VEGAN FASHION MARKET ANALYSIS

Vegan Fashion MarketSize and Trends

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.

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.