Market Research Report
Global Vegan Women's Fashion Market - 2022-2029
|Global Vegan Women's Fashion Market - 2022-2029|
Published: May 7, 2022
Content info: 180 Pages
Delivery time: 2 business days
The global vegan women's fashion market valued USD XX million in 2021 and is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029)
The vegan women's fashion business is still in its infancy, with many manufacturers producing apparel, accessories, and footwear for female customers. With rising public awareness of animal cruelty and a preference for environmentally friendly consumer goods, big established brands have begun to embrace veganism by avoiding products manufactured from animal products such as leather, fur, wool, down, and suede. The market is driven by the growing popularity of vegan clothing and accessories made from cruelty-free sources among the millennial population across the world. Source: DataM Intelligence Analysis (2021)
Increasing inclination of people towards cruelty-free fashion
The expansion of the vegan women's fashion business is being fueled by rising veganism adoption due to growing awareness of animal cruelty and rising personal disposable money. Other market growth variables include the fashion industry's increasing adoption of veganism and the popularity of e-commerce platforms, particularly in developing economies. Large brands or significant manufacturers adopting environmentally friendly practices, together with greater government activities to raise awareness, will pave the road for market expansion. In the long run, manufacturers' increased spending on research and development operations and their increased focus on technical developments would generate attractive and remunerative market growth.
Other important elements driving demand for vegan women's fashion worldwide are rising disposable income and consumer expenditure on luxury goods. Companies involved in vegan fashion, are adapting to cultural trends and the increasing style quotient to attract a diverse range of consumers through continual product releases. For example, in August 2019, Kings of Indigo, an Amsterdam-based denim brand, announced its transition to a vegan company with the debut of ReGen, a limited-edition collection of jeans and jackets for women, men and children. Over the projection period, such advancements are expected to generate robust demand for the product.
Vegan footwear is the dominating segment during the forecast period
Vegan footwear is dominating the market during the projected period, with a CAGR of XX %. Vegan footwear, which is created without animal by-products or materials such as leather, suede, wool, and fur, gives the wearer an elegant and sober appearance, increasing its popularity among women of all ages. Microfibers like polyamide, polyurethane, and cotton are vegan alternatives with the same appearance as leather or suede and fine pores, making the final product breathable and lightweight. Vegan footwear is being purchased for the first time by those who want to project a certain image in society as they speak out against cruelty and terrible treatment of animals. Furthermore, footwear is becoming more of a fashion statement among women in particular, with their desire to own multiple pairs of shoes for various situations fueling product demand. Vegan shoes are more unique in terms of style and materials utilized, piquing the curiosity of fashion-forward consumers worldwide.
Specialty stores emerged as the largest segment by distribution channels, accounting for more than XX% share in 2021. Because these stores offer a wide choice of vegan products from many companies under one roof, customers buy vegan women's clothes from them. Furthermore, many specialized businesses specializing in sustainable and animal-friendly design concepts maintain a significant depth of product offerings to provide superior service. One of the major elements boosting the category is that these retailers offer professional advice to customers.
North America is expected to dominate the global vegan women fashion in the year 2021
North America topped the vegan women's fashion industry in 2021, accounting for XX percent of worldwide revenue. The market in the region is expanding due to the rising demand for stylish and comfortable vegan fashion apparel. Many manufacturers, like Keep Company and Unicorn Goods, have been offered vegan shirts, coats, and accessories to attract mindful shoppers looking for animal-free clothing. Furthermore, many celebrities in the region have been supporting the concept of veganism in the region's fashion business. Serena Williams, for example, established a vegan fashion line for women in March 2020. The "S by Serena Spring 2020 collection" includes the Sasha vegan leather blazer and the Sasha vegan leather pant, as well as other designer clothes produced from animal-free leather.
Europe is other major geographic market for vegan women's apparel. Consumers are more product conscious in countries such as the United Kingdom, Germany, and France. According to Edited, a London-based retail technology business, there was an 5% growth in vegan items in the UK year over year by the end of January 2019. Product demand is also fueled by various vegan fashion producers in the area.
The global vegan women's fashion market is fragmented, and the global players are competing intensely with local and regional players and private labels. The vegan women's fashion market is still in its infancy, with a growing number of new producers entering the market. However, in response to rising consumer awareness about animal products and suffering, well-known firms have begun to embrace veganism by avoiding the usage of animal products. For example, Guccio Gucci S.p.A. stated in 2018 that it would be fur-free beginning with its spring 2018 collection. Calvin Klein, Ralph Lauren, and Giorgio Armani are among the other well-known brands that have already stopped using fur. The acceptance of fur-free fashion garments by several well-known brands is trickling down to the fashion industries of industrialized countries like the United States, the United Kingdom, France, and Germany.
Negative impact on the global vegan women's fashion market
The fashion sector has been devastated by COVID-19. Store closures resulting from quarantine and lockdown procedures have had terrible results, with sales falling dramatically between January and April 2020. This has had a significant influence on vegan fashion sales, given the majority of these products customers are in Europe, which the pandemic has severely damaged. Furthermore, the epidemic scenario has prompted people to spend more wisely and avoid unnecessary purchases. People have been avoiding purchasing high-end and vegan clothing, both of which fall into the premium category.
Understand the current market scenario and viability of global vegan women's fashion over the forecast period
Visualize the composition of the global vegan women's fashion market in terms of type and distribution channel to identify major players, growth potential, and market strategies
Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global vegan women's fashion Market - Regional and Country level segmentation
Product mapping in excel for the key products of all major market players
Market share analysis covering business revenues ($) and revenue share (%) of key market players
The global vegan women's fashion report would provide an access to approximately 60 market data tables, 42 figures and 180 pages
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