The vegan footwear market is expected to surpass $24.8 billion by the end of this year, according to a new report.
Researchers at Future Market Insights also predicts the market will increase at a CAGR of above seven percent between 2020 and 2030.
The report says ‘interest in eco-friendly products’ is a ‘chief growth driver of vegan footwear sales’ – adding that ‘the trend is unlikely to slow down in the coming years’.
It also cites designers such as Stella McCartney for ‘flagging’ the trend of vegan trainers – stating that her fashion line has ‘shunned the use of leather, fur, and feathers without compromising on quality and design aspects’.
‘Fashion capitals of the world’
“While other leading brands such as Gucci, Versace, Burberry, and Chanel have joined the bandwagon and committed to no longer use fur, it is still a long way before vegan footwear takeover the fashion capitals of the world,” the report states.
“This however is unlikely to hold the market back. In the last couple of years several startups and online brands have ventured into the market and are recording accelerated pace of gains.”
You can read the full report here