Vegan footwear refers to footwear that is made without any animal ingredients or by-products such as wool, leather, silk, fur, and more. It helps in controlling the negative impacts on the environment. Therefore, the production of vegan footwear contributes to the reduction of carbon footprint. Additionally, it has a high scope with regards to the fashion quotient which helps in attracting consumers. This has made leading brands invest in vegan footwear to make their designs more attractive and appealing. Besides, vegan footwear is more comfortable as compared to others and offers climate control, thereby facilitating comfort and style. Because of these numerous benefits, the demand for vegan footwear is likely to increase. Consumer interest in eco-friendly products is a crucial growth driver responsible for the increase in vegan footwear sales. Therefore, the global vegan footwear market will grow during the forecast period. However, the availability of substitutes may hinder the growth of the market.
Get more information on this report Download Sample Report
The business of footwear is undergoing some significant transformation due to a paradigm shift towards sustainable production. Various key players are adopting several structural and policy changes to accommodate modern technologies of production that helps in curbing carbon footprint, protecting valuable ecosystems, and significantly reducing pollution. In addition to this, the vegan footwear market is backed by several leading names which are helping the market to gain attention from a majority of potential customers.
Furthermore, more companies coming up with the idea of reducing carbon footprint and using synthetic or natural materials to produce footwear is expected to boost the demand for vegan footwear. For instance, Kannabis Fashion, which derives its name from cannabis, uses hemp as a key source for making canvas shoes. The number of companies in the market is anticipated to increase in the coming years which will further increase the demand for vegan footwear.
Replacing products such as fur, leather, etc with materials like recycled plastics and polyester, rubber, and others by leading manufacturers to meet the growing demand for eco-friendly footwear is helping to increase the sales of vegan footwear. The use of sustainable materials and manufacturing processes in footwear manufacturing is a remarkable strategic move by brands to retain their existing consumers as well as attract the new ones who are inclined towards the veganism trend. Furthermore, the rising awareness of animal rights among the population is also leading to an increased demand for vegan products which will further boost the growth of the vegan footwear market.
The veganism trend has become popular among the millennials in developed countries. To ensure the materials used in the making of vegan products are authentic, the government has laid down strict rules and regulations which comprise a lot of verification processes that may delay the whole process of product making. For instance, the British Retail Consortium (BRC), issued a new guideline in Feb 2020 which states ‘vegan’ declaration is a complex process as many product materials are derived from animals such as glue, dyes, and chemicals among others and therefore, the materials need to undergo the verification processes.
Hence, the players involved in manufacturing the vegan footwear have to verify the raw materials used in the vegan footwear that it sells. The time consumed by these verification processes may hamper the growth of the global vegan footwear market.
The shoe segment is foreseen to hold the largest market share in the global vegan footwear market, owing to the increasing vegan shoe trend getting popular among both men and women. These shoes are swiftly emerging as popular as well as sustainable choices for myriad reasons. In addition to this, vegan shoes, which are certified by international organizations, are guaranteed to not have contributed towards creating a carbon footprint which is why individuals are preferring it more.
The indirect sales channel is expected to register a significant share in the overall vegan footwear sales as compared to direct sales channels owing to various advantages provided by it. Currently, hypermarkets and supermarkets are expected to remain the most preferred sales channels, followed by multi-brand stores and specialty stores due to the easy convenience of buying options as well as the advantage of touching and feeling the product makes the consumers visit the stores. These stores allow multi-vendor presence, product comparison, low price offerings, etc so that the consumer can make an ideal choice.
Furthermore, these channels comprise of the stores which are most preferred and visited by the consumers. According to the report shared by the India Brand Equity Foundation (IBEF), the revenue of India’s offline retailers, also known as brick and mortar (B&M) retailers which comprise supermarkets, hypermarkets as well as other stores, is expected to increase by 1.39 USD to 2.77 USD billion in the year 2020 which is projected to further increase in the coming years. Therefore, this sales channel will observe growth and drive the demand for vegan footwear.
Regional Growth Insights Request Sample Pages
North America is likely to have the largest market share during the forecast period. The growth can be attributed to the vegan shoe trend which is growing rapidly in the region. With various leading fashion brands and retailers eyeing to capitalize on changing consumer interests, the region is anticipated to gain significant impetus in the coming years. In addition to this, the rising number of the vegan population in the U.S. is attributable to the growing demand for vegan products like footwear in the region. As per series of at least 24 different studies conducted by polling services, world-renowned publications, the federal government, and animal advocacy platforms, there are around 6.5 million Americans who self-identified as vegans in the U.S in 2019. Moreover, the consumers in the region are highly informed and show a greater degree of environmental consciousness which is expected to increase the demand for vegan footwear in North America.
Europe is expected to hold the second-largest market share in the global vegan footwear market. The increasing demand for vegan products from the U.K and Germany will support the expansion of the vegan footwear market. According to the United States Department of Agriculture, the total vegan market was worth 1.96 USD billion in the year 2018 with Germany leading the market. In addition to this, the increasing consciousness among consumers and their interest in environment-friendly fashion is fueling the growth of vegan footwear in the region. Furthermore, the presence of some of the leading retail brands that are into vegan product making is at the fore of driving the demand for vegan footwear in Europe.
The global vegan footwear market comprises a significant number of both big and small players. The big players of this market are focusing on product launches and consistently improving their designs to stay relevant amid growing competition. In addition to this, they are also entering into strategic collaborations to gain a competitive advantage and increase their market share in order to sustain in the market. For instance, after observing a surge in online searches for vegan fashion and footwear, Marks and Spencer launched an expansive collection of vegan footwear. Moreover, Net-A-Porter has also joined the bandwagon and upped his game in the ethical shoe market by introducing sandals and ankle boots from Nanushka and Veja’s vegan suede trainers.
|Market Size||USD in Billion By 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Product Type (Shoes, Sneakers), Material Type (Microfiber, Polyurethane (PU)) Sales Channel (Direct, Indirect), End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||, Susi Studio, Adidas AG, Matt & Nat, Veerah, Hexa Vegan Shoes, AvesuGmbh, Beyond Skin, Ethletic, MooShoes, Noah, Taylor + Thomas, Sydney Brown LLC, Rungg, Bourgeois Boheme,|
|Key Market Opportunities||High Demand In Consumer Products Sector Is Pushing Vegan Footwear Market|