According to FMI, the vegan footwear market is projected to grow from US$ 30,072.1 million in 2023 to US$ 60,992.6 million by 2033, expanding at a CAGR of 7.3% from 2023 to 2033.
· Growing environmental concern is one of the key factors driving the vegan footwear market growth.
· Government regulations about leather products, coupled with the growing vegan population, further bolster the global vegan footwear market.
· Increasing preference towards eco-friendly products is a crucial factor propelling the demand for vegan footwear like boots, shoes, and sneakers.
Increasing Need for Industrial Carbon Footprint Reduction to Fuel the Vegan Footwear Sales Demand?
With an emerging era of sustainable products in the footwear industry, several companies are receiving aid for safeguarding valuable ecosystems and reducing pollution and carbon footprints. In addition, demand for vegan footwear is increasing with customers’ growing awareness about using eco-friendly products.
It becomes easy for footwear behemoths like Adidas and VF Corp. to lessen environmental concerns by increasing the use of sustainable materials in the process of manufacturing. It also leaves an important environmental impact by helping to lessen carbon dioxide emissions and bolsters the market notably. These initiatives are likely to flourish the vegan footwear market growth over the future period also.
Commerce Platform Contributes Fueling Market Revenue
The availability of broad options and retail space allows vegan footwear products to obtain a substantial share of the global vegan footwear industry. Notable companies that prefer eCommerce platforms include Walmart, Amazon, Flipkart, eBay, and others. To sell their speciality, companies aim at opening their speciality shops.
Country-wise Insights
Is Germany Leading the Vegan Footwear Products Market?
In 2021, Germany dominated Europe’s Vegan Footwear Market by Country, and it may continue to do so until 2030, resulting in a market size of US$ 26.14 billion by 2030. Growing demand for vegan products like vegan footwear and the soaring vegans in the region are the factors allowing Germany to dominate the market. Additionally, vegan footwear helps in the conversation of several resources employed in the animals’ production. Moreover, the benefits of using vegan footwear help to prevent water pollution, whereas animal leather may damage streams and groundwater and makes use of plenty of water. All these benefits of vegan footwear greatly contribute vegan footwear industry to witness significant growth in terms of sales.
What Makes India a Favorable Market for Vegan Footwear Products?
There is a growing demand in the India market for plant-based products, including mushroom leather, in South Asia. India has a big percentage of the vegan population, which fuels the vegan footwear demand in India.
It has been observed there is a high demand in the country for shoes and handcraft. For example, PETA-certified vegan shoe brand PAIO, based in India, provides handcrafted footwear to consumers. Moreover, the company aims to offer made-to-order solutions for completely customizable designs. These are the factors that make India a favorable vegan footwear market.
Competitive Landscape
Companies working in the vegan footwear market are making investments in innovation and design to survive in emerging markets. These companies also aim to lower operating costs by reducing their carbon footprint. Important steps are followed by the companies to lead toward sustainable development. To increase their market share and strengthen their position in the market, these players also aim to follow the latest trends and innovations.
Key players in this market mainly emphasize adopting a few strategies such as novel product launches, expansion, and development for their business expansion globally. For example, on December 13, 2021, NIKE, Inc. announced the acquisition of a leading brand, RTFKT, which creates next-generation collectables that combine gaming and culture by using cutting-edge innovation.
