by Vegan footwear made from synthetic and natural materials like canvas, wood and recycled materials are gaining popularity as they are lightweight and breathable. They provide comfort to the feet and are an ethical choice for environmentally conscious consumers.
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:
Growing environmental concerns among consumers regarding the use of animal products such as leather has accelerated the demand for vegan footwear in recent years. Consumers are increasingly inclined towards sustainable products which do not involve animal cruelty during production. Many vegan footwear brands emphasize on using recycled and bio-based materials for manufacturing which is appealing to ethical buyers. Rising popularity of veganism as a lifestyle movement has further boosted the sales of vegan footwear. Social media campaigns by animal rights groups have also raised awareness about benefits of adopting a vegan and more earth-friendly way of living. These factors are expected to continue fueling the growth of global vegan footwear market over the forecast period.
Segment Analysis
The global vegan footwear market is dominated by athletic footwear segment. Sports being increasingly popular among millennials and rising demand for comfortable and sustainable footwear options are contributing to the dominance of athletic footwear segment. Vegan versions of popular athletic shoes from brands like Adidas, VANS, etc. are gaining substantial traction.
Key Takeaways
The Global Vegan Footwear Market Demand 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 related content comprises
The North American vegan footwear market is expected to lead during the forecast period. Increasing awareness about animal welfare and sustainable fashion choices are driving demand for vegan footwear in countries like the US and Canada. Availability of diverse brands and affordable price points are attracting more customers in the region towards vegan footwear.
Key players related content comprises
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. Growing environmental consciousness and focus on ethical products are encouraging these players to invest in vegan footwear collections.Customers are increasingly demanding vegan versions from popular labels as an alternative to leather shoes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
