Vegan Women’s Fashion Market Set to Witness an Uptick during 2020 to 2027

Posted by Mrudula Anil Karmarkar on May 9th, 2022

The global vegan women’s fashion market size is anticipated to reach USD 1,095.6 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 13.6% from 2020 to 2027. Increasing the inclination of people towards cruelty-free fashion is an important aspect of driving the demand for fashion apparel made from vegan material.

Covid-19 pandemic has affected the sales of vegan women’s fashion adversely as people have become more focused on their buying behavior and consider avoiding buying fashionable apparel or accessories. The vegan fashion market is in the burgeoning stage and has been severely impacted by the lockdown condition and supply chain disruption. According to the entrepreneur.com, the U.K. apparel sector is expected to be the worst affected with a decline of more than 41% in the usual spending by consumers since the outbreak of the coronavirus. People in developed countries, especially in the U.S, the U.K., France, and Germany have become more receptive to the concepts of veganism and have been following this practice in all walks of life, including food habits and clothing. These consumers do not mind paying higher prices for vegan women’s fashion, thus fueling the growth of the market.

Enthused by the opportunity existence, companies pertaining to vegan fashion not only focus on providing the latest styles but also cater to cultural trends and burgeoning style quotient to attract a varied set of consumers through constant product launch. For instance, in August 2020, an Amsterdam-based denim brand called Kings of Indigo, announced itself to be a fully-vegan company with the launch of ‘no new cotton’ capsule collection- Re Gen, offering a limited edition of jeans and jacket collection for women, men, and kids. Such developments are expected to create a healthy demand for the product over the forecast period.

Based on the product, the vegan footwear segment led the market and accounted for 41.3% share of the global revenue in 2020. The growing popularity of animal safety among consumers has goaded established footwear manufacturers to offer elegant footwear made from natural ingredients to pique the interest of the informed customers. For instance, in November 2020, Reebok International Limited, a company owned by Adidas AG, unveiled the design for its first plant-based running shoe, called Floatride GROW.

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North America dominated the market for vegan women’s fashion and accounted for 34.6% share of the global revenue in 2020. Growth in the market is powered by the strong presence of manufacturers, including Whimsy & Row and Reformation, along with a well-developed supply chain in the region. Moreover, people in countries such as the U.S. have a large number of animal rights organizations, such as the American Society for the Prevention of Cruelty to Animals, and The Anti-Cruelty Society, which have been promoting the concept of veganism.

Vegan Women’s Fashion Market Report Highlights

• Europe is expected to expand at the fastest CAGR of 14.5% from 2020 to 2027. Social media marketing campaigns, growing preference for vegan women’s fashion apparel by millennials, and the presence of a large number of manufactures are expected to drive the market in the region. The U.K. and Germany are among the top two countries witnessing the growth of the market
• The e-commerce segment is expected to emerge as the fastest distribution channel over the forecast period. The increasing availability of a wide number of vegan women’s fashion clothing and accessories of different brands at affordable prices on e-retailer platforms is one of the main factors fueling the segment growth.
• The specialty store distribution channel segment held the leading revenue share in 2020. Adoption of key strategies such as offers and discounts by the market players along with the availability of a wide range of products is anticipated to attract a larger consumer base and fuel the growth of the segment
• By product, the vegan footwear segment dominated the market and accounted for a share of 41.3% in 2020 as it is becoming more of a fashion statement among women. Moreover, increasing popularity of animal safety among consumers is fueling the demand for these products

Covid-19 has had a devastating impact on the fashion industry. Store closures due to quarantine and lockdown measures have resulted in disastrous consequences, with sales decreasing considerably from January to April 2020. This has also impacted the sales of the vegan fashion drastically as the major consumer base of these products is present in Europe, which is severely affected by the pandemic. In addition, the pandemic situation has goaded people to spend more judiciously and avoid frivolous purchasing. People have been refraining from buying luxurious clothes and vegan apparel, which usually fall under the premium category.

Prominent market players are likely to focus on establishing their businesses in the Asia Pacific owing to rapidly expanding customer base in countries, such as India and China. In this respect, key market participants are expected to invest in research & development activities to remain competitive over the forecast period. Some of the prominent players in the vegan women’s fashion market include:

• GANNI
• ENVELOPE 1976
• THOUGHT CLOTHING
• Mayamiko
• Whimsy & Row
• Reformation
• FAITHFULL THE BRAND PTE.LTD
• Stine Goya
• Hiraeth Collective