Vegan fashion refers to clothing, accessories, and footwear made without the use of animal textiles, skins, and hides. The growing awareness regarding animal rights and animal welfare has increased the demand for vegan fashion products such as shoes manufactured from cork, pineapple leaf fiber, and vegan leather made from pinecone or mushrooms. These products offer comfort and breathability equivalent to leather and other animal-derived fabrics while eliminating the need to harm animals.
The global vegan fashion market is estimated to be valued at US$ 518.12 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for reduction in animal cruelty is expected to drive the vegan fashion market during the forecast period. Traditional leather production involves immense cruelty towards animals as it includes killing the animal, flaying its skin and processing it into leather. However, vegan alternatives such as shoes and bags made from mushrooms, pinecones, recycled PET bottles offer similar looks without harming animals. The adoption of vegan fashion products will help address ethical concerns regarding animal welfare and rights. With growing preference for sustainable and cruelty-free products, the demand for vegan fashion is likely to increase significantly over the coming years.
Porter's Analysis
Threat of new entrants: The vegan fashion market faces moderate threats from new entrants due to high setup costs for manufacturing facilities and requirement of strong distribution networks. However, emerging trends could attract new online fashion brands.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of numerous clothing brands embracing vegan and sustainable materials. Buyers can easily switch between brands based on price, quality, and ethics.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials like cotton and synthetic fabrics have many suppliers globally. However, specialized vegan materials originate from few manufacturers presently.
Threat of new substitutes: Threat from substitutes is moderate as vegan fashion competes with conventional clothing. However, focus on sustainability and ethics drives customer loyalty toward vegan brands.
Competitive rivalry: Intense competition exists among established vegan fashion players and new entrants. Brands compete on attributes like design, price, and innovation in materials.
SWOT Analysis
Strengths: Vegan clothing has environmental and ethical advantages. Rising health and eco-conscious customers drive the market. Many top fashion brands offer vegan collections.
Weaknesses: Higher costs of vegan materials than conventional fabrics. Limited design innovation and lack of adoption in developing nations.
Opportunities: Rapid growth of sustainable fashion presents scope for niche vegan brands. Emerging new plant-based innovations will expand material options.
Threats: Economic slowdowns may dampen discretionary spending on ethical fashion. Customers may not pay premium for vegan attributes.
Key Takeaways
The global Vegan Fashion Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. Demand is driven by a rapidly growing young demographic that emphasizes ethical consumption and sustainability.
The North American region dominates the vegan fashion market currently due to strong consumer preference for cruelty-free products and rapid adoption of plant-based lifestyles in the United States and Canada. However, the Asia Pacific region is anticipated to be the fastest growing market attributed to large populations and increasing health awareness in major countries like India and China.
Key players operating in the vegan fashion market are Dell, IBM, Hewlett Packard Enterprise, Fujitsu, Lenovo, Hitachi, Toshiba, Apple, Samsung, Microsoft, Cisco, HCL Technologies, Wipro, Infosys, Tata Consultancy Services, Tech Mahindra, Unisys, Dimension Data, and Getronics. Major players are investing in advanced fabric R&D and partnerships with smaller brands to expand their vegan product portfolios. Dell has launched a collection made of mushroom leather while Lenovo focuses on recycled polyester clothing.
For more insights, read- https://www.newsanalyticspro.com/vegan-fashion-market-trends-size-and-share-analysis-2/
