PORTLAND, OREGON, USA, August 24, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global market Vegan shoe market generated $156.89 billion in 2020 and is projected to reach $300.19 billion by 2030, growing at a CAGR of 6.8% from 2021 to 2030. The report provides a detailed analysis of the changing dynamics of the market, major segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The rapid rise in the vegan population, growing consumer environmental concerns, and government rules and regulations regarding leather products are driving the growth of the global vegan footwear market. However, the availability of counterfeit products and increased demand for leather is restraining the market to some extent. On the other hand, the rise in demand for stylish yet comfortable shoes and the increase in social media marketing are providing new opportunities in the coming years.
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According to top CXOs, as internet use has become more widespread, so has the population of people using social media. In light of this, majority of major industry players plan to advertise their products and services on social media sites including Facebook, YouTube, Instagram, Pinterest, and Google. One of the primary methods used by many businesses and industries to educate target customers on social media about growing environmental concerns, the benefits of wearing vegan shoes, and the availability of vegan products is social media marketing. Thus, the global vegan footwear market sees a crucial opportunity through its social media marketing approach to build momentum and expand its consumer base among its target demographics.
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COVID-19 scenario:
The outbreak of the COVID-19 pandemic has led to the implementation of a global lockdown and the temporary closure of production facilities in the vegan footwear industry.
The temporary closure of retail outlets led to a sudden drop in consumer demand for footwear.
The pandemic has also disrupted the supply chain, leading to higher commodity prices.
The report offers a detailed segmentation of the global vegan shoes market on the basis of material type, distribution channel, end-user, and region.
On the basis of end-user, women’s segment held the highest market share in 2020, holding more than half of the total market share, and is expected to maintain its leading status during the forecast period. . Additionally, the children segment is estimated to register the highest CAGR of 9.4% from 2021 to 2030.
Based on the distribution channel, the specialty store segment held the largest market share in 2020, holding more than three-fifths of the total market share, and is expected to maintain its leading status during the forecast period. Additionally, the online store segment is expected to register the highest CAGR of 11.6% from 2021 to 2030.
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Based on region, North America contributed the highest share in terms of revenue in 2020, holding more than a third of the global vegan footwear market, and is expected to maintain its dominant share by 2030. However, the Asia-Pacific region is expected to exhibit the fastest CAGR of 7.8% during the forecast period.
The major players of the global vegan shoes market analyzed in the research are Nike, Adidas, AVESU GmbH, Beyond Skin UK, Ethletic, Hexa Vegan Shoes, Matt & Nat, MooShoes, Susi Studio and Veerah.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
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