Vegan footwear are those which are made completely without use of animal-derived materials like leather, wool, silk or down. These footwear use synthetic and plant-derived materials like cotton, jute, fabrics, synthetic leathers, rubber and recycled materials. Vegan footwear are free from animal by-products and cruelty-free. The growing trends of veganism, animal welfare and environmental protection are driving demand for these footwear globally.
Key Takeaways
Key players operating in the vegan footwear are Quest Diagnostics,Roche Holding AG,Thermo Fisher Scientific, Inc.,Siemens AG (Siemens Healthineers),Abbott Laboratories (Alere, Inc.),Shimadzu Corporation,Express Diagnostics International Inc.,Drägerwerk AG & Co. KGaA,Laboratory Corporation of America Holdings. With rising number of people adopting vegan lifestyle and increasing awareness regarding animal welfare, the demand for vegan footwear is rising significantly. The key players are launching variety of innovative and sustainable product lines made from plant-based and recycled materials to cater to Vegan Footwear Market Growth demand. Technological advancements involving development of synthetic vegan leather materials are introducing more durable alternatives to animal-derived footwear products.
Market Trends
- Development of breathable and moisture-wicking vegan materials- Companies are developing advanced synthetic vegan materials which are breathable, moisture-wicking and comfortable like genuine leather. This is increasing acceptance of vegan footwear.
- Innovative product designs and styles- Vegan footwear brands are launching diverse styles, designs, colours and performance categories like sports shoes, formal shoes, party shoes etc to appeal to different customer segments.
Market Opportunities
- Emerging markets growth- Countries of Asia Pacific and Latin America are expected to drive high growth in vegan footwear market owing to changing lifestyles,rapid urbanisation and rising disposable incomes.
- E-commerce sales potential- High growth potential exists in selling vegan footwear lines through e-commerce and D2C websites to tap into online shopping trends and reach larger audience.
Impact of COVID-19 on Vegan Footwear Market Growth:
The COVID-19 pandemic has significantly impacted the growth of the vegan footwear market. During the initial outbreak and lockdown phases, the demand and production of vegan footwear declined sharply as most of the factories and stores were closed. The supply chain was disrupted severely affecting the availability of raw materials. The consumer spending on non-essential items like footwear reduced significantly due to economic uncertainties caused by the pandemic. However, with restrictions easing and economies reopening gradually, the market is witnessing steady recovery.
The footwear industry players are continuously innovating and adopting advanced technologies to strengthen their supply chain resilience. They are offering comfortable and affordable vegan styles online to cater to the growing consumer preference for online shopping. The rising health and ethical concerns among people regarding animal welfare during the pandemic have further boosted the demand for vegan footwear. Companies are focusing on sustainable materials and collaborating with vegan brands to tap into new customer segments. If the prevailing trends continue in the post-COVID era, the vegan footwear market is expected to regain momentum and witness accelerated growth over the forecast period.
Geographical Regions with Highest Value Concentration in Vegan Footwear Market:
The vegan footwear market in terms of value is highly concentrated in North America and Western Europe. These regions have seen rapid growth in veganism and a strong desire among consumers to make compassionate lifestyle choices. Countries like the United States, United Kingdom, Germany, and France have emerged as major markets. The increasing concerns over animal welfare, environment protection and health benefits of a plant-based diet have driven widespread vegan footwear adoption. Moreover, the strong presence of leading global footwear brands, rising vegan influencer culture and established retail networks have augmented the regional market growth.
Fastest Growing Region in Vegan Footwear Market:
Asia Pacific region is expected to be the fastest growing market for vegan footwear. Countries like India, China, Japan and Australia are witnessing rising vegan populations and a surge in local vegan brands. The growing millennial and Generation Z consumer base in these countries is promoting environmentally sustainable practices and ethical lifestyles. The improving living standards, burgeoning online retail platforms and gradual shift towards Western food trends are propelling the regional vegan movement. Several global brands are capitalizing on these dynamics by expanding their presence in Asia Pacific with affordable vegan ranges. With supportive policies by governments and continued social media influence, the APAC vegan footwear market is poised to exhibit stellar growth over the coming years.
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