The global vegan footwear market is estimated to be valued at ~US$ 24.86 Bn in 2020 and expected to expand at 7.2% between 2020 and 2030. Millennial have emerged as a key demography for the market, demonstrating high willingness to spend on fashion apparel and footwear.
Younger generation are demonstrating impressive eco-consciousness. To an extent this is attributable to social media influence and messages shared by celebrities and their role models across public platforms.
Consumers’ changing mind-set is encouraging them to support brands that respect their values and lifestyle. Additionally, surging consciousness with regards to comfort, eco-friendly material, and sustainable products is favoring production and sales of vegan footwear.
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Future Market Insights’ (FMI’s) report on the market studies various factors enabling growth. It also uncovers hidden opportunities for the market players. Some of the key takeaways from the report are:
- According to the report, behemoths such as Nike, Inc., Adidas AG, Puma SE, Under Armour, and others are incorporating various recycling programs and introducing new collections of vegan footwear with eco-friendly fires to retain the customers
- Companies are investing in product designing and innovation to establish a strong foothold in the emerging markets. Simultaneously, they are reducing their carbon footprint which is helping them to lower operating costs. These steps adopted by the companies are improving their brand perception in the market
- North America is expected to retain its dominance backed by the immense popularity of vegan fashion among millennial. The footwear manufacturing sector is witnessing a strong demand for vegan footwear in the U.S. In Europe the market will gain from the rising demand in the U.K. and Germany
- Based on product type, the shoes segment holds the highest share in the global vegan footwear market and is expected to exhibit a higher CAGR as compared to other product types
- The footwear industry is thriving immensely through increased sales via e-Commerce platforms. Online retailing is expected to gain momentum in response to the surging popularity of vegan footwear in the coming years
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Rising Demand for Eco-Friendly Shoes Causing Sales Uptick
At present, maximum number of footwear manufacturers are acting in response to the increasing demand for sustainable products and recycled commodities. Some of the leading brands are therefore abandoning the use of fur and leather and replacing them materials used with recycled plastics and polyester, rubber, and others.
This is seen as a key strategic move among companies to retain existing consumers and attract new ones. Some of them are even reviewing their pricing strategies to gain better traction.
While demand for eco-friendly products will remain the chief growth driver, expansion of the market will remain subdued amid the ongoing pandemic. The unprecedented COVID-19 outbreak has caused significant disruptions in supply chain, compelling brands to focus on leveraging their online presence.
Growth according to FMI, will remain stunted during the pandemic. However, the market is expected to recover soon since consumers are likely to be more cautious about their choices in the post COVID-19 period.
Who is winning?
Some of the key companies operating in the vegan footwear market are Nike Inc., Susi Studio, Adidas AG, Matt & Nat, Veerah, Hexa Vegan Shoes, AVESU GMBH, Beyond Skin UKamong, Ethletic, MooShoes, and others.
Several vegan footwear companies are spending on promotional activities, expansion of their physical store presence, and entering into a strategic partnership with prominent retailers to cater to growing consumer demand.
- In 2019, the company Adidas AG, entered into a strategic partnership with an American hip hop group, Beastie Boys and introduced ‘Adidas Skateboarding X’, a vegan sneaker.
- In 2019, beauty entrepreneur & celebrity tattooist Kat Von D had launched a collection of vegan shoes made of vegan leather made from apples, faux fur, and recycled rubber, etc.