Vegan
fashion products such as clothing, footwear, and accessories are manufactured
without using animal-derived components such as leather, wool, cashmere, and
silk. Traditionally, vegan fashion products were made using synthetic and
plant-based materials like polyester, cotton, linen, bamboo, and hemp. However,
innovative new materials such as pineapple leaf fiber and mushroom leather are
now being used. The global vegan fashion market is gaining popularity among
environmentally conscious consumers.



The global vegan fashion market is estimated to be valued at US$ 596.88 Bn in 2023 and is expected
to exhibit a CAGR of 9.3% over the
forecast period 2024 to 2031, as highlighted in a new report published by
Coherent Market Insights.



Market Dynamics

One of the key drivers for the growth of the vegan fashion market is the rising
concerns regarding animal cruelty in the textile industry. Conventional leather
production involves distressing procedures such as brandings, dehorning,
separation of calves from mothers, confinement in small spaces, transportation
in cruel conditions, and slaughtering. Similarly, cashmere and wool production
involves mulesing or cutting strips of skin from sheep's backs which causes
distress. The increasing awareness about these animal welfare issues is driving
the demand for vegan fabrics that do not require harming animals. Moreover, the
adoption of veganism as a lifestyle choice to avoid using animal products is
also fueling the vegan fashion industry.



SWOT Analysis

Strength: The vegan fashion market offers ethically sourced and sustainable
clothing options. Vegan fabrics like hemp, organic cotton and bamboo are
durable and breathable. There is a growing consumer demand for cruelty-free
products.



Weakness: Vegan fashion brands have fewer design options as they avoid
materials derived from animals. Setting up a fully sustainable and ethical
supply chain can be costly. Some vegan clothing may be more expensive than
conventional options.



Opportunity: More fashion houses are introducing vegan clothing lines to cater
to ethical consumers. The market is expected to grow with rising awareness
about environmental protection and animal welfare. Emerging countries will
drive future expansion of the vegan fashion industry.



Threats: Conventional retailers can launch affordable vegan clothing lines and
capture market share. Strict regulations and certification for
"vegan" labels can pose compliance challenges. Economic slowdowns may
impact discretionary spending on sustainable fashion.



Key Takeaways

Global
Vegan Fashion Market Size is expected to witness high growth driven by
increasing health, environmental and animal welfare concerns. The market size
is projected to reach US$ 596.88 Bn
by 2024 registering a CAGR of 9.3% during
the forecast period of 2024 to 2031.



Regional analysis Western Europe currently dominates the vegan fashion market
owing to strict sustainable policies and higher consumer spending on ethical
products in countries like UK, Germany and Italy. Asia Pacific is poised to be the
fastest growing regional market, led by rising vegan trends in India and China.
With growing middle class and awareness about veganism, the APAC vegan fashion
industry will see exponential gains.



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. Dell and HP are
among the leading IT service providers that offer innovative and sustainable
electronics made without any animal-derived components. IBM is focused on
driving systemic change across industries through blockchain and AI-enabled
vegan solutions.

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