According to a new report by Infinium Global Research, the vegan leather market will be hitting $89.6 billion by 2025, with a compound annual growth rate of 49.9%, in the forecast period (2019-2025).
With animal “leather” being one of the most broadly traded commodities in the world economy vegan leather made from apple peals, cactus, pineapple leaves, mushrooms and more are becoming more sought after as demand continues to rise.
According to the data, the growing demand for plant-based vegan leathers is described over the last decade as “noteworthy” by Infinium’s report.
Evolving consumer demand for sustainable and cruelty-free products is driving the growing market for both the new and the old polyurethane vegan leathers.
Home furnishings, automotive interiors, clothing, bags, shoes, and more are all products being transformed by the emerging vegan market that grows by the month. Because of this vendors are increasing their production abilities to meet the new demand.
The demand for vegan leather in footwear like sneakers and dress shoes is noted in the report as being particularly of note as it is one of the key factors in vegan leathers demand growing so much.
The lower price point of plant-based vegan leathers when including its less polluting environmental impact is also cited as a key factor.
As new animal cruelty laws and regulations are enacted across the world manufacturers are having to change their materials to remain in compliance.
In the last few years, the prices of traditional leather have changed constantly worldwide, which, in turn, has boosted the demand for cost-effective alternatives like plant-based vegan leathers.
The physical and functional properties of vegan leather are on par with that of traditional leather which is playing a key role in increasing the demand for synthetic leather although the material does have a shorter lifespan than the more traditional flesh-based “leathers”.
The main drawback of vegan leather comes from the old school PU or polyurethane leathers some also call “pleather”.
Heat, moisture, UV rays from the sun, and just general wear easily damages traditional PU leathers but unfortunately, the report doesn’t make a distinction between the old PU leather and the newer vegan leathers made from mushrooms, apple peels, and other plants.
The newer vegan leathers that are made from plants tend to wear in like the traditional flesh-based leather and it lasts just as long with proper care.
The report concludes that the shorter lifespan of vegan leather is the only thing that may inhibit its growth but again this summary is flawed since they don’t separate out the new plant-based vegan leathers from the old plastic styles their report appears to be based on.
The reality is that the new plant-based vegan leathers are already becoming a staple of many clothing lines, shoes, handbags, automotive interiors like Teslas, and more as new kinds of vegan leather continue to come to market made from a variety of plant-based sources.
Our conclusion is that the vegan leather market will be worth far more than this report predicts and it will be dominated by the newer plant-based vegan leathers that keep the same durability and look of the traditional “leather” everyone is used to.
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