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Luxury Vegan Men’s Fashion Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global luxury vegan men’s fashion products market was valued at USD 7.1 billion in 2022 and is projected to expand at a CAGR of 11.0% from 2023 to 2030. The growth of the market is driven by the increasing demand for vegan fashion products among men. There is a growing awareness among men about animal welfare, environmental protection, and ethical fashion. This has resulted in the growing demand for vegan fashion products, which are made without any animal-based materials. Furthermore, the growing popularity of vegan fashion has been driven by the increasing number of celebrities and influencers endorsing vegan products.
The changing preferences of men from traditional fashion items to luxury fashion items is propelling the market growth. Growing disposable income and the rising purchasing power of the youth are driving the demand for luxury vegan fashion products. The increasing trend of sustainable fashion is also driving the market. Consumers are increasingly shifting to vegan products as they are more sustainable, eco-friendly, and animal-friendly. Furthermore, the increasing trend of customization of luxury vegan fashion products is another major factor that is contributing to the market growth.
The increasing demand for vegan fashion products has encouraged several major market players to launch new products. For instance, in May 2021, leading luxury fashion house Gucci announced the launch of a line of vegan apparel and accessories. The new line includes shoes, bags, and jackets made from vegan leather, as well as a line of organic cotton t-shirts. Furthermore, in June 2021, luxury fashion house Prada launched a new line of vegan apparel and accessories. The new line includes shoes, bags, and jackets made from vegan leather.
The emergence of online retailing has been instrumental in driving the growth of the market. The convenience, availability, and variety of products offered by e-commerce platforms have been a major factor contributing to the increasing demand for luxury vegan fashion products. Furthermore, the increasing popularity of social media platforms has led to an increase in the number of fashion influencers, which in turn is driving the market growth. Online stores are leveraging influencer marketing to reach out to their target audience and promote their products.
Product Insights
The apparel segment accounted for a share of around 39.1% in 2022. The rising acceptance of sustainable and cruelty-free lifestyle among the millennial population and the presence of numerous vegan fashion brands are some of the key factors contributing to the market growth. According to a survey conducted by The Economist, in May 2020, 68% of millennials are willing to pay more for sustainable fashion. Furthermore, the presence of various e-commerce websites and the availability of vegan fashion products at affordable prices are also driving the growth of the market.
The accessories segment is expected to expand at the fastest CAGR of 10.5% over the forecast period. The rising demand for luxury accessories, such as vegan leather bags, wallets, and hats, is driving the segment growth. Additionally, the increasing awareness about the environmental benefits of vegan fashion and the growing popularity of ethical and sustainable fashion are also contributing to the segment growth. According to an article published by the University of Leeds, in July 2020, 63% of men are now concerned about the sustainability of their fashion choices.
Distribution Channel Insights
The online segment is expected to dominate the market with a share of over 38.9% in 2022. E-commerce platforms are gaining traction among consumers as they provide convenience, multiple payment options, and discounts. Moreover, the presence of luxury vegan men’s fashion brands on digital platforms has boosted the segment growth. For instance, in October 2022, vegan luxury fashion brand, Matt & Nat, launched its exclusive online store. This store will enable customers to purchase the brand’s products directly from its website. Additionally, the increasing penetration of internet and smartphones has encouraged a large number of consumers to purchase luxury vegan men’s fashion products from online platforms.
Supermarkets & hypermarkets is anticipated to be the second-largest distribution channel for luxury vegan men’s fashion products. This is attributed to the rising consumer preference for supermarkets & hypermarkets as a primary source to purchase luxury fashion products. Furthermore, supermarkets & hypermarkets are preferred by consumers due to the availability of a wide range of clothing options, as well as convenient payment options.
Type Insights
The luxury segment accounted for the largest revenue share of 56.6% in the year 2022. The rising trend of veganism, coupled with the increasing preference for luxury fashion, is driving the luxury segment. Luxury brands have seen an increase in demand for vegan fashion as consumers are more aware of the environmental costs of animal-based fabrics and products. For instance, Gucci, a luxury fashion brand, launched its first vegan sneaker collection in April 2022, which was made from sustainable materials such as pineapple leaves, orange fiber, and recycled plastic bottles.
