PUNE, India, March 4, 2020 /PRNewswire/ -- Infinium Global Research has recently published a global report on "Vegan Leather Market (Device Type - Control-to-Range (CTR) System, Threshold Suspended Device System, and Control-to-Target (CTT) System; Treatment Type - Bi-hormonal, Insulin Only, and Hybrid; End User - Hospitals, Research Institute, and Other End Users): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025" published by Infinium Global Research", the reported study estimated the market for vegan leather will reach up to 89.6 billion by 2025, with a compound annual growth rate of 49.9%, in the forecast period (2019-2025).
Leather is one of the most broadly traded commodities in the world. The leather and leather products industry play a conspicuous role in the world's economy. Vegan leather or faux leather is a leather-like fabric that isn't made from the skin of animals. The global demand for vegan leather has seen a paradigm shift owing to rising applications across furnishing, automotive, clothing, bags, and others. Thus, vendors are focusing on increasing their production capacities. The global market is fragmented and is led by a few players. This has resulted in high entry barriers as these companies are emphasizing on forward and backward integration across the value chain to improve their efficiency and overall productivity.
Growing Importance and Awareness About Animal Rights
Over the past decade, the global demand for vegan leather has witnessed noteworthy growth. The soaring demand for vegan or faux leather is driven by a range of factors, which include evolving consumer trends, mounting concerns over the impact of traditional leather on the environment, ascending demand for animal-free products, and rising awareness regarding the attributes of vegan leather, among others. Presently, vegan leather is increasingly being used in a range of applications, which include footwear, interior designing, furnishing, automotive interiors, garments, and luxury goods. In addition, the increasing demand from the footwear sector is expected to be a key factor propelling growth. The product finds applications containing fabrics, footwear, clothing, and upholstery where a leather-like finish is essential, and the material is unusable, unsuitable, and cost-prohibitive.
Animal cruelty regulations and policies across the globe are playing an essential role in boosting the prospects of the vegan leather market, as a greater number of consumers are inclined toward purchasing products that are animal-free. In the last few years, the prices of traditional leather have augmented constantly worldwide, which, in turn, has boosted the demand for cost-effective alternatives such as vegan leather. The physical and functional properties of vegan leather are at par with that of traditional leather which is playing a key role in increasing the demand for synthetic leather.
Shorter Lifespan Compared to Traditional Leather to Hamper Market
Vegan leather has a comparatively shorter lifespan as related to traditional leather, as prolonged exposure to heat and moisture degrade vegan leather at a more rapid pace. Vegan leather is chemically treated to make it resistant to sunlight, scratches, and fire; still, it becomes weak and susceptible to degradation, owing to wear and tear. Vegan leather is available at an affordable price, though, it requires a high level of care and maintenance and needs to be protected from direct sun rays to extend its lifespan. Further, in hot and humid environments, vegan leather can easily degrade, as it is not breathable. Moreover, vegan leather can be more easily torn or punctured through misuse or other means, as related to traditional leather. Unlike vegan leather, traditional leather is known to have a lifespan of 20–30 years if cared for properly. Consequently, the shorter lifespan of vegan leather is likely to act as a restraint to the market over the forecast period.
Increasing R&D Investments to Develop Sustainable Vegan Products
Within the vegan leather market, research and development activities have played a crucial role in differentiating the overall attributes of vegan leather from traditional leather. Stakeholders in the vegan leather market landscape are investing in research and development activities to develop vegan leather with superior properties. Forthcoming and established players in the current market landscape are involved in the development of vegan leather with various textures, colors, patterns, and functionalities. Numerous companies are entering into strategic partnerships to develop innovative and sustainable vegan leather in tune with evolving industry trends. Furthermore, the major companies are announcing the collaboration with other companies to facilitate the production of new prototypes that they aim to commercialize for different applications. Vendors in the current vegan leather market are also aiming to streamline their quality control processes. Presently, due to the ascending demand for vegan leather across various industries such as footwear, automotive, furnishing, garments, etc., vendors are anticipated to align their product development activities with the requirements of each of these industries.
Asia Pacific To Dominate Vegan Leather Market
The Asia Pacific led the global vegan leather market and is projected to continue leading over the forecast period, on account of rapidly expanding footwear and automobile industries. A rapid rise in population and disposable income has been impelling the demand for passenger and commercial vehicles, particularly in developing countries such as China and India. North America and Europe are projected to witness substantial growth owing to the increasing demand for cruelty-free products. Additionally, rising awareness and stringent regulations regarding animal rights in numerous countries in these regions have been encouraging the usage of vegan leather. Countries in Europe such as France, Germany, and Italy have numerous manufacturing units that require vegan leather as their raw material and hence, the demand for vegan leather is projected to remain stable in the near future. A supply-demand gap in the natural leather industry is another key factor that has made companies to opt for artificial alternatives.
Infinium Global Research is a business consulting and market research firm; a group of experts that caters to fulfilling business and market research needs of leading companies in various industry verticals and business segments. The company also serves government bodies, institutes and non-profit/non-government organizations to meet their knowledge and information needs.
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