Vegan Footwear Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[215+ Pages Report] According to Facts and Factors, the global vegan footwear market size was valued at USD 29.69 billion in 2023 and is predicted to surpass USD 54.40 billion by the end of 2032. The vegan footwear industry is expected to grow by a CAGR of 6.96% between 2024 to 2032.

Market Overview

Vegan footwear is made with naturally occurring raw materials without the inclusion of any animal-derived products. These footwears are manufactured with the help of plant-based or synthetic materials that offer durability and comfort. Vegan footwear is easy to recycle and can also be used for repurposing. These are eco-friendly products that pose very little or almost no side effects.

Key Insights

• As per the analysis shared by our research analyst, the global vegan footwear market size is estimated to grow annually at a CAGR of around 6.96% over the forecast period (2024-2032).
• In terms of revenue, the global vegan footwear market size was valued at around USD 29.69 billion in 2023 and is projected to reach USD 54.40 billion by 2032.
• Rising trend of a plant-based lifestyle is driving the growth of the global vegan footwear market.
• Based on the distribution channel, the online stores segment is growing at a high rate and is projected to dominate the global market.
• Based on the material, the polyurethane segment is projected to swipe the largest market share.
• Based on the end-users, the women segment is expected to dominate the global market.
• Based on the product type, the shoe segment accounts for the largest share of the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

• Rising trend of a plant-based lifestyle is driving the growth of the global market.

The high adoption rate of the vegan lifestyle is driving the growth of the global vegan footwear market. Consumers are becoming more aware of the ethical implications of their purchasing decisions, which is a primary reason for the high growth rate of the industry. The surging environmental awareness, health consciousness, and ethical consideration issues are also expected to support the growth trajectory of the industry.

Furthermore, there is a huge impact of celebrities and influencers on the fashion communities which is further expected to promote vegan footwear. For instance, Columbia Sportswear Co. successfully appointed Cory Long as the president of SOREL Brand in 2023. Cory is an expert in the footwear and apparel industry.

Restraints

• Limited material options are likely to hamper the growth of the global market.

People view the vegan footwear segment with limited options as compared to traditional footwear. Therefore, manufacturers are not able to align with the customers' expectations for diversity in product variety, which has emerged as a big challenge in the vegan footwear industry.

Opportunities

• Innovations in materials are expected to foster growth opportunities in the global market.

Advancements in technology are leading to the development of high-quality materials that can help manufacturers achieve the look of traditional footwear. Moreover, manufacturers are focusing on coming up with more stylish and trendy designs in the vegan footwear category, which is further expected to widen the scope of the global vegan footwear market.

Also, mainstream retailers have expanded their offerings by developing a separate dedicated section for vegan products, which, in turn, is expected to contribute to the growth of the industry.

Challenges

• Costing is a big challenge in the global market.

Vegan materials are priced quite high as compared to traditional footwear because of the sourcing challenges and overall manufacturing costs. Therefore, this results in high retail prices, which is expected to slow down the growth of the vegan footwear industry during the forecast period.

Segmentation Analysis

The global vegan footwear market can be segmented into distribution channels, materials, end-users, product type, and regions.

By distribution channel, the market can be segmented into online stores, specialty stores, convenience stores, hypermarkets, and others. Online stores are the fastest-growing segment in the vegan footwear industry during the forecast period. Online shopping is gaining popularity among consumers because it allows them to browse and purchase products from different brands from the comfort of their own place. People can compare the prices, specifications, and other parameters of the items, which helps them buy the best-suited product for them.

Also, discounts, part-time payment options, doorstep delivery, and others contribute to the rapid growth of online retail. Also, online stores offer a wide range of products as compared to physical stores. Furthermore, the growing use of smartphones is also supporting the growth trajectory of the segment during the forecast period.

By material, the market can be segmented into recycled plastics, polyurethane, microfiber, and others. The polyurethane segment accounts for the largest share of the global vegan footwear market. Polyurethane is flexible in nature, which attracts customers. It is also known for its excellent aberration resistance quality, thereby making shoe soles more durable.

Also, the polyurethane soles offer long lifespans. It is light in weight, which has become an important aspect for athletics and everyday shoe users. Polyurethane offers good shock-absorbing properties, thereby making it ideal for use in footwear by providing proper cushioning, which reduces the impact of jerk on joints during outdoor activities.