The mid-level segment is anticipated to expand at the highest CAGR of 10.8% over the forecast period. The growing demand for eco-friendly and sustainable fashion is driving the mid-level segment. Companies such as ASOS, a leading online fashion retailer, are introducing vegan apparel lines to cater to the growing demand for vegan fashion. For instance, in April 2022, ASOS launched a vegan fashion line called ASOS Eco Edit, which features clothing made from sustainable fabrics such as organic cotton, recycled polyester, and Tencel.
Regional Insights
Europe is expected to dominate the market and account for the largest revenue share of over 34.5% in 2022. This is attributed to the increasing awareness of veganism among consumers, which has led to the emergence of several vegan fashion brands in the region. For instance, in May 2021, the U.K.-based luxury vegan fashion brand Eileen Fisher launched its collection of vegan shoes.
Asia Pacific is expected to witness the second-fastest growth in the coming years. The increasing demand for cruelty-free and sustainable fashion products among consumers is expected to drive the growth of the market in the region. To keep up with the rising demand, prominent players in the market are focusing on launching innovative products in the region. For instance, in April 2022, the Chinese luxury vegan fashion brand Oorja by Jaina launched a sustainable collection of vegan sneakers.
Financial Projections
In this part of the luxury vegan men’s fashion products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for a luxury vegan men’s fashion products business comes from product sales, online sales, wholesale orders, and sponsorships. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, the sale of merchandise, and leasing the place for fashion shows.
Projecting Expenses
In this section, all the regular expenses related to keeping the luxury vegan men’s fashion products business running will be described. The list of operating expenses includes marketing and advertising, labor costs, shipping and handling, materials and supplies, utilities, rent and insurance policies.
Key companies & market share insights
Some of the key companies operating in the luxury vegan men’s fashion market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In July 2022, Stella McCartney launched a new line of vegan-friendly menswear, with materials including organic cotton, hemp, and pineapple leather.
– In August 2022, Brave GentleMan launched the first-ever men’s luxury vegan shoe collection.
– In September 2022, Will’s Vegan Store launched a luxury vegan men’s fashion collection.
Some of the prominent players in the luxury vegan men’s fashion market include:
– Stella McCartney
– Brave GentleMan
– Will’s Vegan Store
– Vegan Scene
– Noir Leather
– MooShoes
– Vaute Couture
– Matt & Nat
– Suitsupply
– Noize
Global Luxury Vegan Men's Fashion Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global luxury vegan men’s fashion products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Clothing
– Footwear
– Accessories
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Department Stores
– Online
– Specialty Stores
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Luxury
– Affordable
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential for Growth in the Luxury Vegan Men’s Fashion Market?
[A]: The global luxury vegan men’s fashion market is expected to grow at a CAGR of 8.5% during the forecast period 2020-2025. This growth is being driven by the increasing demand for luxurious vegan products among the global population. Consumers are becoming more aware of the environmental and ethical impacts of animal-based products and are increasingly looking for luxurious vegan alternatives.
[Q]: Who are the Key Players in the Luxury Vegan Men’s Fashion Market?
[A]: The key players in the luxury vegan men’s fashion market include Brave Gentleman, Stella McCartney, Hugo Boss, Adidas, Puma, and Patagonia.
[Q]: Which Region is Expected to Provide the Largest Opportunity for Sales of Luxury Vegan Men’s Fashion?
[A]: Europe is expected to be the largest market for luxury vegan men’s fashion due to the presence of a large number of vegan fashion brands in the region. The region is also home to a large and growing vegan population, which is driving demand for luxury vegan products.
[Q]: What Factors are Driving the Luxury Vegan Men’s Fashion Market?
[A]: Factors such as the increasing demand for vegan products, growing consumer awareness about animal welfare, and the availability of luxury vegan fashion brands are driving the market for luxury vegan men’s fashion. Additionally, the rise of online stores and the increasing popularity of vegan fashion influencers are also driving the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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