A recent report published by Infinium Global Research on the vegan leather market provides an in-depth analysis of segments and sub-segments in the global as well as the regional vegan leather market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional vegan leather market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global vegan leather market. According to the report, the global vegan leather market is projected to grow at a CAGR of 48.1% over the forecast period of 2020-2026.
Plastic-based materials such as polyvinyl chloride or PVC and polyurethane are widely used to make vegan leather. Vegan leather is thinner than real leather and more lightweight. This makes vegan leather great for fashion and in essence, makes it easier to work with. Furthermore, innovative companies are coming out of the woodwork, introducing a new kind of leather-like material. Mushrooms, pineapples, and active cultures have all been tapped to produce a more sustainable future for fashion. As people are increasingly growing aware of the leather industry's effects on the environment and animals, the market for cruelty-free alternatives is growing. Several brands are out there trying to make vegan leather as low-impact as possible by using plants to create leather-like fabrics.
The number of people adopting vegan culture has increased significantly due to the increasing awareness about animal cruelty along with the rising ethical and environmental concerns among the consumers. Due to this transformation in consumer trends, fashion houses are intensively searching for a viable, animal-free leather alternative. This, in turn, has increased the demand for vegan leather. Further, owing to increasing concerns over the leather industry's environmental impact, vegan leathers such as high-grade artificial leathers and those derived from recycled polyesters are in gaining prominence in the market. However, the high R&D cost of manufacturing biodegradable vegan leather is expected to moderately restrain the growth of the vegan leather market. Nevertheless, the growing adoption of vegan leather by key automotive manufacturers such as Volkswagen, Mercedes-Benz, and Tesla will generate fruitful opportunities for emerging players in the vegan leather industry.
Geographically, North America holds the maximum share in the global vegan leather market. The rising demand for natural ingredients together with the rising inclination of consumers towards vegan/vegetarian products are factors anticipated to support the growth of the North American vegan leather market over the forecast period. Furthermore, Europe is the second-largest market for vegan leather owing to the increasing demand for animal-free and eco-friendly alternative products. The European region offers a substantial potential for market growth owing to rapid growth in markets such as U.K and France. The Asia Pacific region acquires a considerable share of the vegan leather market owing to rapid growth in markets such as China, India, Japan, and South Korea. China is the largest vegan leather market in the Asia Pacific, owing to robust growth in the automotive and footwear end-user industries in the country.
The report on global vegan leather market covers segments such as product, and application. On the basis of product, the sub-markets include polyurethane, recycled polyester, and bio based. On the basis of application, the sub-markets include furnishing, automotive, footwear, bags & wallets, clothing, and other applications.
The report provides profiles of the companies in the market such as Ananas Anam Ltd, Desserto, VEJA, VEERAH, Responsive Industries Ltd, Modern Meadow, Bolt Threads Inc, VEGEA SRL, Fruitleather Rotterdam, and Matt & Nat Company.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of vegan leather market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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