Sales of Vegan Footwear Soaring Globally Finds Report On Vegan Footwear Market

8 October 2020

Looks like the younger generation is demonstrating eco-consciousness! A market study report on Vegan Footwear Market conducted by Future Market Insights found that millenails are fuelling the demand for vegan footwear around the world. The global vegan footwear market is estimated to be valued at USD 24.86 billion in 2020 and with an expansion rate of 7.2% between 2020 and 2030. 

Clearly, the mindset of young consumers is changing as they demand for products that are cruelty-free or sustainable for the planet. This shift in consciousness with regards to comfort, eco-friendly material, and sustainable products is working out well for the vegan footwear industry. 

The report studies various factors enabling this growth. It also uncovers hidden opportunities for the market players. Some of the key takeaways from the report are:

• Behemoths such as Nike, Inc., Adidas AG, Puma SE, Under Armour, and others are incorporating various recycling programs and introducing new collections of vegan footwear with eco-friendly fires to retain customers.
• Companies are investing in product designing and innovation to establish a strong foothold in the emerging markets. Simultaneously, they are reducing their carbon footprint which is helping them lower operating costs. These steps adopted by companies are improving their brand perception in the market.
• North America is expected to retain its dominance backed by the immense popularity of vegan fashion among millennials. The footwear manufacturing sector is witnessing a strong demand for vegan footwear in the U.S. In Europe, there is a rising demand in the U.K. and Germany.
• Based on product type, the shoes segment holds the highest share in the global vegan footwear market and is expected to exhibit a higher Compound Annual Growth Rate (CAGR) as compared to other product types.
• The footwear industry is thriving immensely through increased sales via e-commerce platforms. Online retailing is expected to gain momentum in response to the surging popularity of vegan footwear in the coming years.

Rising Demand for Eco-Friendly Shoes Causing Sales Uptick

At present, majority of  footwear manufacturing brands are warming up to the increasing demand for sustainable products and recycled commodities. Some of the leading brands are therefore abandoning the use of fur and leather, and replacing them with materials made from recycled plastics and polyester, rubber, and others. Using sustainable material and manufacturing processes is footwear manufacturing is a key strategic move by brands to retain existing consumers and attract new ones. Some are even reviewing their pricing strategies to gain better traction.

While demand for eco-friendly products will remain the chief growth driver, expansion of the market will remain subdued amid the ongoing pandemic. The unprecedented COVID-19 outbreak has caused significant disruptions in supply chain, compelling brands to focus on leveraging their online presence.

According to the study, growth will remain stunted during the pandemic. However, the market is expected to recover soon since consumers are likely to be more cautious about their choices in the post COVID-19 period.
 

COVID-19 outbreak has caused significant disruptions in supply chain compelling brands to focus on leveraging their online presence. The study predicted the demand to increase but the market growth maybe stunted due to the ongoing pandemic. However, the market is expected to recover soon since consumers are likely to be more cautious about their choices in the post COVID-19 period.

WHO IS WINNING?

Some of the key companies operating in the vegan footwear market are Nike Inc., Susi Studio, Adidas AG, Matt & Nat, Veerah, Hexa Vegan Shoes, AVESU GMBH, Beyond Skin UKamong, Ethletic, MooShoes, and others. Several vegan footwear companies are spending on promotional activities, expansion of their physical store presence, and entering into a strategic partnership with prominent retailers to cater to growing consumer demand.

·         In 2019, the company Adidas AG, entered into a strategic partnership with an American hip hop group, Beastie Boys and introduced ‘Adidas Skateboarding X’, a vegan sneaker. Last month, Adidas India launched a range of sustainable vegan sneakers made from recycled plastic waste.

·         In 2019, beauty entrepreneur & celebrity tattooist Kat Von D had launched a collection of vegan shoes made of vegan leather from apples, faux fur, and recycled rubber, etc.

These insights are based on a report on Vegan Footwear Market by Future Market Insights.

Image courtesy: Kanabis

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