WASHINGTON, April 03, 2023 (GLOBE NEWSWIRE) — Global Vegan Leather Market was valued at USD 61.5 Million in 2022 and is projected to reach a value of USD 106.0 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 9.5% over the forecast period 2023-2030.
Market Overview
The market for Vegan Leather is expanding due to increased urbanization, rising disposable income, and rising population, particularly in emerging markets. The market demand has grown globally due to rising consumer awareness, evolving lifestyles, and rising utilization of numerous applications. Players in the market are now looking into new sustainable materials to replace tannery waste, sediment, and other solid waste produced by the sector due to the advent of strict environmental protection rules.
We forecast that the footwear category in Vegan Leather market sales will account for more than 42% of total sales by 2030. Because more high-end shoes and sneakers use imitation leather instead of genuine leather.
Market Dynamics
Increased Demand for Environment-friendly Products to Support Market Expansion
Compared to true leather or PU/PVC-based leather, the manufacturing process for Vegan Leather has no disadvantages. The manufacturers create Vegan Leather by blending natural flax or cotton fibers with palm, soybean, corn, and other plants. The pineapple leaves are considered waste material that can be upgraded into something useful without using many resources. Shoes, wallets, and other products made of pineapple fiber are already available. Vegan Leathers are Eco-friendly since they don’t harm the environment like traditional leather. As a result, this aspect is expected to cause the market to grow more quickly.
Top Trends in Global Vegan Leather Market
- One trend that Vantage Market Research (VMR) expects to see in the Vegan Leather industry is pineapple is increasingly being used to make bio-based types. A bio-based material called Peated was created utilizing pineapple leaf fibers. Utilizing agricultural waste materials, pineapple is increasingly employed to create bio-based products. Long fibers are extracted from the discarded pineapple leaves and washed, filtered, and dried. The finished product is then processed to create a non-woven mesh by mixing it with polylactic acid made from corn. Then it is coated to add qualities like strength, longevity, and water resistance.
- Another trend that VMR predicts will continue in the Vegan Leather industry, is its increased awareness and research, and development. Many enterprises are taking advantage of the opportunity to make a difference due to the expanding public awareness of animal mistreatment and the widespread destruction of ecosystems, extending lucrative chances to market participants in the foreseeable period. Additionally, the market for Vegan Leather will continue to increase due to continuing research and development.
Adverse Impact of the Leather Industry to Drive the Market Growth
Most of a tannery’s pollution is generated by conventional pre-tanning and tanning processes, accounting for around 90% of the total pollution. Sewage from tanneries contains a variety of pollutants, including salt, lime sludge, sulfides, and acids. Additionally, raising animals whose skin is made into leather requires a significant amount of water and pastureland that must be stripped of trees. Long-term exposure to arsenic, a tanning component, has been related to lung cancer in susceptible individuals. The rising awareness of the negative effects of further leather fuels the demand for leather made from bio-based materials.