Global Luxury Vegan Men's Fashion Market – Industry Trends and Forecast to 2030

Luxury Vegan Men's Fashion Market Analysis and Size

The growing popularity of vegan accessories and clothing made from cruelty-free sources has been contributing to better social acceptance of these products.  As per the analysis of Vegan Society, it was projected that there were around 600,000 vegans in the U.K. in 2018, and the number has been progressively doubling every year since 2014. The "E-commerce" segment is expected to be the fastest-growing distribution channel segment due to growing digitalization and rapid growth of e-commerce and, specifically, among the younger generation and millennials during the forecast period. 

Data Bridge Market Research analyses that the luxury vegan men's fashion market was valued at USD 23.31 billion in 2022 and is expected to reach USD 73.30 billion by 2030, registering a CAGR of 15.40% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.

Luxury Vegan Men's Fashion Market Scope and Segmentation

Market Definition

Vegan men's fashion refers to clothing, including clothes, footwear, and accessories not produced from animals or animal by-products such as silk, leather, wool, and other similar materials. In other words, vegan men's fashion is manufactured without using methods such as slaughter or brutal treatment of animals. Materials such as linen, soy silk, recycled plastic, and organic cotton are utilized to manufacture vegan men's fashion goods.

Global Luxury Vegan Men's Fashion Market Dynamics

Drivers

• Increase in the number of independent stores and brands

The luxury vegan men's fashion market has been observing a rise in independent brands and stores, with offline and online stores upsurging their reach to consumers. These stores mostly have a large number of independent designers who are working on different ethic-based clothing and apparel to gain consumer traction. For instance, Bead and Reel provide over 60 independent designers. These provide numerous ethic-focused apparel such as cruelty-free, eco-friendly, and sweatshop-free styles for conscious consumers.

• Growing adoption of veganism

The growing adoption of veganism has driven the demand for environmentally friendly and cruelty-free footwear all over the globe. Numerous well-known brands are concentrating on providing vegan footwear. Various new companies are adopting recycled materials to manufacture high-end vegan footwear. For instance, Adidas collaborated with designer Stella McCartney and launched the vegan version of their popular Stan Smith sneakers in 2018.

Opportunities

• Increasing strategic partnerships

A growing number of industries have been mainly concentrating on strategic partnerships to reinforce their position and expand their presence in the luxury vegan men's fashion market. In the near term, well-known market players are likely to collaborate with medium-sized and small-sized companies to ease sustainable product offerings. For instance, BARO partnered with PrimaLoft in November 2018 to offer products in counties with colder climatic conditions. PrimaLoft was launched in the U.S. for the military, but the clothing can also be used for high-performance insulation. BARO usages 80% recycled hi-loft PrimaLoft for its Station and Coldwell styles. Therefore, the increasing strategic partnerships is expected to create immense opportunities for the growth of the market.

Restraints/ Challenges

• High cost of vegan apparel and footwear

The price of traditional fashion wear, such as footwear and clothes produced from animal-based goods, is much lower than vegan fashion wear, which is somewhat more costly. This is owing to the high level of investment necessary to process vegan raw materials for the manufacture of vegan fashion wear, which results in the final product having a high-cost tag attached to it. Furthermore, companies that manufacture vegan fashion products place a substantial amount of emphasis on the high quality of their products. Thus, the high cost of vegan apparel and footwear will hamper the market growth.

This luxury vegan men's fashion market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the luxury vegan men's fashion market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Luxury vegan men's fashion Market

The outbreak of COVID-19 (coronavirus) significantly impacted the apparel sector globally, including luxury vegan men's fashion. Many manufacturers in this market have historically relied on both finished products and raw materials used in manufacturing several types of products. As per the report of ODM Group, a promotional products agency, more than 2000 companies in China specialize in manufacturing vegan leather fashion products. Moreover, several countries have taken some preventive measures to limit gatherings by complete shutdowns of tourism, offices, hotels, restaurants, public events, and all social events. The sales of luxury vegan fashion products have been generally driven by the contribution of people in social events and outdoor gatherings, where luxury and fashionable clothes are worn to make a statement. However, in the post-pandemic era, the luxury vegan men's fashion market is anticipated to rise and witness immense growth during the forecast period.

Global Luxury Vegan Men's Fashion Market Scope

The luxury vegan men's fashion market is segmented on the basis of product and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Accessories
• Clothing and Apparel
• Footwear

Distribution Channel

• E-commerce
• Hypermarkets/ Supermarkets
• Departmental Stores
• Specialty Stores
• Others

Luxury vegan men's fashion Market Regional Analysis/Insights

The luxury vegan men's fashion market is analyzed and market size insights and trends are provided by country, product and distribution channel as referenced above.

The countries covered in the luxury vegan men's fashion market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the global luxury vegan men's fashion market due to the region's extending textile and apparel markets. Furthermore, the United States is a major nation with a high investment in research and development activities of textile distribution channels such as sustainable and vegan clothing and conductive fabric.

Asia-pacific is anticipated to be the fastest developing region during the forecast period of 2023-2030 due to the growing number of compassionate shoppers willing to buy cruelty-free, high-quality, and eco-friendly fashionable products. Moreover, vegan fashion is gaining popularity because various well-known fashion designers promote the concept of eco-friendly, sustainable, vegan fashion in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Luxury Vegan Men's Fashion Market Share Analysis

The luxury vegan men's fashion market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to luxury vegan men's fashion market.

Some of the major players operating in the luxury vegan men's fashion market are:

• PrimaLoft,Inc (U.S)
• Brave Gentleman (U.S.)
• Tessile Clothing (India)
• Nike, Inc. (U.S.)
• Adidas AG (Germany)
• Chopard Group (Switzerland)
• Kering (France)
• Bata Brand (India)
• Wolverine World Wide Inc.  (U.S.)
• Rahman Group (India)
• VF Corporation (U.S.)
• Uvex group (Germany)
• Hewat's Edinburgh (U.K.),
• ELTEN GmbH (Germany)
• COFRA Holding (Switzerland)
• Rock Fall Ltd. (U.K.)
• Oftenrich Holdings Co. Ltd. (U.S.)
• Goodthreads (San Francisco),
• Tommy Hilfiger Licensing, LLC.(Netherland)
• Slowear S.P.A. (U.S.)
• Carhartt Inc, (U.S.)
• THE GAP, INC. (U.S.)
• Izod Corporation (U.S.)
• AEO Management Co. (U.S.),

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