According to the report titled ‘Global Vegan Footwear Market Size study, by Product Type (Shoes, Sneakers, Boots, Sandals, Heels, Loafers, Others) by Material Type (Microfibre, Polyurethane (PU), Recycled Plastics, Recycled Polyester, Cotton, Natural Rubber, Hemp, Others) By End User (Men, Women, Kids, Transgender) and Regional Forecasts 2020-2027’, available with Market Study Report, global vegan footwear market was appraised at USD 23.21 billion in 2019 and is projected to be valued at USD 40.48 billion by the year 2027, while registering a CAGR of 7.2% over 2020-2027.
 

Growing trend of veganism, increasing cognizance of animal cruelty, and consumer preference for environment friendly & moral fashion are prime factors boosting the growth of global vegan footwear market.
 

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Moreover, the budding stage of this vertical is attracting new producers as well as established brands to produce vegan footwear, contributing towards industry valuation. For instance, Guccio Gucci S.p.A. made its first move towards veganism by going fur free in its spring collection in 2018. In September 2020, Dr. Martens partnered with Marc Jacobs, a leading fashion designer, to launch a new limited-edition vegan version of 1460 boot.
 

For the unversed, vegan footwear refers to footwear made without using animal products like silk, leather, wool, fur, etc. They have a lesser carbon footprint, making them environmentally sustainable. 
 

Contrastingly, absence of regulations and norms which promote veganism and restrict animal cruelty will hamper global vegan footwear market outlook between 2020-2027.
 

Based on product type, worldwide vegan footwear market is divided into loafers, sandals, boots, shoes, sneakers, heels, and others. The report classifies the marketplace into cotton, hemp, microfiber, recycled plastic, natural rubber, recycled polyester, polyurethane, and others according to material used. While moving on to end users scope, the industry is segregated into men, kids, transgenders, and women.
 

Regionally speaking, global vegan footwear market is studied for regions like Europe, North America, Latin America, Asia Pacific, and the rest of the world. North America contributed significantly to industry remuneration in the recent past, due to extensive adoption of vegan culture in this region. Parallelly, Asia Pacific vegan footwear market is touted to gain substantial traction in the upcoming years.
 

Key contenders defining the global vegan footwear market trends are Beyond Skin UK, MooShoes, Ethletic, avesu GmbH, Adidas AG, Susi Studio, Matt & Nat, Hexa Vegan Shoes, VEERAH, and Nike Inc.