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, according to the latest market research report published by IndustryARC. Increasing demand for environment-friendly, plant-based ingredients and products and a rising vegan population across the globe are poised to propel market growth, finds IndustryARC in its recent report titled “Vegan Leather Market (2023-2030)”
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Europe is leading the Market
The Europe region held the largest revenue share of $31 million in 2022. Europe has been at the forefront of the sustainable fashion movement and has been promoting the use of eco-friendly and sustainable materials in the fashion industry. Vegan leather, also known as faux leather or synthetic leather, is one such material that has gained popularity owing to its sustainability and ethical considerations.
The European Union has implemented strict regulations on the use of chemicals in textile production and has established standards for the use of sustainable materials. This has encouraged fashion companies to adopt more sustainable practices and materials. According to Vegan Fashion, the vegan fashion sector makes a 69% of sales in the UK in 2022.
Vegan Leather Market 2023-2030: 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 | By Source, By Application, By End User |
| Geographies Covered | 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) and the Rest of The World (the Middle East and Africa). |
| Key Market Players | 1. Desserto 2. Matt & Nat 3. Will’s Vegan Shoes 4. Votch 5. MycoWorks 6. Vegea 7. Kombucha Couture 8. Biofiba 9. Bolt Threads 10. Ananas Anam |
Vegan Leather Market Report – Key Takeaways & Market Opportunities
Luxury Fashion Designers Switching to Animal Alternatives for Leather
The growing demand for luxury fashion products that are made from sustainable and cruelty-free materials are driving the Vegan Leather Market Growth. Consumers are more aware of the environmental impact of the fashion industry and are looking for sustainable and eco-friendly alternatives. The use of vegan leather in luxury fashion products has a major trend with many high-end brands launching their own lines of vegan leather products. Fashion designing brands such as Hugo Boss and H&M uses pineapple leather for their range of shoes and exclusive collection respectively.
Fashion Industry is Leading the Market
According to the Vegan Leather Market forecast, the fashion industry held the largest share of 38% in 2022. The fashion industry has the new development and innovation in vegan leather materials. Many leading fashion brands and designers are investing in research and development to create new materials and products that meet the growing demand for sustainable and ethical fashion are driving the fashion industry growth. As per vegan fashion statistics, the fashion industry in vegan is estimated to reach $43.2 billion by 2030 in which men’s luxury fashion is estimated to adopt more vegan friendly.
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Limited Availability of High-Quality Vegan Leather Material Hampers the Market Growth
The quality and consistency of raw materials are critical factors in producing high-quality vegan leather. The availability and consistency of these materials can vary, which can affect the quality of the final product. For instance, pineapple leaves and apple peels which are commonly used in vegan leather production have variations in texture, strength and durability depending on the specific batch and source.
Additionally, the production process for vegan leather is complex and requires specialized equipment and expertise, which may limit the number of manufacturers able to produce high-quality vegan leather. This result in a limited supply of high-quality vegan leather materials which make it challenging for designers and manufacturers to meet the demand for vegan leather products.
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The Report also Covers the Following Areas:
Vegan Leather Market 2023-2030: Key Highlights
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.
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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:
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