The vegan footwear market is thought to be worth $24.86 billion, and it is expected to keep growing.
The market for vegan shoes is experiencing significant growth. According to a new report, the vegan footwear industry is thriving due to increased e-commerce sales; and that sustainability is a key factor, and the market is estimated to be around US $24.86 Bn in 2020 and is expected to expand by 7.2 percent between 2020 and 2030; and that sustainability is a key factor; and that the market is estimated to be around the US $24.86 Bn in 2020; and that.
Global companies such as Adidas have already begun reproducing old classics using modern, environmentally friendly materials, and new brands are beginning to emerge in this niche market. Millennials, a key demographic for this market, are interested in products that are made from natural materials and do not contain any industrial chemicals. Kengos recently launched its premier line of products, which are made from natural cork, rubber, corn, and eucalyptus, and do not contain any petrochemicals.
When it comes to spending money, younger generations care about the environment. This may be due in part to the impact of social media and messages from celebrities and other well-known people who serve as role models on many public platforms.
The following are some of the most important things that we learned from the report:
Shoe giants like Nike, Inc., Adidas AG, Puma SE, and Under Armour, among others, are leading the way in the fashion industry by starting recycling programs and putting out new lines of vegan shoes.
Businesses are making substantial investments in the design and development of new products to consolidate their positions in growing markets. While doing this, they are also reducing their carbon footprint, which helps them lower their operational costs.
It is anticipated that North America will continue to hold the dominant position, supported by the enormous popularity of vegan fashion among millennials. The increase in consumer spending in Germany and the United Kingdom will be beneficial to the European market.
When the global vegan footwear market is broken down by product type, the shoe segment has the biggest share and is expected to have a higher CAGR than other product categories.
It is anticipated that, in the coming years, the ever-increasing popularity of vegan footwear will give a boost to the growth of online shopping as a response.
Crocs and Dow have joined forces to develop shoes made from plant-based polymers.
Crocs and Dow have announced that they will collaborate to develop environmentally friendly footwear made from plants. The announcement comes at the same time as Dow is releasing ENGAGETM REN, a version of its high-performing polyolefin elastomers that is friendlier to the environment (POEs).
The Swiss materials science business claims that the POEs are manufactured with the use of a novel technique known as ECOLIBRIUM. Because of this, it is now feasible to produce materials that have the same high-performance features but a smaller carbon footprint. ENGAGETM REN is said to improve foam quality, polymer consistency, resilience, durability, and abrasion resistance. Polymers make it possible to make lighter foams without taking away from the toughness of the material.
Crocs are going to be the very first footwear brand to introduce Dow's innovative technology to the market. Crocs have already started receiving plant-based polymers from the maker of the material, which the latter business will employ to manufacture its unique CrosliteTM substance. Over time, Crocs will increase the percentage of these polymers that are utilized in their shoes.
From 2018 to 2026, the market for environmentally friendly footwear is expected to grow at a compound annual growth rate (CAGR) of 6.2 percent. Environmental legislation and people's growing knowledge of the importance of sustainability concerns are driving growth.
In particular, plant-based footwear is thriving as more and more innovative new materials become accessible and prominent manufacturers produce vegan versions of their classic shoe styles. The market for vegan footwear is expected to be worth $24.86 billion in 2020 and to grow at a 7.2 percent annual rate between 2020 and 2030.
According to Imran Munshi, the Global Bio-Polymers and Consumer Market Manager at Dow, “manufacturers, brands, retailers, and consumers all know the role they play in mitigating the impact of climate change and, as a result, are seeking out more sustainable solutions.” The company said in a statement that “ENGAGETM REN provides the footwear industry with an innovative solution that enhances the sustainability profile of their products while maintaining the same high-performance results they've come to expect from Dow.” “ENGAGETM REN combines a lower carbon footprint with no compromise on performance.”
“World's First” Vegan Mountain Bike Shoes by Doghammer.
The German outdoor company Doghammer has introduced what it claims to be the world's first ever vegan mountain biking shoes. These technical shoes, called “Bike Graveler,” are made of several vegan materials, such as fake leather, natural canvas, and cork.
The Bike Graveler by Doghammer is a shoe that can be purchased with a clipless pedal system. To keep the shoe together, it is held together with vegan glue and a Vibram sole that is made of recycled rubber. In addition to the use of vegan leather, these shoes have a replaceable footbed made from cork, which the brand claims are odorless and dries quickly.
Footwear that is both eco-friendly and cruelty-free is quickly becoming the footwear of choice for a growing number of outdoor and sporting goods companies. Vegan athletes often have a hard time finding solutions that don't use leather, suede, or glue made from animals. This is starting to change, though, as businesses respond to consumer demands for more environmentally friendly products. In addition, Adidas has just introduced the Velosamba vegan cycling shoes, which are intended for casual use.
Puma recently introduced its flagship football boot model, which is produced entirely from animal-free materials. At the same time, Adidas launched its first vegan football boots, which were designed by Stella McCartney and Paul Pogba of Manchester United. In other sports news, Adidas and DESSERTO, a Mexican company that specializes in cactus leather, have worked together to make vegan boxing gloves, and Nike has made a vegan version of their famous SB Dunk basketball shoes.