According to new research, the vegan leather market will grow at an impressive CAGR of 9.5 percent in the next seven years…
The vegan leather market is set to exceed a staggering $106 million (around £85 million) by 2030.
New research predicts the global faux-leather industry will grow at an impressive CAGR of 9.5 percent over the next seven years.
According to Vantage Market Research, drivers for the growth include ‘rising consumer awareness’ of animal welfare and ‘evolving lifestyles’.
The costs and environmental impacts of animal leather production are also noted as key factors pushing the sale of vegan alternatives.
Vegan leather market booms
“Raising animals whose skin is made into leather requires a significant amount of water and pastureland that must be stripped of trees,” the report states.
“Long-term exposure to arsenic, a tanning component, has also been related to lung cancer in susceptible individuals…
“Real leather has roughly three times the negative environmental impact of its synthetic substitutes, such as polyester (PU) leather, and livestock production consumes a lot of fossil fuels.”
The costs and environmental impacts of animal leather production are pushing the sale of vegan alternatives as raising animals whose skin is used to make leather requires a significant amount of water and pastureland. Photo © philipus via Adobe Stock
Researchers forecast that footwear will face significant growth, accounting for 42 percent of vegan leather market sales by 2030.
They argue that cruelty-free materials offers a similar ‘aesthetic in terms of feel and appearance’. Also, it costs around three times less than animal leather.
Just last month, PUMA confirmed it will ‘phase out’ kangaroo leather by the end of the year – replacing it with animal-free leather.
The sportswear giant says the cruelty-free alternative ‘outperforms’ Kangaroo leather in both ‘comfort and durability’.
Similarly, footwear brand All birds recently partnered with Natural Fibber Welding to invest $2 million to help the fashion industry produce plant-based materials at a reasonable cost.
Keen to keep your feet cruelty-free? Here’s everything you need to know about vegan shoes
Featured image credit: Yulia Panova via Adobe Stock