Vegan Leather Market - Forecast(2024 - 2030)

Report Code: CPR 1020 Report Format: PDF + Excel

Vegan Leather Market Overview:

Vegan Leather Market size is estimated to reach $204 million by 2030, growing at a CAGR of 11.4% during the forecast period 2023-2030. A robust rise in the vegan population across the globe coupled with an increasing demand for cruelty-free and climate-friendly products by consumers as they become more environmentally conscious are among a few significant factors leading to the market growth of Vegan Leather during the forecast period 2023-2030.

Vegan Leather is made from Polyurethane (PU), Polyvinyl chloride (PVC) and also recycled plastic. Agricultural waste and natural or plant-based sources such as pineapple leaves, apple peels, cork, flowers and wood are considered to be innovative and sustainable materials for the production of vegan leather.

Market Snapshot:
Vegan Leather Market - Report Coverage:

The “Vegan Leather Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Vegan Leather Market.

Attribute

Segment

By Source

  • Synthetic/Plastic based

  • Natural/Plant based




By Application

  • Apparels

  • Footwear

  • Bags & Wallets

  • Vehicle upholstery

  • Fashion Accessories

  • Others




By End User

  • Fashion

  • Furniture

  • Automotive

  • Textile

  • Furnishing

  • Electronics

  • Others






By Geography

  • North America (the US, Canada and Mexico)

  • Europe (Germany, France, the UK, Italy, Spain, Russia and the Rest of Europe),

  • Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific),

  • South America (Brazil, Argentina, Chile, Colombia and the Rest of South America)

  • The Rest of the World (the Middle East and Africa).


COVID-19 and Ukrainian Crisis Impact:

●  The COVID-19 pandemic has decreased in demand for fashion products including vegan leather products. For many people staying at home and working remotely, there is less demand for fashion items and many consumers have reduced their spending on non-essential items. This has affected sales of vegan leather products, particularly in the fashion industry. However, the pandemic has also led to a greater focus on online sales and e-commerce which has helped to mitigate the impact of the decrease in physical retail sales. Many vegan leather manufacturers have increased their online presence and invested in digital marketing which has helped to maintain sales during the pandemic.

●  The Russia-Ukraine crisis has impacted the availability and pricing of raw materials used in the production of vegan leather. Ukraine is a significant exporter of sunflower oil which is a key raw material used in the production of some types of vegan leather. The imposition of trade restrictions and economic sanctions has led to a decrease in the availability of this material and has affected the production and pricing of vegan leather products.

Key Takeaways:

           ●  Demand for Cruelty-free and Climate-friendly Products Boosts Demand

Demand for vegan leather is on the rise mainly due to two reasons. Firstly, consumers become more nature friendly and prefer products that cause minimum or zero impact on the environment, especially the slaughtering of animals. Secondly, there has been an increase in veganism across the globe. Veganism is a commitment to not use any animal-derived ingredient in their diet as well as lifestyle. 6% of the total population of the U.S. has become completely vegan whereas, in the Asia-Pacific, the number is as high as 9% of the total population.

●   Mycelium - A New Plant-based Material for Vegan Leather Made Out of Mushroom

Mycelium which an underground root structure of mushrooms is resulting as a robust leather alternative and is preferred by textile companies as it can be used efficiently used to cut down on production time. For example- Grado Zero, a German textile company manufactures their own mushroom-based leather by the name Muskin. The company’s other brand nat-2 is produced by a combination of mycelium leather, organic cotton and recycled water bottles to produce faux leather shoes.

Vegan Leather Market Share (%) By Region, 2022



Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Vegan Leather Market. The top 10 companies in this industry are listed below:

  1. Desserto (Desserto Vegan Leather, Desserto Cactus Leather)
  2. Matt & Nat (Dwell Collection, Vintage Collection)
  3. Will’s Vegan Shoes (Chelsea Boots)
  4. Votch (Mesh Collection, Classic Collection)
  5. MycoWorks (Mushroom Leather, Reishi)
  6. Kombucha Couture (Malai, Kombucha Couture)
  7. Biofiba (Bioart, Casulo, Recofibra)
  8. Bolt Threads (Mylo, Geltor)
  9. Ananas Anam (Hugo Boss, Nae Vegan)
  10. Vegea (Salvatore Ferragamo, Porsche)

Scope of the Report:

