The vegan women's fashion business is still in its infancy, with many manufacturers producing apparel, accessories, and footwear for female customers. With rising public awareness of animal cruelty and a preference for environmentally friendly consumer goods, big established brands have begun to embrace veganism by avoiding products manufactured from animal products such as leather, fur, wool, down, and suede. The market is driven by the growing popularity of vegan clothing and accessories mad from cruelty-free sources among the millennial.
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Market Dynamics
The expansion of the vegan women's fashion business is being fueled by rising veganism adoption due to growing awareness of animal cruelty and rising personal disposable money. Other market growth variables include the fashion industry's increasing adoption of veganism and the popularity of e-commerce platforms, particularly in developing economies. Large brands or significant manufacturers adopting environmentally friendly practices, together with greater government activities to raise awareness, will pave the road for market expansion. In the long run, manufacturers' increased spending on research and development operations and their increased focus on technical developments would generate attractive and remunerative market growth.
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Segment Analysis
Vegan footwear is dominating the market during the projected period, with a CAGR of XX %. Vegan footwear, which is created without animal by-products or materials such as leather, suede, wool, and fur, gives the wearer an elegant and sober appearance, increasing its popularity among women of all ages. Microfibers like polyamide, polyurethane, and cotton are vegan alternatives with the same appearance as leather or suede and fine pores, making the final product breathable and lightweight. Vegan footwear is being purchased for the first time by those who want to project a certain image in society as they speak out against cruelty and terrible treatment of animals. Furthermore, footwear is becoming more of a fashion statement among women in particular, with their desire to own multiple pairs of shoes for various situations fueling product demand.
Competitive Landscape
The global vegan women's fashion market is fragmented, and the global players are competing intensely with local and regional players and private labels. The vegan women's fashion market is still in its infancy, with a growing number of new producers entering the market. However, in response to rising consumer awareness about animal products and suffering, well-known firms have begun to embrace veganism by avoiding the usage of animal products. For example, Guccio Gucci S.p.A. stated in 2018 that it would be fur-free beginning with its spring 2018 collection. Calvin Klein, Ralph Lauren, and Giorgio Armani are among the other well-known brands that have already stopped using fur. The acceptance of fur-free fashion garments by several well-known brands is trickling down to the fashion industries of industrialized countries like the United States, the United Kingdom, France, and Germany.
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