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| Global Vegan Fashion Market Size |
Vegan fashion consists of clothing, accessories and footwear made from
non-animal materials like cotton, bamboo, linen and synthetic fibers such as
polyester. It is a cruelty-free alternative to mainstream fashion which uses
leather, wool, cashmere and silk derived from animals. Vegan fashion does not
use any animal products, byproducts or materials and is preferable for
health-conscious and environmentally aware consumers. The advantages of vegan
clothing includes being lightweight, breathable, durable and low-maintenance.
With growing awareness about animal welfare and environmental protection, there
is an increasing need for sustainable and ethical fashion globally.
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, as highlighted in a new report published by Coherent Market
Insights.
Market Opportunity
The opportunity of increased ethical consumption is expected to drive high
growth in the vegan fashion market during the forecast period. With rising
consumer consciousness about animal rights and environmental degradation caused
by the textile industry, there is growing demand for sustainable and
animal-free products. Statistics show that nearly 50% of global apparel
consumers consider ethical and environmental factors while making purchasing
decisions. This preference for socially responsible brands presents a lucrative
opportunity for vegan fashion companies to tap into this consumer segment. By
offering clothing made without harming animals or the planet, vegan fashion
fulfills the increasing need of ethical consumers looking to align their
lifestyle with their values through conscientious consumption.
Porter's Analysis
Threat of new entrants: The vegan fashion market is consolidating, making it
difficult for new companies to establish themselves due to high costs of
R&D, supply chain and branding. However, the growing demand for sustainable
clothing presents opportunities.
Bargaining power of buyers: Buyers have significant bargaining power given the
number of options available across economy, mass market and luxury segments.
Switching costs are low.
Bargaining power of suppliers: Speciality raw material and component suppliers
wield some power since specifications are unique. However, alternatives exist
to mitigate over-dependence.
Threat of new substitutes: Substitutes like upcycled and thrift clothes are
increasing competition but vegan fashion satisfies an ethical demand not met by
others.
Competitive rivalry: Intense competition exists among incumbent players on
pricing, new product launches and vertical integration. Sustainability claims
are increasingly differentiating brands.
SWOT Analysis
Strengths: Growing ethically-conscious consumer base. Appeal to
environmentally-aware Millennials and Gen Z. High margins due to smaller
production volumes.
Weaknesses: Niche market requiring extensive promotion. Limited manufacturing
scale raises costs. Difficulty in matching non-vegan counterparts' aesthetics,
performance.
Opportunities: Expanding into new regions and Asian markets. Collaborations
with celebrities/influencers. Opportunity to convert non-vegan buyers with
superior designs.
Threats: Shortage of speciality sustainable raw materials. Susceptibility to
slowdowns in luxury/premium spending. Difficulty competing on price with mass
market clothing.
Key Takeaways
Global
Vegan Fashion Market Size is expected to witness high growth at a CAGR of 9.3% from 2024-2031, driven by
a larger base of ethical consumers and influences from climate change activism.
Regional
analysis of the vegan fashion market shows Europe dominating currently with
over 30% share due to stringent ESG regulations and consumer awareness in major
countries like UK, France, Germany and Italy. Asia Pacific is expected to be
the fastest growing region due to a growing middle class in China, India and
other southeast Asian countries showing rising interest in sustainable fashion.
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 vegan fashion
space exhibits high fragmentation with many small brands. Companies are
pursuing vertical integration and strategic partnerships to strengthen control
over the value chain from manufacturing to distribution in order to gain scale
and rationalize costs.
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