By end-users, the market can be segmented into children, men, and women. The women segment is likely to dominate the vegan footwear industry during the anticipated period. The women's footwear segment is witnessing a mammoth revolution in fashion trends. The demand for new style designs also boosts the growth of the segment.

Furthermore, the diversity of styles in women's footgear, like athletic footwear, formal & casual shoes, and other fashion designs, additionally supports the growth trajectory of the segment. The surging trend of athleisure is further contributing to the growth of the segment.

The growing popularity of athletic style footwear in casual settings is expected to widen the scope of the segment during the forecast period. Furthermore, the growing economic power of women is another main reason for the high growth rate of the segment.

By product type, the market can be segmented into loafers, heels, sandals, boots, sneakers, shoes, and others. The shoe segment is expected to drive the maximum sales in the vegan footwear industry in the forthcoming years. Shoes are said to be a basic necessity for people nowadays. The shift in lifestyle, leisure activities, and work environment is also expected to positively impact the growth trajectory of the segment.

Moreover, the rapid growth of e-commerce all across the globe is also fostering growth opportunities in the segment. Also, e-retail helps customers easily access a wide range of brands, thereby facilitating more sales and improved reach for the shoe category. The growth in global population is also likely to contribute heavily towards the domination of the segment.

Additionally, the ongoing technological advancements in designs and materials are also expected to influence the footwear industry, particularly shoes, for better comfort, performance, and aesthetics. Therefore, these factors are expected to contribute heavily towards the growth of the segment in the coming years.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America accounts for the largest share of the global vegan footwear market because of various factors like people's interest in ethical and sustainable choices. The rising popularity of vegan products in the region is boosting the growth of the regional market. People in the region are choosing vegan footwear to align with to use environmentally free products.

Also, vegan footwear is penetrating the market by including a large range of fashionable vegan footwear to appeal to people who are trendy and yet choose cruelty-free products. Moreover, the surging celebrity endorsement is further encouraging people to adopt vegan foods, thereby supporting the growth trajectory of the regional market.

Furthermore, advancements in technology in the region are also leading to the innovation of high-quality vegan footwear that can easily mimic the look of traditional leather footwear. Therefore, these factors are expected to contribute significantly towards the growth of the market during the forecast period.

Asia Pacific is another major reason expected to witness huge growth during the forecast period. The surge in the number of people adopting vegan footwear because of their growing consciousness regarding vegan and environmentally friendly products is also supporting the growth of the regional market. The vegan lifestyle is influencing a large number of people in the region.

Additionally, the manufacturers in the region are also showing their interest in sustainable and eco-friendly fashion. Consumers are looking forward to reducing the environmental impact of animal-derived materials to fit into the sustainable fashion trend. Furthermore, increasing urbanization and changing lifestyles are leading to a shift in consumer preferences, thereby boosting the demand for fashion-forward and cruelty-free products in the region.

Competitive Analysis

The key players in the global vegan footwear market include:

• Columbia Sportswear Co
• VF Corp
• Asics
• Tommy Hilfiger
• Skechers
• Under Armour
• Puma
• Adidas
• Nike
• LVMH
• Brave GentleMan
• Keep Company
• T.U.K. Footwear
• Vegetarian Shoes
• Bhava Studio
• Nae Vegan Shoes
• Bourgeois Boheme
• Will's Vegan Shoes
• Olsenhaus Pure Vegan
• Dr. Martens
• New Balance

For instance, Nike Inc. said it would acquire RTFKT in December 2021. The latter is the leading brand creating next-generation collectibles that are an amalgamation of culture and gaming through innovation.

The global vegan footwear market is segmented as follows:

By Distribution Channels Segment Analysis

• Online Stores
• Specialty Stores
• Convenience Stores
• Hypermarkets
• Others

By Materials Segment Analysis

• Recycled Plastics
• Polyurethane
• Microfiber
• Others

By End-Users Segment Analysis

• Children
• Men
• Women

By Product Type Segment Analysis

• Loafers
• Heels
• Sandals
• Boots
• Sneakers
• Shoes
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America