The global plant-based leather market is projected to reach USD 97 million by 2027, growing at a CAGR of 7.5% from 2022 to 2027 according to a new report by MarketsandMarkets
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The fashion segment is the fastest-growing among various applications of plant-based leather during the forecast period
The fashion industry has been one of the major industries to have acknowledged the surging trend of vegan fashion. Given the increased demand for plant-based fashion goods, various internationally acclaimed fashion brands, such as H&M, Stella McCartney, and Gucci, are slowly incorporating plant-based leather in their collections and are expected to gradually shift from conventional animal leather to cruelty-free, eco-friendly plant-based leather. These products are ethical yet maintain the style and texture of traditional leather, thus satisfying the needs of the increasingly environmentally conscious customer base.
Asia Pacific is witnessing the highest growth rate in the plant-based leather market
Asia Pacific includes China, India, Japan, Thailand, Indonesia, South Korea, Australia and New Zealand, and the rest of Asia Pacific. Agriculture in Asia is essential to the continent’s prosperity. Farming practices produce a considerable amount of waste each year, which alternative leather industries utilize to produce
plant-based leather. In Japan, consumer behavior is influenced by climate change, sustainable, cruelty-free products, and zero waste. Gradually, the demand is set to shift from traditional animal goods to cleaner, greener plant-based products by environment-conscious and vegan consumers. The Japanese shoe and accessory brand Belle and Sofa employ vegan leather instead of actual leather to manufacture designer bags and shoes.
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The key players in the plant-based leather market include Ananas Anam (UK), DESSERTO (Mexico), NUPELLE (Taiwan), Natural Fiber Welding, Inc. (US), and PEEL Lab (Japan).
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