Vegan Footwear Market is gaining traction globally driven by rising animal welfare concerns
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Vegan Footwear Market |
Vegan
footwear is gaining widespread popularity as a sustainable and animal-friendly
alternative to leather footwear. Made from plant-based and synthetic materials
like cotton, hemp, recycled polyester and rubber, vegan footwear offers
comparable quality and style to conventional leather shoes without relying on
animal products or by-products. With increasing environmental awareness and
concerns around animal welfare, many footwear brands are launching vegan
collections to cater to conscious consumers seeking cruelty-free options.
The global vegan footwear market offers a diverse range of styles including
sneakers, flats, sandals, boots and heels crafted from sustainable materials.
Vegan materials replicate the look and feel of leather very closely, providing
an ethical yet stylish choice. As veganism grows globally, the demand for
animal-product free accessories is also rising considerably. The variety of
vegan footwear available allows consumers to express their values through
fashionable purchases.
The
global vegan footwear Market is estimated to be valued at US$ 53.49 Mn in 2024
and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to
2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the vegan footwear market is
the rising popularity of sustainable fashion. More consumers are becoming aware
of the environmental impact of the footwear industry and opting for
cruelty-free products. Vegan footwear producers are increasingly using recycled
and biodegradable materials in their designs to further their sustainability
credentials. Another notable trend is the rise of celebrity endorsements - many
A-list celebrities openly advocate for veganism and promote vegan brands on
social media, inspiring their fans to make ethical purchases. This helps boost
the profile of vegan footwear considerably.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the vegan footwear
market is moderate. Established players have strong brand recognition and
supply chain advantages. However, costs of setting up a vegan footwear business
are relatively low.
Bargaining power of buyers: Buyer bargaining power is high given the
availability of alternatives in the market. Buyers can easily switch to
non-vegan options if prices increase significantly.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining
power due to availability of substitute materials. However, specialized
material suppliers may enjoy higher bargaining power.
Threat of new substitutes: Threat of substitutes is high as various plant-based
and synthetic materials can replace leather and other animal-derived materials
in footwear manufacturing.
Competitive rivalry: The global vegan footwear market is fragmented with the
presence of several private label brands. However, major players enjoy
advantages of economies of scale and integrated supply chains.
Key Takeaways
The Global
Vegan Footwear Market Demand is expected to witness high growth over
the forecast period. Growing consumer awareness about animal welfare and
environment sustainability is driving market expansion. The global vegan
footwear Market is estimated to be valued at US$ 53.49 Mn in 2024 and is
expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.
Regional analysis: North America leads the global vegan footwear market
currently due to rising vegan population. Asia Pacific is expected to be the
fastest growing regional market supported by increasing discretionary incomes
and changing mindsets in countries like India and China.
Key players: Key players operating in the vegan footwear market 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. Quest Diagnostics leads the market with wide
product portfolio and global footprint. Other major players are focusing on new
product launches and geographical expansion to tap growth opportunities.
For more details on the report, Read- https://www.rapidwebwire.com/vegan-footwear-market-growth-market-size-share-analysis/
Get more insights on this topic: https://captionssky.com/central-venous-catheter-market-in-the-u-s-an-overview/
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