Global Luxury Vegan Men’s Fashion Market By Distribution Channel (E-commerce, Specialty Stores, Departmental Stores, Hypermarket/Supermarket, and Others By Product, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
The Global Luxury Vegan Men’s Fashion Market size is expected to reach $29 billion by 2027, rising at a market growth of 8.7% CAGR during the forecast period.
Vegan men’s fashion refers to any clothes, footwear, apparel, and accessories that are free of animal or animal-derived materials like leather, silk, wool, etc. In other terms, vegan men’s fashion is created without harming or killing animals. In addition, the vegan men’s fashion goods are made from linen, soy silk, recycled plastic, pinatex or pineapple leather, and organic cotton.
The key drivers fuelling the growth of the vegan men’s fashion industry are growing veganism lifestyle acceptance as a result of the growing awareness of animal cruelty and increasing per capita disposable income. Other market growth variables include the growing use of e-commerce platforms, especially in emerging economies, and expanding vegetarianism in the fashion sector.
In the long run, manufacturers’ increasing investment in research and development, as well as their greater focus on technical developments, would offer attractive and remunerative growth opportunities for the key market players. An increasing number of companies are focused on strategic alliances in order to increase their presence and enhance their position in the luxury vegan men’s fashion industry, which will help it flourish in the coming years.
In the near future, reputable firms are expected to partner with small and medium-sized businesses in order to assist the development of long-term product offers. For example, BARO teamed with PrimaLoft in November 2018 to sell items in areas with colder climates. PrimaLoft was developed for the military in the United States, although the clothing may also be used for high-performance protection. For the Coldwell and Station designs, BARO employs 80 percent recycled high-loft PrimaLoft.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a major impact on the worldwide garment business, especially the market for high-end vegan men’s fashion. Many market manufacturers have historically relied on China for both completed products and raw materials utilised in the production of many sorts of items. As per the ODM Group, a promotional goods firm, China has over 2000 facilities dedicated to the creation of vegan leather fashion items.
With the outbreak of the COVID-19 pandemic, the demand for various non-essential products has declined, which would hinder their overall market growth. The imposition of various restrictions like lockdown, social distancing norms, ban on imports & exports, and closure of numerous retail outlets has negatively impacted the production and demand for vegan footwear across the world.
Market Growth Factors:
Growing influence of social media strategies
Social media plays an important role in creating awareness among customers regarding the prevalence of various vegan products. Additionally, companies are majorly investing in forming the social media strategies to reach out to their customers residing in different parts of the world. In addition, since social media platforms have a high influence on the population, companies are increasing their digital presence on such social media platforms to understand their customer’s needs and update them regarding their product line.
High adoption of veganism and rising vegan population
There is an increase in the popularity of veganism across people throughout the world due to fact that it helps in enhancing the way of living without harming any animal. Also, consumers are shifting towards the utilization of animal cruelty-free products for majorly three causes including concerns regarding animal welfare, personal health care, and environmental concerns. Men across the world are entering into the fashion world and are highly spending on quality fashion wear, which is creating demand for luxury men’s fashion products.
Market Restraining Factors:
High cost of vegan clothing and footwear
The cost of vegan fashion wear is comparatively higher than the conventional fashion wear including clothing and footwear made from animal-based products. It is because the processing of vegan raw materials for the manufacturing of vegan fashion wear requires high investment and thus, the end-product has a high price attached to it. In addition, companies manufacturing vegan products majorly focus on the high quality of the products, which requires better raw materials that do not cause any harm to the human skin and foot.
Distribution Channel Outlook
On the basis of Distribution Channel, the Luxury Vegan Men’s Fashion Market is categorized into E-commerce, Hypermarket/Supermarket, Departmental Stores, and Specialty Stores. The e-commerce segment dominated the luxury vegan men’s fashion market with the maximum revenue share in 2020. The E-commerce channel has grown extremely popular among millennials throughout the world, due to its ease and convenience. The online sales of luxury vegan men’s clothes are being driven by the fast rise of e-commerce and increased digitization, particularly amongst millennials and the younger generation.
Based on the Product, the Luxury Vegan Men’s Fashion Market is categorized into Accessories, Clothing & Apparel, and Footwear. The clothing & apparel segment garnered a significant revenue share in the luxury vegan men’s fashion market in 2020. It is owing to the increasing focus among men on fashion statements and growing professionalism among men across the world. In addition, the availability of a wide range of vegan fashion clothing would also attract more customers and hence, augment the growth of the segment.
Based on the Region, the Luxury Vegan Men’s Fashion Market is studied across North America, Europe, APAC, and LAMEA. North America emerged as the leading region in the luxury vegan men’s fashion market with the largest revenue share in 2020. The market for luxury vegan men’s fashion is predicted to be driven by the region’s developing clothing and textile business. The US textile and apparel market was estimated at USD 70 billion in 2018, as per the National Council of Textile Organization, based on the value of industry shipments.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Komodo Fashion, Brave GentleMan, ECOALF, Carpasus GmbH, Wuxly Movement, Rapanui, A.BCH, Tact & Stone, and Thought Clothing.
Strategy Deployed in Luxury Vegan Men’s Fashion Market
Dec-2018: Brave GentleMan introduced wool-free suits made from sustainable bamboo. These suits are made from 100 percent Italian-milled bamboo and have buttons made from tagua nuts. In addition, suits come in classic colors like Navy, Black, and Grey, with the checkered designs, Blue Windowpane and Brown Windowpane.
Scope of the Study
Market Segments covered in the Report:
By Distribution Channel
• Specialty Stores
• Departmental Stores
• Clothing & Apparel
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Komodo Fashion
• Brave GentleMan
• Carpasus GmbH
• Wuxly Movement
• Tact & Stone
• Thought Clothing
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