VEGAN FASHION MARKET ANALYSIS

The vegan fashion market is estimated to be valued at USD 518.05 Bn in 2024 and is expected to reach USD 837.33 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.

Figure 1. Global Vegan Fashion Market Revenue Share (%), By Product Type, 2024

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Vegan Fashion means the product such as footwear, cosmetics, clothing, and others made from natural resources without using any animal by product such as milk, fat, wool, fur, and others. The vegan cosmetics are made of extract from honey, beeswax, organic oil and others. Now a day’s more consumers are focusing on sustainability, which can effect on cosmetic brands to rethink ingredients used in manufacturing. The manufactures are improving sustainability to increase the production & sale of their product. For making the vegan footwear manufactures are used sticky rubber outsole, removable foot bed, water resistant upper, straps, laces, and all other component of the shoe. However, vegan shoes often end up being less expensive rather than animal based product prices.

Drivers:

Vegan fashion have arrived the new horizon for consumers and brands that can help to boost the vegan fashion market growth in upcoming years. Furthermore, vegan cosmetics are better for the skin which can attract customers to purchase vegan cosmetics and help to increase the global vegan fashion market growth. Additionally the vegan cosmetics are derived from plants, they are considered to be a more nutritious and richest source of vitamins, minerals and antioxidants which are used to improve healthier looking skin.

For instance, in June 2022, a South Korea-based consumer goods company ‘LG Household & Health Care’, launched a vegan-certified color cosmetic brand ‘Freshian’, to attract Generation Y & Z beauty clients. It launched two different types of cushion compacts, a variety of lip balms, and a sunscreen that can help to increase the sale of vegan cosmetics in the market.

Figure 2. Global Vegan Fashion Market Revenue Share (%), By Region, 2024

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Among region, Asia Pacific held a dominant position in the global vegan fashion market in 2021, accounting for 37.0% market revenue share, followed by North America and Europe. Increasing demand for vegan handbags and cork wallets worldwide and the benefits of vegan products can drive the market growth over the forecast period.

Market Restraints

High cost of vegan products such as shoes, handbags, lipstick, lip balm, and others is one of the major restraining factors in the vegan fashion market. As compared to animal by product, the vegan product such as footwear, clothing, and others has an overpriced which can reduce the market in price sensitive countries such as India and China. Vegan products, such as cosmetics are made from artificial ingredients that cannot last as long which can hamper the market growth.

Market Trends

Rising awareness about the medical advantages of vegan products such as cosmetics, clothing, and others can boost the market growth worldwide. For instance, in August 2022, a plant-based skin and hair care brand, ‘OrgaGlo’ has joined India's personal care and cosmetic industry with 18 different products, the products are categorized under baby care, hair care, face care, and body care. These vegan and animal cruelty-free products can help OrgaGlo to increase the sales of vegan cosmetics in the Indian Market. Additionally, in August 2020, a vegan cosmetics manufacture company, Elf Cosmetics Company acquired the vegan cosmetic brand, Clean beauty brand W3ll People. The Elf Cosmetic Company helps to expand the ‘Clean beauty brand W3ll People’ product globally.

Furthermore, in April 2021, Reebok a sport shoes manufacturing company launched two new vegan athletic shoes, the Nano X1 vegan and the Floatride Energy Grow. These shoes are made from castor palm oil, bloom algae, natural rubber, and recycled polyester.

Among Gender, the women segment held a dominant position in the global vegan fashion market in 2021, accounting for 54% of the market share. Increased demand for natural and organic cosmetic products among women can drive the market growth. Furthermore, vegan products such as cosmetics can help to reduce skin disorders such as acne that can boost the market growth in upcoming years.

Global Vegan Fashion Market - Impact of Coronavirus (COVID-19) Pandemic

COVID-19 has positively as well as negatively affected the vegan fashion market. Due to lockdowns, countries were banned to travel and the shutdown of businesses can reduce the economic and industrial growth of developing countries. Disruption in raw materials supplies and freeze in the supply chain during the pandemic vegan fashion market witnessed the lower growth. However, the increased use of vegan products during COVID-19 can boost the market growth, owing to different product type and benefits of these products. Due to COVID-19, consumers are more concerned about their health and they are focusing on the skin as well as health. Due to COVID-19, the e-commerce market was growing rapidly due to the transition to a non-face-to-society that can also help to boost the market growth.

Key Developments:

• In 2024, Hylo Athletics and BLOOM Paris are at the forefront of sustainable and vegan footwear offerings, catering to consumers who prioritize eco-conscious and cruelty-free fashion choices. Hylo Athletics distinguishes itself by crafting sneakers from renewable materials sourced from sustainable origins. These materials may include recycled plastics, organic cotton, natural rubber, and innovative plant-based alternatives like pineapple leaf fibers or mushroom leather.
• In 2022, Texon Vogue achieved a significant milestone by receiving certification from the Vegan Society as a fully vegan leather alternative. This recognition highlights Texon Vogue's commitment to producing cruelty-free and sustainable materials for the fashion industry. By meeting the stringent standards set by the Vegan Society, Texon Vogue assures consumers that their products do not contain any animal-derived ingredients or by-products, making them a reliable choice for those seeking ethical and environment-friendly alternatives to traditional leather.
• In March 2021, Stella McCartney made a groundbreaking move in sustainable fashion by releasing the first clothing item made from mushroom leather. This innovative material, also known as mycelium leather, is derived from the roots of mushrooms and offers a cruelty-free and eco-friendly alternative to traditional leather. By incorporating mushroom leather into their collection, Stella McCartney demonstrated a commitment to pushing the boundaries of sustainable fashion and promoting the use of innovative, plant-based materials in the industry.
• In April 2021, the iconic fashion house, Karl Lagerfeld, and watchmaker, Fossil, made a joint announcement regarding their collaboration on a collection of vegan cactus leather bags. This innovative partnership aimed to bring sustainable and cruelty-free fashion options to the market, capitalizing on the growing demand for eco-friendly alternatives to traditional leather.

*Definition: Vegan fashion refers to clothing, accessories, and footwear that are produced without the use of any animal materials or by-products. It is a subset of the broader vegan lifestyle, which seeks to avoid the use of animal products in all aspects of life, including food, clothing, cosmetics, and others.

Competitive Section:

Major players operating in the global vegan fashion market include SUSI Studio, Insecta Shoes Canada Inc. ROMBAUT, In The Soulshine, Della La LLC, Reformation, Alabama Chanin, Wawwa, Doshi FCSA, Hiareth Collective, Komodo Fashion, Brave Gentle Man, ECOALF, Rapanui, and Tact & Stone.