VEGAN FOOTWEAR MARKET ANALYSIS

High prices compared to leather shoes are significantly restraining the growth of the global vegan footwear market. Vegan footwear uses alternative materials like synthetic and plant-based fabrics for uppers and soles instead of animal-derived leather, wool and other materials. While vegan fashion is increasing in popularity due to rising animal welfare and environmental concerns, vegan shoes still cost notably more than similar leather shoes. This price difference is one of the biggest challenges for the widespread acceptance of vegan footwear globally. The production processes and materials required for vegan shoes tend to be more expensive than traditional leather shoes. Alternative faux leathers and novel plant-based fabrics are still emerging technologies and do not benefit from the same economies of scale as leather production. This means vegan materials have higher per unit costs than leather. Additionally, vegan shoe brands have smaller production runs currently, limiting their purchasing power for materials. The combined effect is that comparable vegan sneakers or formal shoes on average cost 20-30% more than their leather counterparts. For many environmentally-conscious or ethnically vegan consumers, this price point makes switching to an entirely vegan wardrobe challenging.

 Opportunities: Growing urban population and younger demographics

The growing urban population globally especially in developing countries of Asia and Africa presents a huge opportunity for the vegan footwear market. As more people migrate to cities for employment and livelihood opportunities, urban lifestyles become the new normal. With paucity of space in crowded cities, people are adopting minimalistic fashion including vegan footwear made of sustainable plant-based materials without animal byproducts.  Youths form a major part of the rising urban populations in Asia and Africa as per United Nations Population Fund data. The number of people in the age group 15-24 years globally will be 1.3 billion by 2030. This young generation is increasingly health conscious and cares about environment and animal welfare. They wish to make more ethical choices in their purchases including preferring vegan footwear over leather. Several studies show youth today devote considerable time on social media where they get exposed to vegan lifestyle influences. This has boosted demand for stylish, climate-friendly vegan shoes among new generation consumers.