The global vegan footwear industry is predicted to reach US$ 42.18 billion in 2022 and grow at an annual rate of 8.0 percent between 2022 and 2030. Millennials have emerged as a crucial market demographic, displaying a strong desire to spend on trendy garments and footwear.
The younger generation is exhibiting outstanding environmental awareness. To some extent, this can be attributed to celebrities’ and their role models’ social media influence and messages broadcast across public platforms.
The shifting mindset of consumers is encouraging them to support firms that respect their beliefs and way of life. Vegan footwear is also becoming more popular as people become more concerned of comfort, eco-friendly materials, and sustainable products.
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Future Market Insights’ (FMI’s) report on the market studies various factors enabling growth. It also uncovers hidden opportunities for the market players. Some of the key takeaways from the report are:
- According to the report, behemoths such as Nike, Inc., Adidas AG, Puma SE, Under Armour, and others are incorporating various recycling programs and introducing new collections of vegan footwear with eco-friendly fires to retain the customers
- Companies are investing in product designing and innovation to establish a strong foothold in the emerging markets. Simultaneously, they are reducing their carbon footprint which is helping them to lower operating costs. These steps adopted by the companies are improving their brand perception in the market
- North America is expected to retain its dominance backed by the immense popularity of vegan fashion among millennial. The footwear manufacturing sector is witnessing a strong demand for vegan footwear in the U.S. In Europe the market will gain from the rising demand in the U.K. and Germany
- Based on product type, the shoes segment holds the highest share in the global vegan footwear market and is expected to exhibit a higher CAGR as compared to other product types
- The footwear industry is thriving immensely through increased sales via e-Commerce platforms. Online retailing is expected to gain momentum in response to the surging popularity of vegan footwear in the coming years
Rising Demand for Eco-Friendly Shoes Causing Sales Uptick
At the moment, the majority of footwear producers are responding to the growing demand for sustainable products and recycled materials. As a result, some of the most well-known brands are eliminating the use of fur and leather in favour of recycled plastics, polyester, rubber, and other materials.
This is considered as a critical strategic step by businesses to keep existing customers while also attracting new ones. Some are even rethinking their pricing tactics in order to achieve more traction.
While demand for environmentally friendly products will continue to be the primary growth driver, market expansion will be limited due to the ongoing pandemic. The extraordinary COVID-19 epidemic has wreaked havoc on the supply chain, forcing companies to focus on maximising their internet presence.
According to FMI, during the epidemic, growth will be stunted. Consumers are likely to be more cautious about their decisions in the post-COVID-19 period, therefore the market is predicted to rebound quickly.
“With changing consumer preferences in mind, most businesses are expected to prioritise sustainability.” To achieve a competitive advantage, some of them will use plant-based materials to manufacture shoes,” according to an FMI analyst.
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Who is winning?
Nike Inc., Susi Studio, Adidas AG, Matt & Nat, Veerah, Hexa Vegan Shoes, AVESU GMBH, Beyond Skin UKamong, Ethletic, MooShoes, and others are among the major players in the vegan footwear sector.
To meet rising customer demand, several vegan footwear companies are investing in promotional activities, expanding their physical store presence, and forming strategic partnerships with well-known retailers.
- In 2019, the company Adidas AG, entered into a strategic partnership with an American hip hop group, Beastie Boys and introduced ‘Adidas Skateboarding X’, a vegan sneaker.
- In 2019, beauty entrepreneur & celebrity tattooist Kat Von D had launched a collection of vegan shoes made of vegan leather made from apples, faux fur, and recycled rubber, etc.
Get Valuable Insights into Vegan Footwear Market
In its latest release, Future Market Insights presents an independent research of the global vegan footwear market, including historical demand data (2015-2021) and projection figures for the years 2022-2030. The research reveals compelling insights into the vegan footwear market based on product type (shoes, sneakers, boots, sandals, heels, loafers, and others), material type (microfiber, polyurethane (PU), recycled plastics, recycled polyester, cotton, natural rubber, hemp, and others), end-user (men, women, and children), pricing (mass/economic, premium), and sales channel (direct, indirect hypermarkets/supermarkets, specialty stores, multi-brand stores, independent stores, con
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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