Future Market Insights (FMI) in its recent market study on the vegan footwear
market is poised to expand at a robust 7.2% CAGR across the projected
period, 2020-2030. Consumer’s preference for environmental-friendly products is
a primary sales booster of vegan footwear. This trend is suspected to slow down
in the approaching years. Consumers across regions are wilfully shifting
towards ethical fashion this has prompted a growing preference for cruelty-free
fashion and producers to capitalize on the immense scope for growth are driving
The COVID-19 outbreak has witnessed significant supply chain
disruptions, compelling brands to capitalize on influencing their online
presence. According to FMI, growth will remain slow amid the crisis. However,
the market will recover soon as consumers will be more vigilant about their
choices in the post-COVID-19 era.
“In view of changing consumer’s preference, the majority of the
companies are poised to concentrate on sustainability. A few of them are also
likely to further incorporate plant-based materials for producing shoes
to gain competitive advantage,” infers an FMI analyst.
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Vegan Footwear Market – Key
By product, the shoe category is slated to remain dominant over the projected period as the vegan shoe trend is increasingly becoming popular amid bothwomen and men.The microfiber’s material type will be acquiring significant traction over the assessment period.By end-user, both me and women end-users will support growth witnessed in the market.Indirect sales channel remains the key beneficiary in the global sales in contrast to direct sales, primarily dominated by hypermarkets/ supermarkets.Mass/Economic accounts for dominance based on price range during the forecasted period.
Vegan Footwear Market – Key Trends
Growing usage of sustainable material considering the surging demand for reducing carbon footprint is set to drive the manufacturing of vegan footwear across the world.Millennials create the most lucrative demography for vegan footwear sales uptick.Multipronged Benefits of Vegan Footwear prove to be strong pillars of market growth.Certified by international organizations such as PETA, will act as a catalyst in the growth of the vegan footwear market.
Vegan Footwear Market – Regional Analysis
North America is poised to exhibit lucrative growth prospects, primarily lead by the US, due to high purchase power during 2020-2030.Europe is projected to gain by growing demand from Germany and the US, due to the presence of prominent retail brands.The Asia Pacific has witnessed skyrocketing demand for plant-based material thus escalating demand for vegan footwear in the region.
Vegan Footwear Market – Competitive Landscape
Key companies functioning in the global vegan footwear market are Susi
Studio, Nike Inc., Adidas AG, Veerah, Matt & Nat, Hexa Vegan Shoes,
Beyond Skin UKamong, AVESU GMBH, Ethletic, and MooShoes.
Prominent brands in the market are capitalizing on product launches,
advertising, and promotion and steadily enhancing their designs to remain
relevant amid competition. Players operating in the market are consequently
entering into strategic collaborations to attain a competitive advantage. Aside
from this, to guarantee attributes and quality they are focusing on
certifications from prominent international organizations.
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Vegan Footwear Market – Market Segmentation
MicrofibrePolyurethane (PU)Recycled PlasticsRecycled PolyesterCottonNatural RubberHempOthers
North AmericaLatin AmericaEuropeSouth AsiaEast AsiaMiddle East & AfricaOceania
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Vegan Footwear Market
Future Market Insights, in its new offering, provides an unbiased
analysis of the global vegan footwear market, presenting historical demand data
and forecast statistics for the period from 2020-2030. The study divulges
compelling insights on the vegan footwear market, allowing readers to glean
qualitative and quantitative information which will enable them to make
informed market decisions in the upcoming forecast period.
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