by The vegan fashion market involves clothing, footwear and accessories derived entirely from plants, without the involvement of any animal derived components or byproducts. Vegan fashion provides all the advantages of regular clothing including style, fit and design, but is constructed from sustainable and eco-friendly materials such as cotton, bamboo, soy, linen, hemp and recycled plastics. The rising concerns for animal welfare and environment protection have increased the demand for vegan clothing made without silk, wool, down, leather and other animal materials.
The Global vegan fashion market is estimated to be valued at US$ 596.88 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the vegan fashion market include Dell, IBM, Hewlett Packard Enterprise, Fujitsu, Lenovo, Hitachi, Toshiba, Apple, Samsung, Microsoft, Cisco, HCL Technologies, Wipro, Infosys, Tata Consultancy Services, Tech Mahindra, Unisys, Dimension Data, and Getronics, CompuCom. The increasing awareness about animal rights and environmental sustainability has opened lucrative opportunities for vegan fashion brands to expand their businesses. Many top fashion brands and celebrities are promoting vegan clothing lines which is encouraging global adoption of vegan fashion. Major vegan fashion companies are expanding their operations across Europe, North America, Asia Pacific and other regions to tap the growth opportunities in international markets.
Market drivers
The strong growth in the Vegan Fashion Market Growth is attributed to the rising concerns over animal welfare. Multiple reports of animals being tortured and skinned alive for fur and leather production have encouraged people to switch to cruelty-free vegan brands. Furthermore, growing environmental consciousness is alsodrivingthe shift towards plant-based sustainable fabrics which cause lesser pollution and ecological damage compared to conventional materials like Vegan Footwear fur, leather, wool etc.
PEST Analysis
Political: The rising concerns over animal welfare and rights positively impacts the market. Many countries have passed laws banning animal tested products, thus driving demand for vegan fashion.
Economic: Consumers are increasingly spending more on sustainable and eco-friendly products. Though vegan fashion products may cost slightly higher compared to regular products, customers willingness to pay premium prices supports market growth.
Social: Rising health concerns such as lifestyle diseases, obesity etc has boosted popularity of veganism as a lifestyle choice. The influence of social media has encouraged people to advocate vegan fashion through campaigns.
Technological: Advancements in material science have enabled creation of novel fabrics that mimic features of animal-based fabrics like leather, wool etc without actually using animal products. Digital marketing helps brands promote vegan fashion on a global scale.
Geographical regions with high market concentration
North America accounts for the largest market share currently due to strong advocacy of veganism as an ethical lifestyle. Europe is another major regional market driven by stringent environment laws and consumer awareness about sustainability. The markets in USA and UK are most valuable globally.
Fastest growing region
Asia Pacific region is expected to witness highest growth during the forecast period. Factors such as rising health consciousness, increasing spending power, availability of vegan fashion brands catering to regional customer needs, and adoption of western lifestyles in countries like China, India will support market expansion in Asia Pacific.
