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. Vegan leather is termed as a synthetic leather which imitates like leather used as a replacement of leather used in automobile, footwear, furniture and others. Actual leather material is too expensive and non- biodegradable. Vegan leather can be synthesized from cork, apple peels, cactus, recycled plastic, pineapple leaves and others as it doesn’t require chemicals or water for its production.
According to PETA, until now millions of animals have been killed for their skins and horns and most of cases of killing was from countries like China and India. Vegan leather is lighter and thinner which enables the manufacturers to innovative products. Vegan leather is mostly produced from PVC and polyurethane. Polyurethane harms the lungs causing asthma and lung irritation and PVC contains dioxin which released chlorine when burned thus restricting the use of PVC and polyurethane. People awareness towards animal cruelty and environmental protection rises the demand of vegan leathers among the consumers and fashion industries which anticipates the market demand globally. Increasing population along with the new technology are the ideal factors for the growth of the vegan leather market. Vegan leather can repel the extreme climate conditions such as in winter it offers exceptional resistance to snow or water and have a life span of about 10 years.
North America dominates the vegan leather market followed by Europe owing to animal less and environmental safety. In Asia Pacific, China dominates the market due to the growing demand of vegan leather in footwear and automobile industries.
Global Vegan Market is segmented type, application, sales channel and region. Based on type, it is categorized into PVC bases, polyurethane and bio based. By application, it is categorized into furniture, footwear, automobile, clothing and others. Further, based on regional insights, vegan leather market is categorized into North America (US, Canada, Rest of North America), Asia Pacific (China, India, South Korea, Rest of Asia Pacific), Europe (UK, Russia, Germany, Rest of Europe), Rest of the World (Latin America and Middle East & Africa).
Key players involved in the global vegan leather market 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 and Ultrafabrics, among others.
Segmentation and Scope of the Global Vegan Leather Market
Global Vegan Leather market is segmented into type, application, sales channel and region.
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