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Vegan Women’s Fashion Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global vegan women’s fashion products market was valued at USD 4.7 billion in 2022 and is expected to grow at a CAGR of 10.4% from 2023 to 2030. Vegan fashion is gaining traction due to the rising awareness about animal welfare and environmental conservation among the female population. Furthermore, the increase in the number of vegan lifestyle advocates and social influencers is driving the demand for vegan women’s fashion products. Additionally, the emergence of vegan fashion products with superior quality and stylish designs has further propelled the demand for these products.
The rising demand for sustainable and environmentally friendly fashion has created opportunities for market participants to introduce new products. For instance, in June 2021, the American fashion designer Stella McCartney launched the ‘Stella McCartney Cares’ collection, comprising clothing items made with eco-friendly and sustainable materials. The collection includes vegan leather skirts and jackets, made from recycled materials, such as plastic bottles and fishing nets. Furthermore, the rising disposable income of women is driving the demand for designer vegan fashion products.
The increasing awareness about animal welfare and environmental conservation has led to an increase in the demand for cruelty-free products. This has further led to manufacturers launching vegan fashion products made from sustainable materials, such as organic cotton, Tencel, and bamboo. For instance, in April 2021, the Italian fashion house Gucci launched a collection of unisex sneakers made from vegan materials, such as organic cotton, Tencel, and bamboo, as part of its commitment to sustainability. Additionally, the increasing preference for vegan fashion products as a result of growing concerns about animal cruelty has also boosted the market.
The development of innovative fabrics is expected to drive the market growth in the coming years. For instance, in April 2021, the American apparel brand Ethletic launched the world’s first vegan leather sneaker made from pineapple leaf fibers. Furthermore, the increasing trend of athleisure is propelling the demand for vegan sportswear and accessories. For instance, in October 2021, the French luxury fashion house Hermès introduced a vegan capsule collection, comprising stylish leather-free bags and accessories. The increasing demand for vegan leather products is expected to drive the market in the coming years.
Product Insights
The apparel segment held the largest share in 2020 and is expected to continue its dominance throughout the forecast period. This is attributed to increasing demand for vegan fashion products among women due to their environmental benefits. According to an article published by Vogue, in July 2020, approximately 25% of consumers are estimated to purchase vegan fashion products in 2020. Furthermore, the segment is also driven by the growing awareness about the health hazards of animal-based products among consumers.
The footwear segment is likely to expand at the highest CAGR of 9.3%. Growing demand for vegan shoes from working women, increasing awareness about the health benefits of wearing vegan shoes, and the availability of a wide range of vegan shoes are some of the key factors driving the growth of the segment. In addition, the introduction of bio-based materials and the emergence of innovative technology for manufacturing vegan shoes are some of the other factors contributing to the segment’s growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 41.3% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase vegan fashion products. According to a study by FashionNetwork.com in 2020, vegan fashion is becoming increasingly popular among women. In addition, supermarkets and hypermarkets provide a wide selection of vegan fashion products that are accessible to a larger consumer base.
The online segment is anticipated to expand at the highest CAGR of 12.6% over the forecast period. E-commerce development in the vegan fashion industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in December 2022, VeganFashion.com launched a dedicated website for women’s vegan fashion. The website offers a wide range of vegan fashion products from different brands across categories like shoes, handbags, accessories, clothing, and jewelry. In addition, it also provides expert advice and opinions on choosing the best vegan fashion products.
Type Insights
The apparel segment accounted for the largest revenue share of 72.3% in the year 2022. The increasing trend of vegan fashion among women has increased the demand for vegan apparel. Additionally, the increasing awareness and accessibility of vegan apparel has also driven the market. For instance, in April 2021, Stella McCartney launched a collection of vegan leather shoes. Furthermore, celebrities and influencers endorsing vegan fashion on social media have further increased the demand for vegan apparel.
The accessories segment is anticipated to expand at the highest CAGR of 10.5% over the forecast period. The increasing demand for vegan fashion accessories such as bags, wallets, jewelry, and other accessories is driving the market growth. Moreover, the increasing use of vegan leather and other vegan materials to manufacture accessories is further propelling the market. For instance, in April 2021, The Cambridge Satchel Company launched its vegan leather collection for women.
Regional Insights
Europe held the largest market share in 2021 and is expected to remain the largest market during the forecast period. The increasing awareness about vegan fashion and its benefits in the region is the major factor driving the growth of the region. Moreover, the rising availability of vegan fashion products from key players in the region is further supporting the growth of the market. For instance, in February 2021, H&M launched a vegan fashion collection called Conscious Exclusive.
The Asia Pacific region is expected to experience the fastest growth over the forecast period. The increasing awareness about vegan fashion and its benefits combined with the rising disposable income of the population in the region is driving the market growth. Moreover, the increasing number of vegan fashion stores in the region is expected to further support the growth of the region. For instance, in December 2021, a vegan fashion store called Sustain opened its first store in Mumbai, India.
Financial Projections
In this part of the vegan women’s fashion product 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 vegan fashion product business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a vegan women’s fashion product business comes from the sales of clothing items, accessories, and footwear. Depending on the type of products you are selling, other income sources may also exist, such as private label product sales, affiliate marketing, membership fees, and others.
Projecting Expenses
In this section, all the regular expenses related to keeping the vegan women’s fashion product business running will be described. The list of operating expenses includes business registration fees, employee wages, inventory and material costs, marketing and advertising costs, rent, utilities, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the vegan women’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 Collection of vegan luxury shoes made from cruelty-free materials, manufactured in an ethical and sustainable way.
– In August 2022, Matt & Nat launched a new line of vegan handbags made from recycled materials.
– In October 2022, Everlane launched a new line of vegan clothing featuring organic and recycled materials.
Some of the prominent players in the vegan women’s fashion market include:
– Stella McCartney
– Matt & Nat
– Everlane
– Reformation
– Alternative Apparel
– H&M
– ASOS
– Patagonia
– Vaute Couture
– Will’s Vegan Store
Global Vegan Women'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 vegan women’s fashion products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Apparel
– Footwear
– Accessories
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Low Price
– Medium Price
– High Price
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What Factors are Driving the Growth of the Vegan Women’s Fashion Products Market?
[A]: The most significant factors driving the vegan women’s fashion products market are increasing awareness about animal cruelty, rising disposable income levels, growing demand for cruelty-free products, and increasing popularity of sustainable fashion. Additionally, the changing lifestyle of consumers, increasing demand for fashionable and stylish clothing, and the growing trend of veganism is driving the market growth.
[Q]: Who are the Key Players in the Vegan Women’s Fashion Products Market?
[A]: Key players in the vegan women’s fashion products market include Adidas AG, Stella McCartney Ltd, Puma, Nike, Inc., Lululemon Athletica, Inc., H&M Group, Zara, Asos, and The North Face.
[Q]: What is the Potential of Product Innovation?
[A]: Product innovation plays a major role in the vegan women’s fashion products market. Companies are focusing on the introduction of new products to cater to the changing tastes and preferences of the consumers. For instance, Stella McCartney has launched footwear and apparel collections made from sustainable materials.
[Q]: What Region Offers the Largest Opportunity for Sales?
[A]: North America is expected to be the most lucrative region for vegan women’s fashion products market, owing to the presence of a large population of vegan consumers in the region. Additionally, the rising disposable income levels of the population and the increased awareness about animal cruelty are driving the demand for vegan products in the region.
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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