Vegan fashion offers cruelty-free clothing made without the use of animal products, such as leather, wool, silk, and down. Products in the vegan fashion market include clothing, footwear, accessories made from sustainable plant-based and synthetic materials that provide an alternative to consumers who wish to avoid animal products. The global vegan fashion market is estimated to be valued at US$ 518.12 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of sustainable materials is one of the key trends driving growth of the vegan fashion market. Many consumers are increasingly preferring apparel and footwear made from eco-friendly plant-based and bio-based materials like bamboo, cotton, linen, soy, and recycled polyester due to their minimal environmental footprint. Leading vegan fashion brands are focusing on utilizing sustainable materials in their product offerings to meet the rising demand for cruelty-free clothing with lower emissions. The growing uptake of sustainable materials is expected to boost market expansion over the forecast period.
Segment Analysis
The global vegan fashion market is dominated by apparel segment which accounted for over 42% share in 2023. Apparel sector has emerged as the pioneering market in promoting vegan fashion owing to rapid development of vegan fabrics like plant leather, threads made from natural sources like bamboo, cotton etc. Plant leather gained huge popularity as an ethical alternative to animal leather increasing its adoption amongst leading apparel brands and designers. Other major segments include accessories and beauty.
Key Takeaways
The global Vegan Fashion Market Growth is expected to witness high growth over the forecast period 2023 to 2030.
Regional analysis: North America emerged as the largest vegan fashion market, accounting for around 35% share of global market in 2023. The USA dominated the region's market owing to large vegan population and increased regulations prohibiting animal testing in fashion industry. Europe followed North America in terms of size led by countries like UK and Germany. Asia Pacific is projected to witness fastest growth during the forecast period led by double digit growth rates in India and China on back of influx of international vegan fashion brands and rising disposable incomes.
Key players operating in the vegan fashion market are Dell, IBM, Hewlett Packard Enterprise, Fujitsu, Lenovo, Hitachi, Toshiba, Apple, Samsung, Microsoft, Cisco, HCL Technologies, Wipro, Infosys, Tata Consultancy Services, Tech Mahindra, Unisys, Dimension Data, Getronics, CompuCom. Dell emerged as the leading vendor with over 15% market share owing to its wide portfolio of ethical and sustainable clothing line. IBM achieved second position through strategic partnerships with major apparel brands to promote digital manufacturing of vegan apparel using blockchain and AI technologies.
For more insights, read- https://www.ukwebwire.com/vegan-fashion-market-trends-size-and-share-analysis-2/
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