Report Metric

Details

Base Year Considered

2022

Forecast Period

2023–2030

CAGR

11.4%

Market Size in 2030

$204 million

Segments Covered

Source, Application, End Use Industry and Region

Key Market Players

  1. Desserto

  2. Matt & Nat

  3. Will’s Vegan Shoes

  4. Votch

  5. MycoWorks

  6. Kombucha Couture

  7. Biofiba

  8. Bolt Threads

  9. Ananas Anam

  10. Vegea


For more Consumer Products and Services Market reports, please click here
1. Vegan Leather Market - Overview
    1.1. Definitions and Scope
2. Vegan Leather Market - Executive Summary
3. Vegan Leather Market - Comparative Analysis
    3.1. Company Benchmarking - Key Companies
    3.2. Global Financial Analysis - Key Companies
    3.3. Market Share Analysis - Key Companies
    3.4. Patent Analysis
    3.5. Pricing Analysis
4. Vegan Leather Market - Start-up Companies Scenario 
    4.1. Key Start-up Company Analysis by
        4.1.1. Investment
        4.1.2. Revenue
        4.1.3. Venture Capital and Funding Scenario
5. Vegan Leather Market – Market Entry Scenario Premium 
    5.1. Regulatory Framework Overview
    5.2. New Business and Ease of Doing Business Index
    5.3. Case Studies of Successful Ventures
6. Vegan Leather Market - Forces
    6.1. Market Drivers
    6.2. Market Constraints
    6.3. Market Challenges
    6.4. Porter's Five Force Model
        6.4.1. Bargaining Power of Suppliers
        6.4.2. Bargaining Powers of Customers
        6.4.3. Threat of New Entrants
        6.4.4. Rivalry Among Existing Players
        6.4.5. Threat of Substitutes
7. Vegan Leather Market – Strategic Analysis
     7.1. Value Chain Analysis
     7.2. Opportunities Analysis
     7.3. Market Life Cycle
8. Vegan Leather Market – by Source (Market Size – $Million/$Billion)
    8.1 Synthetic/Plastic-based
    8.2 Natural/Plant-based
9. Vegan Leather Market – by Application (Market Size – $Million/$Billion)
    9.1 Apparels
    9.2 Footwear
    9.3 Bags & wallets
    9.4 Automobiles
    9.5 Fashion Accessories (Belts)
    9.6 Others
10. Vegan Leather Market – by End-use Industry (Market Size – $Million/$Billion)
    10.1 Fashion
    10.2 Furniture
    10.3 Automotive
    10.4 Textile
    10.5 Furnishing
    10.6 Electronics
    10.7 Others
11. Vegan Leather Market – by Geography (Market Size – $Million/$Billion) 
    11.1. North America
        11.1.1. The U.S.
        11.1.2. Canada
        11.1.3. Mexico
    11.2. Europe
        11.2.1. UK
        11.2.2. Germany
        11.2.3. France
        11.2.4. Italy
        11.2.5. Spain
        11.2.6. Russia
        11.2.7. Rest of Europe
    11.3. Asia-Pacific
        11.3.1. China
        11.3.2. India
        11.3.3. Japan
        11.3.4. South Korea
        11.3.5. Australia & New Zealand
        11.3.6. Rest of Asia-Pacific
    11.4. South America
        11.4.1. Brazil
        11.4.2. Argentina
        11.4.3. Chile
        11.4.4. Colombia
        11.4.5. Rest of South America
    11.5. Rest of the World
        11.5.1. Middle East
        11.5.2. Africa
12. Vegan Leather Market – Entropy
13. Vegan Leather Market – Industry/Segment Competition Landscape 
    13.1. Market Share Analysis
        13.1.1. Market Share by Material Type – Key Companies
        13.1.2. Market Share by Region – Key Companies
        13.1.3. Market Share by Country – Key Companies
    13.2. Competition Matrix
    13.3. Best Practices for Companies
14. Vegan Leather Market – Key Company List by Country Premium  
15. Vegan Leather Market - Company Analysis
    15.1. Desserto
    15.2. Matt & Nat
    15.3. Will’s Vegan Shoes
    15.4. Votch
    15.5. MycoWorks
    15.6. Kombucha Couture
    15.7. Biofiba
    15.8. Bolt Threads
    15.9. Ananas Anam
    15.10. Vegea
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The Vegan Leather Market is projected to grow at 11.4% CAGR during the forecast period 2023-2030

The Global Vegan Leather Market size is estimated to be $87 million in 2023 and is projected to reach $204 million by 2030

The leading players in the Vegan Leather Market are Desserto, Matt & Nat, Will’s Vegan Shoes, Votch, MycoWorks and others.\r\n\r\n

High demand for sustainable and eco-friendly products and the growing popularity of plant-based diets are some of the major Vegan Leather Market trends in the industry which will create growth opportunities for the market during the forecast period.

The growing demand for luxury fashion products that are made from sustainable and cruelty-free materials is driving market growth. The development of new and innovative materials, such as those made from mushroom mycelium or pineapple leaves is creating new opportunities in the Vegan Leather Market.