Vegan Footwear Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Vegan Footwear Market grew at a CAGR of 5.9% between 2017-2021 and is estimated to be US$ 1,27,465.3Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.3% and is expected to reach a valuation of US$ 2,34,814.3Mn by 2032 end.
Due to increased knowledge of its potential applications, the Vegan Footwear business, which is still in its infancy, has gained traction. Carbon fiber producers recycle carbon fiber due to the dumping duty and an increasing focus on environmental rules.
THE RAPIDLY GROWING VEGAN POPULATION IS A MAJOR DRIVER OF THE VEGAN FOOTWEAR MARKET
The vegan footwear business is mostly driven by the world’s constantly expanding vegan population. The Vegan Society claims that going vegan might reduce healthcare expenses, prevent climate damage, and lower greenhouse gas emissions. The world’s population is becoming more vegan due to an increased understanding of its advantages.
Additional factors anticipated to drive the market’s growth include the rising number of animal lovers, increasing NGO activities involving animal abuse and animal rights, such as PETA, and the expanding trend of animal humanization.
LACK OF AWARENESS REGARDING VEGAN FOOTWEAR
Several problems could hamper the global market for vegan shoes. Major barriers to market growth in the upcoming years include a lack of consumer knowledge about vegan footwear, the high cost of vegan footwear, and the availability of counterfeit footwear goods in developing and undeveloped nations.
Market Segments Covered in Report
By Product Type:
By Material Type:
By Sales Channel:
By Region and Country:
Which material type is dominating Vegan Footwear consumption?
The polyurethane sector dominated 45.9% of the market. Due to considerations including ease of use and the abundance of polyurethane footwear on the market, the polyurethane sector held the largest market share.
Which sales channel of Vegan Footwear to gain traction in the coming years?
The segment of specialty stores held the largest share, with 62.9%. Due to their rising popularity in developed regions like North America and Europe, specialty stores had the biggest market share for vegan footwear.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Leading market participants who are active globally concentrate on business growth, development, and new product introductions.
The key developments in the Global Vegan Footwear Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product Type, Material Type, End-Use, Sales Channel, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.3%.
The rapidly growing vegan population is a major driver of the vegan footwear market.
Major global Vegan Footwear Market players are LVMH, Nike, Adidas, Puma, Under Armour, Skechers, Tommy Hilfiger, Asics, VF Corp, and Columbia Sportswear Co.
Lack of awareness regarding vegan footwear hampers the market expansion.
North America is expected to account for the largest market revenue share in the Global Vegan Footwear market.
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