The vegan fashion market involves clothing, accessories and footwear made without the use of animal-derived materials such as leather, wool, fur, down, cashmere or silk. Vegan clothing offer a sustainable alternative to animal-derived fabrics by using innovative plant-based materials that mimic the texture of traditional fabrics. Vegan fabrics are eco-friendly and provide comparable durability and comfort as conventional materials. With rising awareness about animal welfare and the environmental impact of conventional materials, vegan fashion is gaining immense traction amongst consumers who are switching to sustainable options.
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 are 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, Getronics, CompuCom.
The growing demand for eco-friendly clothing materials amongst conscious consumers is a major factor driving the growth of the Vegan Fashion Market Growth. People are increasingly looking for sustainable apparel options to reduce their environmental footprint. Vegan fabrics provide a ethical alternative to conventional materials that cause harm to animals.
The vegan fashion industry is expanding globally with increasing focus of brands and retailers on vegan fashion lines. Growing awareness about veganism as a lifestyle philosophy has boosted the demand for vegan products including clothing lines across international markets. Countries like US, Germany, UK, France offer huge opportunities for vegan fashion companies to expand their business.
Market key trends
The rise of plant-based materials is a key trend in the vegan fashion market. Innovative fabrics made from natural fibres like bamboo, soy, cork and citrus are gaining popularity. They mimic popular animal-derived materials like leather and wool but with a lower environmental impact. Their breathability and comfort characteristics appeal to fashion conscious consumers. As technology advances, plant-based faux materials are becoming more durable and indistinguishable from traditional fabrics, driving theiradoption in the vegan clothing space.
Porter’s Analysis
Threat of new entrants: The vegan fashion industry poses a medium threat to new entrants as large amounts of capital are required to produce clothing and compete with established brands. However, startups can enter through niche market offerings.
Bargaining power of buyers: Buyers have moderate bargaining power in the vegan fashion market due to availability of substitutes and price sensitivity of consumers. Brand loyalty plays an important role in retaining customers.
Bargaining power of suppliers: Suppliers of vegan materials have moderate-to-high bargaining power in the industry as alternatives sources are limited and switching costs are high for brands. This forces brands to accept supplier terms.
Threat of new substitutes: Threat of substitutes is high as cotton, silk and synthetic fabrics can be used to produce similar clothing. Technology advances also enable developing more sustainable textile innovations.
Competitive rivalry: Intense as the market is crowded with local and global brands competing on price, quality, innovation and sustainability practices to attract ethically-conscious consumers.
Geographical Regions
North America accounts for the largest share in the vegan fashion market currently due to rising vegan population and presence of key brands. Increased demand for cruelty-free clothing is driving market growth.
Asia Pacific region is poised to experience the fastest growth during the forecast period with countries like India and China emerging as top manufacturers. Rapid economic development and improved living standards are encouraging sustainable fashion adoption. Stringent regulations also push textile industries towards vegan alternatives.
