The global vegan leather market is showing exponential growth and is expected to grow considerably in the coming years. Vegan leather was initially found by the company Adriano Di Marti, who produced leather from cactus. Vegan leather is made from cactus leaves and is called Desserto. Initially, leather was made from animal skins, which made use of millions of animals and affected biodiversity. Animal-derived leather is processed through harmful chemicals and a lot of water is used, which has caused water wastage. It is also non-biodegradable, which has caused environmental pollution. Whereas, vegan leather does not need water to grow and is biodegradable. Cactus leather is also good for environment and saves animals. Moreover, to process cactus into leather, no harmful chemicals are used and it has a shelf life of 10 years. This leather is preferred in the fashion industry, leather goods, furniture, and automotive industries. The vegan leather market is segmented on the basis of product, end user, industrial vertical, sales channel, and region.
COVID-19 Scenario Analysis:
- There is a downfall in the leather industry export, owing to the COVID-19.
- The global market is impacted by the COVID-19, which disrupted the supply chain.
- The effect of COVID-19 will remain for the long and can cause financial crises.
- With restrictions on travel, export is stopped leading to incurred losses for companies.
- Government trade restrictions have also decreased sales and paused production.
- Factories are closed, owing to minimum workforce and inventory.
- Due to panic situation, consumers are delaying and canceling order, which has caused excessive inventory.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Rise in awareness regarding environment and animal extinction are the key factors that drive growth of the vegan leather industry. Rise in demand for leather products and consumer shift toward organic products are the factors that contribute toward growth of the global market. Increase in use of leather in different industries such as automotive and fashion industries also increases demand for vegan leather. Furthermore, high income, changing living standard, and internet penetration has increased consumption of vegan leather products. However, non-availability of raw materials and availability of a substitute product creates threat for growth of the vegan leather market.
With increase in the e-commerce industry, the vegan leather industry is also showing a significant growth. With the help of blogs, social media, and other online platforms, consumers are getting more aware and knowledgeable about vegan products and its benefits. Online websites have made shopping easy and efficient. So, companies are selling through online platforms to increase their sales and target audience.
Key Benefits of the Report:
- This study presents the analytical depiction of the global vegan leather industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global vegan leather market share.
- The current market is quantitatively analyzed to highlight the global vegan leather market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global vegan leather market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Vegan Leather Market Research Report:
- Who are the leading market players active in the vegan leather market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the vegan leather market?
- What are the projections for the future that would help in taking further strategic steps??
Vegan Cactus Leather Market Report Highlights
By Product Type
By End Users
Key Market Players
H.R. Polycoats Pvt. Ltd., Alfatex Italia, Dupont, Kuraray Co. Ltd, BASF SE, Willow Tex, Yantai Wanhua Group Co. Ltd, Anli Group, Ultrafabrics, Adriano Di Marti