Global Vegan Clothing Market is Set to Register a CAGR of 12% and Reach Worth US$ 2.2 Billion in Next 10 years | Data Analysis by Future Market Insights, Inc.

NEWARK, DE / ACCESSWIRE / May 31, 2023 / The revenue of Vegan Clothing Market were estimated at US$ 628.7 Million in 2022 and is anticipated to grow at a CAGR of 12% from 2023 to 2033, according to a recently published Future Market Insights report. By the end of 2033, the market is expected to reach a valuation of US$ 2.2 Billion. The apparel type of Vegan Clothing accounts for a significant revenue in the market with a projected CAGR of 12.1% from 2023 to 2033.

Vegan clothing refers to clothing, footwear, and accessories made without any animal products and the market is driven by the increasing demand for sustainable and ethical fashion, as more consumers become aware of the negative impact of animal agriculture on the environment and animal welfare.

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Companies that specialize in materials development are creating vegan alternatives to traditional textiles by using innovative, animal-free materials such as grape waste, pineapple waste, and apple, as well as other bio-based materials. These companies are teaming up with fashion brands to produce lines of vegan clothing made from bio-based materials, which promotes the use of innovative materials in the industry. These strategic partnerships between materials development companies and fashion brands are likely to increase demand for vegan apparel in the market.

According to the Human Society of the United States, as of 2021, over 1,500 companies have adopted fur-free policies including major fashion brands like Gucci, Prada, and Michael Kors. According to a report by PETA, the number of fashion brands that are completely fur-free has increased by 66% since 2018. This cultural shift towards cruelty-free practices is revolutionizing vegan fashion and influencing businesses to evolve.

There has been an increasing number of investments in companies focused on developing next-generation materials to replace animal or fossil-fuel-based textiles in the fashion industry. These companies have received around US$ 3 billion in investments since 2013, indicating a growing interest in sustainable and ethical alternatives to traditional materials. Leather alternative developing companies are particularly dominant, with 60% of the invested companies in 2022 focused on developing leather alternatives. This is likely to create growth opportunities for semi-synthetic animal alternatives in the market.

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Competitive Analysis:

Key players in the Vegan Clothing Market are New Look, ZARA, Tentree, Stella McCartney, Nudie Jeans Co., Pact, Toad & Co., Harper Coats, Boody, I Love Tyler Madison, KOMODO, TALA, Boyish Jeans, Unspun, and People Tree.

The brands manufacturing vegan clothing are promoting their ethical practices and gaining consumer trust through third-party certifications and providing transparency in the manufacturing process.

Some of the recent developments in the Vegan Clothing Market are:

• In October 2020, January rebranded itself to become a cruelty-free vegan brand named Harper Coats. The brand worked with PETA To ban fur completely and donated the in-stock fur to Wildlife Rehabber in Florida to keep baby animals warm.
• In November 2022, British high fashion vegan brand Stella McCartney launched the first-ever Mylo apparel made with plant-based and lab-grown mushroom leather innovated by its long-time partner Bolt Threads.
• In December 2022, Organic cotton denim brand Nudie Jeans partnered with the e-commerce platform Centra for a ship-from-store solution to reduce delivery time and avoid carbon footprints of the supply chain. This initiative allowed customers to get their orders from the nearest retail stores and promote the sustainability commitment of the brand.
• In September 2021, a custom-fit jean brand Unspun raised seed funding of US$ 7.5 million to reduce the waste in the jeans industry with a made-to-order business model. The brands aimed to establish a fully automated manufacturing facility with on-demand production.
• In September 2020, Boody launched a collection of activewear made out of organic cotton, and bamboo and further expanded their Australian team to match up demand from customers globally.

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More Insights Available:

Future Market Insights, in its new offering, presents an unbiased analysis of the Vegan Clothing Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.

The study reveals extensive growth in Vegan Clothing Market Product Type (Apparel, Footwear, and Accessories), Material (Natural, Semi-synthetic, and Synthetic), by Sales Channel (Brand Outlet, Online Sales, Retail Sales, and Own Website), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - 2023 to 2033.

Key Segmentation of this Market:

By Product:

• Apparel
• Footwear
• Accessories

By Material:

• Natural
• Semi-synthetic
• Synthetic

By Sales Channel:

• Brand Outlet
• Online Sales
• Retail Sales
• Own Website

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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Table of Content (ToC):

1. Executive Summary

1.1. Key Findings

1.1.1. Overall Market

1.1.2. Segment Overview

1.1.3. Regional Overview

1.1.4. Competitor's Focus

1.1.5. Consumer's Perception

1.2. Summary of Statistics

1.3. Market Characteristics and Attributes

1.4. Country-wise PETA-Approved Brands presence

2. Market Overview

2.1. Introduction and Definition

2.2. Research Scope

3. Market Background

3.1. Country Wise Market Attractiveness for Clothing Market

3.2. Number of Investments into Next-Gen Material Development, 2013 to 2022

3.3. Percentage of Materials Used by Bio-Textile Development Companies

3.4. Veganism Trend by Countries

3.5. Number of Certified Brands by Countries

3.6. Global Production of Organic Cotton, 2017-2021

3.7. Fur Bans by Countries

3.8. Global Production of Fur, 2014-2021

3.9. Fur Imports by European Union Countries, 2011-2021

3.10. Sustainability Index of Vegan Textiles

3.11. Global Sustainability in Apparel Trend, 2018 to 2022

3.12. Price Comparison of Real Leather, Fur, and Their Vegan Alternatives

3.13. Value Chain Analysis

3.13.1. List of Suppliers

3.13.2. List of Manufacturers

3.13.3. List of Online Retailers

3.13.4. List of Brick & Mortar Stores

3.14. Investment Feasibility Assessment

3.14.1. Investment Feasibility for Market Mapped on Product Life Cycle

3.15. Porter's Five Forces Analysis

3.15.1. Bargaining Power of Buyers

3.15.2. Bargaining Power of Suppliers

3.15.3. Threat of Substitute Products

3.15.4. Threat of New Entrants

3.15.5. Intensity of Rivalry

3.15.6. 5 Forces Acting Upon Market

3.16. PESTEL Analysis

3.17. Forecast Factors

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Clothing Recycling Market Growth: The clothing recycling market is anticipated to be valued at US$ 5.8 Million in 2022. Given the rising awareness about the circular movement, the demand for clothing recycling is likely to advance at a CAGR of 10.7% through 2032.

Leather Goods Market Trends: According to the recent report by Future Market Insights (FMI), the leather goods market size is estimated to stand at US$ 764.81 billion by 2033. Over the forecast period, the market is assessed to trail at a CAGR of 5.6%. In 2023, the market is expected to reach US$ 443.52 billion.

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SOURCE: Future Market Insights Inc.