DUBAI, UAE / ACCESSWIRE / October 7, 2020 / Future Market Insights (FMI) in its recent market study on the vegan footwear market is poised to expand at a robust 7.2% CAGR across the projected period, 2020-2030. Consumer's preference for environmental-friendly products is a primary sales booster of vegan footwear. This trend is suspected to slow down in the approaching years. Consumers across regions are wilfully shifting towards ethical fashion this has prompted a growing preference for cruelty-free fashion and producers to capitalize on the immense scope for growth are driving sales worldwide.
The COVID-19 outbreak has witnessed significant supply chain disruptions, compelling brands to capitalize on influencing their online presence. According to FMI, growth will remain slow amid the crisis. However, the market will recover soon as consumers will be more vigilant about their choices in the post-COVID-19 era.
"In view of changing consumer's preference, the majority of the companies are poised to concentrate on sustainability. A few of them are also
likely to further incorporate plant-based materials for producing shoes to gain competitive advantage," infers an FMI analyst.
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Vegan Footwear Market - Key Takeaways
By product, the shoe category is slated to remain dominant over the projected period as vegan shoe trend is increasingly becoming popular amid both
women and men.
The microfiber's material type will be acquiring significant traction over the assessment period.
By end-user, both me and women end-users will support growth witnessed in the market.
Indirect sales channel remains the key beneficiary in the global sales in contrast to direct sales, primarily dominated by hypermarkets/ supermarkets.
Mass/Economic accounts for dominance based on price range during the forecasted period.
Vegan Footwear Market - Key Trends
Growing usage of sustainable material considering the surging demand for reducing carbon footprint is set to drive the manufacturing of vegan footwear across the world.
Millennials create the most lucrative demography for vegan footwear sales uptick.
Multipronged Benefits of Vegan Footwear prove to be strong pillars of market growth.
Certified by international organizations such as PETA, will act as a catalyst in the growth of the vegan footwear market.
Vegan Footwear Market - Regional Analysis
North America is poised to exhibit lucrative growth prospects, primarily lead by the US, due to high purchase power during 2020-2030.
Europe is projected to gain by growing demand from Germany and the US, due to the presence of prominent retail brands.
The Asia Pacific has witnessed skyrocketing demand for plant-based material thus escalating demand for vegan footwear in the region.
Vegan Footwear Market - Competitive Landscape
Key companies functioning in the global vegan footwear market are Susi Studio, Nike Inc., Adidas AG, Veerah, Matt & Nat, Hexa Vegan Shoes,
Beyond Skin UKamong, AVESU GMBH, Ethletic, and MooShoes.
Prominent brands in the market are capitalizing on product launches, advertising, and promotion and steadily enhancing their designs to remain relevant amid competition. Players operating in the market are consequently entering into strategic collaborations to attain a competitive advantage. Aside from this, to guarantee attributes and quality they are focusing on certifications from prominent international organizations.
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Vegan Footwear Market - Market Segmentation
Middle East & Africa
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Get Valuable Insights into the Vegan Footwear Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global vegan footwear market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the vegan footwear market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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SOURCE: Future Market Insights
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