The global Luxury Vegan Men’s Fashion market size is expected to be worth around US$ 45.0 billion by 2030, according to a new report by Vision Research Reports.
The global Luxury Vegan Men’s Fashion market size was valued at US$ 18.5 billion in 2020 and is anticipated to grow at a CAGR of 11.9% during forecast period 2021 to 2030.
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|Market Size||US$ 45.0 Billion by 2030|
|Growth Rate||CAGR of 11.9% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Distribution Channel|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Komodo Fashion; ECOALF; Brave GentleMan; Rapanui; Tact & Stone; THOUGHT CLOTHING; BARO; CARPASUS; Wuxly Movement; A.BCH|
The rising number of High-Net-worth Individuals (HNWI) and the growing popularity of vegan clothing and accessories made from cruelty-free sources among the millennial and Gen Z population across the world are anticipated to fuel the industry growth over the forecast period.
The increasing popularity of vegan clothing and accessories made from cruelty-free sources, coupled with rising consumer focus on animal wellbeing and safety, has been contributing to the greater social acceptance of these products, thereby driving their demand. Increasing disposable income and consumer spending on luxury products are some of the other prominent factors augmenting the demand for luxury vegan men’s fashion globally.
By Product Analysis
The footwear segment dominated the market for luxury vegan men’s fashion and accounted for the largest value share of over 40.8% in 2020. This product segment is projected to witness a CAGR of over 10.7% over the forecast period.
An increasing number of startups venturing into vegan footwear is driving the demand. Additionally, many conventional footwear brands including Adidas, Nike, and Rebook are also offering vegan footwear owing to increasing demand from conscious consumers.
The accessories segment is projected to witness the fastest CAGR of 11.8% from 2021 to 2028. The increasing number of options available for men for bags and wallets in terms of style and fabric is likely to lead to a growing demand for the accessories segment over the forecast period.
By Distribution Channel Analysis
E-commerce is projected to witness a CAGR of 11.7% over the forecast period. Globally, the online channel has become highly popular among millennials, primarily owing to the convenience it offers.
The specialty store segment dominated the market for luxury vegan men’s fashion and accounted for the largest revenue share of 23.8% in 2020. Specialty stores specialize in the distribution of certain products-in this case, luxury vegan men’s fashion.
Prospective brands opt for the distribution of luxury vegan men’s fashion products through specialty stores. These stores act as “pop-ups” and help create excitement around a brand or a product.
By Regional Analysis
North America dominated the luxury vegan men’s fashion market and accounted for the largest revenue share of around 33.1% in 2020. The growing apparel and textile market in the region is expected to drive the market for luxury vegan men’s fashion.
Asia Pacific is projected to witness the fastest CAGR of 12.6% over the forecast period. An increasing number of compassionate shoppers who are willing to buy high-quality, cruelty-free, and environment-friendly fashionable products has been instrumental in driving the product demand.
The young and working-class populations in the region that exhibit increased interest in their appearance and have been dressing in tune with the latest trends are attracted to vegan fashion as purchasing these products gives them a sense of giving back to the environment.
- Komodo Fashion
- Brave GentleMan
- Tact & Stone
- THOUGHT CLOTHING
- Wuxly Movement
- By Product
- Clothing & Apparel
- By Distribution Channel
- Departmental Stores
- Specialty Stores
- North America
- Asia Pacific
- Middle East & Africa
- South Africa
- Central & South America
- North America
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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