Vegan footwear market is estimated to be valued at USD 31.95 billion in 2024 and is projected to reach USD 53.35 billion by 2031, growing at a CAGR of 7.6% over the forecast period of (2024-2031).The vegan footwear market is witnessing high growth owing to increasing consumer preference for eco-friendly products and growing health consciousness among individuals. Furthermore, innovations by various footwear brands to offer vegan alternatives made from plant-based materials is expected to boost the market growth over the coming years.
Increasing consumer spending on sustainable products and enhanced distribution networks are some key factors driving the growth of the global vegan footwear market. Growing environmental concerns have led to rising popularity of vegan and eco-friendly products in recent times. Brands are increasingly promoting their sustainable and vegan footwear options to attract ethical consumers. Furthermore, improving global distribution channels of veteran brands as well as easy availability of vegan shoes through online retail platforms have made these products more accessible to consumers across various regions. This widespread availability coupled with increasing disposable income is expected to propel the vegan footwear market forward over the forecast period.
Growing Health Consciousness among Consumers is Driving the Demand for Vegan Footwear
More and more people are realizing the negative health impacts of consuming animal products and are opting for a plant-based lifestyle. Vegan footwear made from synthetic and natural materials like cotton, jute, and recycled plastics are appealing to health-conscious consumers as they avoid the use of leather, wool, and other animal-derived materials. Such footwear is free from chemicals used in tanning animal hides and are also lightweight and breathable, making them comfortable to wear. The rising preference for sustainable and eco-friendly products is fueling the demand for vegan footwear made without animal byproducts.
Growing Awareness about Animal Welfare is Boosting the Vegan Footwear Market
Another key growth driver is the increasing awareness about animal welfare and rights. More consumers are against the cruel practices involved in the leather industry like cramped living conditions for animals and inhumane slaughtering methods. The growing popularity of animal activism on social media and documentaries highlighting the plight of animals farmed for their skin and hide is driving the vegan lifestyle movement. Large numbers of consumers want their purchases to be cruelty-free and avoid supporting industries inflicting harm on animals. This ethical consumption trend is propelling the vegan footwear market as such footwear provides an animal-friendly alternative to leather shoes.
Limited Production Capacities Pose a Challenge
One of the major restraints faced by players in the vegan footwear market is the limited production capacities for vegan materials compared to animal-derived ones. While the demand for vegan products is rising steadily, the supply of popular faux leather and synthetic materials is still restricted. Setting up large-scale manufacturing plants for alternative materials requires massive investments which small and mid-sized companies may not be able to afford. Dependence on imports from few suppliers also makes the prices volatile, addressing the challenges of scaling up sustainable production in a cost-effective way could help alleviate this capacity issue in the long run.
Higher Prices of Vegan Footwear Hampers Widespread Adoption
Another issue countering the growth of the vegan footwear market is the higher pricing of such footwear compared to mainstream leather shoes. While synthetic and plant-based materials are becoming more sophisticated, replicating the look and feel of leather accurately still makes vegan footwear costlier to produce. This premium pricing puts them out of reach for price-sensitive customers. Even though vegan shoes are gaining popularity among affluent consumers, lower costs will be needed to achieve mass-market appeal. Continuous R&D in improving material yields and automating manufacturing processes can help bring down prices over time.
Growing Online Sales Channel Presents an Opportunity
The rising popularity of online shopping across age groups in recent years has opened up an attractive sales avenue for vegan footwear brands. E-commerce portals provide a global platform for niche brands to reach a wider customer base beyond brick-and-mortar stores. Online shopping also addresses the issue of limited retail availability faced by many vegan labels. Social media marketing helps promote vegan lifestyle values and footwear offerings to socially-conscious millennial and Gen Z who heavily rely on digital platforms. Leveraging the online medium effectively can help drive higher sales volumes and brand awareness.
Opportunity to Tap Growing Demographic of Flexitarians
Another key opportunity lies in tapping the growing demographic of ‘flexitarians’ - people reducing but not completely cutting out meat and other animal products from their diets. While strict vegans and vegetarians form a niche, flexitarians open up a mass market potential. Vegan footwear brands can focus on occasional and hobby runners, yoga practitioners, etc. who seek animal-friendly gear without compromising on performance. Launching special lines targeting this sizable flexible consumer segment can boost revenues significantly. Sustainable materials, on-trend designs and competitive prices will help flexitarians make the switch.
Link: https://www.coherentmarketinsights.com/market-insight/vegan-footwear-market-5435
Key Developments
- In 2023, the shoe brand Koio announced the launch of its latest product - a vegan sneaker. This new offering from Koio represents the brand's commitment to sustainability and providing eco-friendly footwear options for its customers.
- In 2023, the renowned sportswear brand Adidas unveiled its latest sustainable footwear collection, the 'Plant And Grow' vegan shoes.
- In 2022, the eco-conscious footwear brand nae vegan shoes unveiled its latest offering, the brand-new Spring/Summer 2022 (SS22) vegan shoes collection.
- In April 2021, Reebok introduced two new vegan athletic shoes to its lineup: the Nano X1 Vegan and the Floatride Energy Grow. These additions reflect Reebok's commitment to sustainability and catering to the growing demand for cruelty-free footwear options.
Key Players
Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, AVESU GmbH., ASICS Corporation, MooShoes, Ahimsa, Niche, and Lusso Lifestyle
