The Vegan Footwear Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vegan Footwear Global Market Report 2024, 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.
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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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
Major companies in the vegan footwear market are focused on developing innovative collections, such as leather-free shoes, to provide cruelty-free fashion and maximize their profits in the market. Leather-free shoes are footwear products that do not use any animal-derived leather materials in their production. For instance, in June 2022, Metro Brands, an India-based innovative footwear, footcare, and accessories company, partnered with PETA, a US-based animal rights nonprofit organization, and launched the Tie-Dye Collection, a first-ever vegan shoe collection. While leather-free shoes are already available, this marks the first official vegan footwear collection by a major Indian shoe retailer. Metro Brands' collaboration with PETA reflects the growing consumer trend toward vegan and sustainable choices in the post-pandemic era. The Tie-Dye Collection not only embraces cruelty-free materials but also showcases a trendy and fun sense of style.
The vegan footwear market report table of contents includes:
- Executive Summary
- Vegan Footwear Market Characteristics
- Vegan Footwear Market Trends And Strategies
- Vegan Footwear Market - Macro Economic Scenario
- Global Vegan Footwear Market Size and Growth
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- Global Vegan Footwear Market Competitive Benchmarking
- Global Vegan Footwear Market Competitive Dashboard
- Key Mergers And Acquisitions In Vegan Footwear Market
- Vegan Footwear Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Nike Inc.
- Adidas AG
- Allbirds Inc.
- Kenneth Cole Productions
- Veerah LLC,
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