Vegan Bio-Based Leathers to Grow by 37.4% Annually Over the Next Decade
The push for sustainable alternatives to animal and plastic leathers has led to a burgeoning market of vegan bio-based leathers. According to a 10-year market forecast by IDTechEx, the vegan bio-based leather industry production capacity will grow at a compound annual growth rate (CAGR) of 37.4% from 2024 to 2034. Leather is a sought-after material for its durability, strength, and aesthetic appeal. However, the report points out that according to UN estimates, animal leather production exceeds 20 billion square feet annually, contributing significantly to greenhouse gas emissions and deforestation. Additionally, the tanning process of leather production releases hazardous chemicals and gases, including lead, chromium, arsenic, and carcinogenic arylamine. Meanwhile, vegan leather made from plastics, a common alternative due to its low cost, has environmental issues, including …