The global vegan fashion market comprises clothing, footwear and accessories made without the use of animal-derived materials like leather, wool, silk and down. Vegan fashion utilizes plant-based and synthetic alternatives that look and feel like traditional materials. The rising focus on ethical and sustainable production practices is driving demand for vegan apparel and footwear.
The global vegan fashion market is estimated to be valued at US$ 596.88 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends fueling growth in the vegan fashion market is the rising awareness about animal welfare and environmental protection among consumers. Many people are shifting to a plant-based lifestyle and abstaining from consumption of animal products. This has increased demand for vegan alternatives not just in food but also in fashion. Synthetic materials like polyester, nylon and modal that mimic the look and texture of animal-derived fabrics like leather and wool allow vegans to participate in fashion without compromising on ethics. Manufacturers are actively developing innovative fabric technologies that further enhance performance while eliminating exploitation of animals. This focus on ethical and ecological production through advances in material science is opening up new opportunities for vegan fashion brands.
SWOT Analysis
Strength: Vegan fashion products are cruelty-free and environment-friendly. They help reduce pollution and conserve natural resources.
Weakness: Availability of vegan fashion products is currently limited and the costs are higher than regular textiles. Lack of awareness about vegan fashion in some regions.
Opportunity: Growing health and environmental concerns are increasing demand for sustainable and ethical fashion. Many brands are exploring vegan materials to cater to this demand.
Threats: Fluctuating prices of plant-based raw materials. Traditional manufacturers may be reluctant to switch to vegan materials.
Key Takeaways
Global Vegan Fashion Market Size is expected to witness high growth. Factors such as increasing awareness about animal welfare and environment protection are driving more consumers towards cruelty-free fashion options.
Regional analysis-
Europe dominates the current vegan fashion market due to strict laws against animal testing in the region. Countries like Germany and the UK have emerged as top markets. Asia Pacific is expected to be the fastest growing regional market over the forecast period due to rising disposable incomes and growing vegan population in countries like India and China.
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. These companies are investing in sustainable materials and manufacturing processes to cater to increasing demand for ethical fashion globally. Their extensive supply chains and established brands are helping in commercializing vegan products at larger scale.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it