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Market & Trends

Vegan Footwear Market Now Worth $40.9Bn, Significant Growth Expected

According to a new report, the market for vegan footwear is worth $40.9 billion and is expected to grow with a CAGR of 7.98% through to 2030. Increasing awareness of the ethical issues involved in producing animal-based materials — such as animal cruelty and a high carbon footprint — is believed to be the biggest driver of growth. As more money is invested into animal-free materials, production techniques are rapidly improving, which is further boosting the market. However, research indicates that consumer awareness of vegan footwear is still not high, while animal-free shoes tend to be more expensive than those made with leather or other animal-derived materials. These factors could restrain the market. Over the forecast period, North America is predicted to be the region …