The global vegan footwear market is expected to reach $ 300 billion by 2030. The annual growth outlook is 6.8%. The estimates are part of the report released by Allied Market Research, released in October of this year.
According to the data, the global vegan footwear market generated $ 156.89 billion in 2020. The report provides detailed analysis of changing market dynamics, key segments, value chain, pockets of key investments, regional landscape and competitive scenario.
Vegan shoes are made without the use of animal leather, with environmentally friendly materials. Increasing cases of animal cruelty, growing awareness of animal rights, growing demand for sustainable products are some of the major factors responsible for the growth of the global vegan footwear market.
Technological advancements in the footwear industry have led to the development of various environmentally friendly materials such as microfiber, recycled plastics, synthetic leather, cotton and polyurethane. These materials can be used as raw material. for the manufacture of these shoes.
In 2020, women were the majority of end consumers. In terms of distribution, the specialty stores segment retained the largest market share in 2020, holding more than three-fifths of the market share. total, and is expected to maintain its leadership position during the forecast period.In addition, the online store segment is expected to register the highest annual growth: 11.6% from 2021 to 2030.
North America contributed the largest share in terms of revenue in 2020, holding more than a third of the global vegan footwear market, and is expected to continue to dominate its share in 2030.
Major global vegan footwear market players analyzed in the survey include Nike, Adidas, AVESU GmbH, Beyond Skin UK, Ethletic, Hexa Vegan Shoes, Matt & Nat, MooShoes, Susi Studio and Veerah.
In another area, the vegan food market is also doing very well and is expected to grow 100% by 2026 according to information from the Vegazeta website. Who published a survey of Allied Market Research. The concern to consume animal welfare friendly foods has fueled the growth of the market, according to Allied Market Research. “In addition, in recent years, there has been an increase in the number of vegan populations in the market. whole world. "
One of the factors that has contributed to the growth of the meat and dairy substitutes market is the increase in cases of lactose intolerance. This trend has greatly benefited plant products.
“It is hoped that innovations in flavor and texture, as well as developing markets, will offer great opportunities in the near future,” the company explains.
Research also suggests that other factors such as reducing or completely avoiding the consumption of foods of animal origin are increasingly driven by ethical, health and awareness issues. emergence of zoonotic diseases such as Covid-19 The pandemic, which has lasted for almost two years, has brought to light new thinking on animal consumption; which can only argue in favor of vegan foods.
New eating habits and market expansion
Currently, numerous campaigns to raise awareness about the increase in carbon emissions on the planet and the degradation of the natural resources required for the production of animal proteins are helping more people to rethink their eating habits.
According to a report by Meticulous Research, the annual growth rate is estimated at 11.9% through 2027. The report also suggests that the market could reach an equivalent value of over 61 billion euros by then.
Businesses around the world know that there is a change that has taken place and that industries whose business remains predominantly anchored in traditional food production will need to adapt quickly. The challenge is great for the players in this market
because they will have to make a profitable transition while taking into account the new desires of consumption and sustainability.