The global vegan leather market was valued at US$ 157.89 billion by 2028; growing at a compound annual growth rate (CAGR) of 36.7% from 2021 to 2028. Increasing demand for having trendy and fancy commodities, demand for being comfortable, and lavishing spending are the prime reasons for the growth of the vegan leather market. Leather and it is constituent industry play an auspicious role in the global economy. However, owing to the increasing footprint on the environment has urged the industry to shift toward vegan leather. PETA reports that one million animals have been killed so far for their skins and horns and such cases were reported from region like India and China.
The physical and functional characteristics of vegan leather portray similarity over traditional leather. However, vegan leather is light, thin, and sustains harsh climatic conditions with the life span of about 10 years permitting the manufacturing of the new products to augment the vegan leather market growth. Awareness among people behind animal cruelty and protecting the environment among consumers and the fashion industry escalates.
Vegan leather doesn’t need chemicals or water for its production which synthesizes from several naturally occurring components such as cork, cactus, pineapple leaves, apple peels, recycled plastic among several. Prominent players initiated partnerships for developing new innovative vegan leather for the production of new prototypes and commercializing it for different applications. Escalating demand for vegan leather across various industry verticals such as automotive, furniture, and footwear among several aligns for the growth of market revenue share.
North American region is projected to account the largest revenue share owing to the greater consumer base and raw material availability for leather products. Fashion industry is rising thereby increasing the price for leather commodities such as bags and shoes witnessing the steepest demand. Asia- pacific region grants productive prospects owing to growing numbers of leather manufacturers functioning and rising demand in footwear and automobile industry vertical in the region. Countries such as China and India are the prime exporters of leather in the region.
Strict regulation by the government and awareness among the consumers has encouraged the adoption of vegan leather in the European region. Economies such as France, Germany, and Italy have numerous manufacturing units that necessitate vegan leather as their raw material thus augmenting the demand for vegan leather in the upcoming years during the forecast period. However, gap between the supply and demand side for natural leather shifts the manufacturers for opting for alternative choices such as vegan leather.
Prominent players inducing the Global Vegan Leather includes
- Adriano Di Marti
- Yantai Wanhua Group Co. Ltd.
- Alfatex Italia
- BASF SE
- Kuraray Co. Ltd.
- H.R. Polycoats Pvt. Ltd.
- Dupont
- Willow Tex, Anli Group
- Ultrafabrics
Global Vegan Leather Market Segmentation:
By Type
- PVC bases
- Polyurethane
- Bio-based
By Application
- Furniture
- Footwear
- Automobile
- Clothing
- Bags, purses & wallets
- Others
By Region
- North America
- US
- Canada
- Rest of North America
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe (RoE)
- Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
- Rest of the World (RoW)
- South & Central America
- Middle East
- Africa