online and offline places. These merchants generally employ a large number of independent designers that work on a variety of fashion that is founded on ethical principles in order to get market momentum.
Increasing impact of social media techniques
Customers' knowledge of the availability of a variety of vegan products may be greatly improved via the use of social media, which plays a key part in this process. In addition, businesses are putting a significant amount of money into developing social media strategies in order to communicate with clients located in a variety of countries and regions throughout the world. In addition, due to the fact that social media platforms have a great deal of sway over the general populace, businesses are stepping up their digital presence on these social media platforms in order to better comprehend the requirements of their clientele and keep them informed about their product range.
Vegan apparel and footwear are expensive
The cost of traditional fashion wear, such as clothes and footwear manufactured from animal-based goods, is much lower than the cost of vegan fashion wear, which is somewhat more expensive. This is due to the high level of investment required in the processing of vegan raw materials for the production of vegan fashion wear, which results in the finished product having a high price tag attached to it. In addition, businesses that manufacture vegan goods place a significant amount of emphasis on the high quality of the goods they produce. This necessitates the use of improved raw materials that do not in any way irritate the human skin or feet.
The global luxury vegan men’s fashion market is segmented into the following categories: Product, Distribution Channel and Region.
Based on Product the luxury vegan men’s fashion market is divided into Accessories, Clothing and Apparel, and footwear. In 2020, a sizeable portion of the total income generated in the luxury vegan men's fashion industry was contributed by the clothes and apparel subsegment. This is because men all over the world are becoming more fashion-conscious and more professional in their daily lives, both of which have contributed to this trend. Additionally, the availability of a broad variety of vegan fashion items would entice more buyers, which would, in turn, contribute to the acceleration of the market segment's expansion.
Based on the Distribution channel the luxury vegan men’s fashion market is segmented into the following: E-Commerce, Hypermarket/Supermarket, Departmental stores and Specialty stores. In 2020, the e-commerce sector had the most share of sales in the luxury vegan men's fashion industry, making it the dominant player in the market. E-commerce, which is known for its user-friendliness and simplicity, has quickly become one of the most popular channels among millennials all around the world. The rapid growth of e-commerce and the increasing prevalence of digital technology, in especially among millennials and members of the younger generation, are the primary factors propelling the growth of online sales of luxury vegan men's clothing. Over the course of the projection year, it is anticipated that the convenient payment choices and busy lives of customers would contribute to a growth in the income generated through the online distribution channel.
Based on region the market is segmented into the following: North America, Europe, Asia Pacific, Latin America and Middle East.
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In 2020, North America held a dominant position in the market for luxury vegan men's apparel and accounted for the greatest revenue share, which was around 33.1 percent. It is anticipated that the expanding market for garments and textiles in the area would fuel growth in the market for luxury vegan men's fashion. When the value of industry shipments in 2018 was used to determine the size of the market for textiles and apparel in the United States, the National Council of Textile Organization found that the market was worth USD 70 billion. Additionally, the United States is one of the important nations with a high expenditure for the research and development of textile distribution channels such as conductive fabric as well as sustainable and vegan apparel. This makes the United States a significant player in the global textile industry.
During the time of the prediction, it is anticipated that Asia Pacific will see the highest CAGR, which will be 12.6%. The demand for the product is being boosted in large part by the growing number of compassionate consumers who are prepared to buy stylish things that are of excellent quality, do not involve any form of animal testing, and are kind to the environment. Many well-known fashion designers in the region have been actively promoting the notion of sustainable, eco-friendly, and vegan fashion, which has contributed to the steady increase in the number of customers interested in vegan fashion.
In the luxury vegan men's fashion market, some of the major players that are
BARO partnered with PrimaLoft in November 2018, to offer things in colder locations. PrimaLoft was created in the United States for the military, but the apparel may also be used for high-performance protection. BARO uses 80 percent recycled high-loft PrimaLoft in the Coldwell and Station designs.
Brave GentleMan debuted wool-free suits manufactured from sustainable bamboo in December 2018. These suits are constructed entirely of Italian-milled bamboo and include tagua nut buttons. Suits are also available in basic hues such as Navy, Black, and Grey, as well as checkered styles such as Blue Windowpane and Brown Windowpane.