$475M Invested in Next-Gen Materials in 2022, Leather Alternatives Dominating Sector
The Material Innovation Initiative has published its third State of the Industry Report for the next-gen materials sector. The report notes that $3 billion has been invested into next-gen materials since 2013, with $457 million raised in 2022 alone. This figure was lower than the “unprecedented” spike to $1.135 billion in 2021, with the fall blamed on a challenging funding environment caused by the global economic downturn. However, more funding was raised in 2022 than in any year prior to 2021. Leather alternatives still dominate the sector, with 64 companies working in this area compared to 15 for silk, ten for wool, and nine for fur. Seven companies are working on alternatives to down, and one on exotic skins. Currently, 52% of the materials used …
