July 17, 2024
Vegan Fashion Market

Vegan Fashion Market Is Expected To Be Flourished By The Growing Demand For Sustainable Options

Vegan fashion refers to clothing, accessories and footwear made without using animal products and materials. It includes apparel and fashion items made from plant-based fabrics like cotton, bamboo, linen, hemp and recycled materials. Vegan fashion seeks to reduce the environmental impact of conventional clothing production, which is one of the most polluting industries globally. Growing concerns over animal welfare and the environmental damage caused by the animal agriculture and textiles industries have boosted demand for cruelty-free and sustainable fashion options. As awareness increases around the benefits of a vegan lifestyle, many conscious consumers are adopting vegan fashion choices.

The global vegan fashion market is estimated to be valued at US$ 518.12 billion in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing demand for sustainable options is one of the primary drivers fueling growth of the vegan fashion market. Customers are increasingly looking to reduce their environmental footprint and choose apparel made from plant-based and recycled materials over conventional fabrics sourced from animals or using toxic dyes and chemicals. Additionally, younger generations in particular are adopting cruelty-free lifestyles and vegan values, driving the search for apparel that aligns with their ethics regarding animal welfare. This shift towards eco-friendly, sustainable and ethical fashion provides a massive growth opportunity for vegan brands and designers. Furthermore, advancements in fabric technologies have led to innovations that replicate the look and feel of leather, fur and down without harming animals during production. Such improvements make vegan options more desirable to mainstream audiences.

Segment Analysis

The vegan fashion market is dominated by the footwear segment which holds around 30% market share. Vegan footwear uses natural and sustainable materials like leather from plant sources or synthetic vegan leather made from materials like cork or pineapple leaves. It is the largest segment as demand for ethical and cruelty-free footwear is high among vegan and environmentally conscious consumers. The apparel segment is the second largest segment and is growing rapidly due to increasing popularity of vegan fabrics like bamboo, soy, linen and hemp which provide comfort and style without the use of animal products.

PEST Analysis

Political: Regulations promoting sustainability and animal welfare such as bans on fur and some leather has encouraged brands to shift towards vegan materials. Economic: Rise of eco-conscious consumers especially millennial has boosted demand for sustainable vegan fashion. Social: Growing awareness about ethical treatment of animals and environment has increased acceptance of vegan lifestyle influencing fashion trends. Technological: Advancements in material science has led to development of innovative vegan fabrics that look and feel like conventional materials driving growth.

Key Takeaways

The global Vegan Fashion Market Growth is expected to witness high growth over the forecast period.

Regional Analysis: North America currently dominates the market due to rising vegan population and strong base of ethical fashion brands in the region.

Key players operating in the vegan fashion market are Dell, IBM, Hewlett Packard Enterprise, Fujitsu, Lenovo, Hitachi, Toshiba, Apple, Samsung, Microsoft, Cisco, HCL Technologies, Wipro, Infosys, Tata Consultancy Services, Tech Mahindra, Unisys, Dimension Data, Getronics, CompuCom. Key players operating in the vegan fashion market are adopting sustainability-focused strategies and introducing more vegan fabrics, footwear and accessories to expand their market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it