The revenue of Vegan Clothing Market were estimated at US$ 628.7 Million in 2022 and is anticipated to grow at a CAGR of 12% from 2023 to 2033, according to a recently published Future Market Insights report. By the end of 2033, the market is expected to reach a valuation of US$ 2.2 Billion.
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The apparel type of Vegan Clothing accounts for a significant revenue in the market with a projected CAGR of 12.1% from 2023 to 2033.
Vegan clothing refers to clothing, footwear, and accessories made without any animal products and the market is driven by the increasing demand for sustainable and ethical fashion, as more consumers become aware of the negative impact of animal agriculture on the environment and animal welfare.
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Companies that specialize in materials development are creating vegan alternatives to traditional textiles by using innovative, animal-free materials such as grape waste, pineapple waste, and apple, as well as other bio-based materials. These companies are teaming up with fashion brands to produce lines of vegan clothing made from bio-based materials, which promotes the use of innovative materials in the industry. These strategic partnerships between materials development companies and fashion brands are likely to increase demand for vegan apparel in the market.
According to the Human Society of the United States, as of 2021, over 1,500 companies have adopted fur-free policies including major fashion brands like Gucci, Prada, and Michael Kors. According to a report by PETA, the number of fashion brands that are completely fur-free has increased by 66% since 2018. This cultural shift towards cruelty-free practices is revolutionizing vegan fashion and influencing businesses to evolve.
There has been an increasing number of investments in companies focused on developing next-generation materials to replace animal or fossil-fuel-based textiles in the fashion industry. These companies have received around US$ 3 billion in investments since 2013, indicating a growing interest in sustainable and ethical alternatives to traditional materials. Leather alternative developing companies are particularly dominant, with 60% of the invested companies in 2022 focused on developing leather alternatives. This is likely to create growth opportunities for semi-synthetic animal alternatives in the market.
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Competitive Analysis:
Key players in the Vegan Clothing Market are New Look, ZARA, Tentree, Stella McCartney, Nudie Jeans Co., Pact, Toad & Co., Harper Coats, Boody, I Love Tyler Madison, KOMODO, TALA, Boyish Jeans, Unspun, and People Tree.
The brands manufacturing vegan clothing are promoting their ethical practices and gaining consumer trust through third-party certifications and providing transparency in the manufacturing process.
