Currently worth $1.34 billion, the luxury vegan handbags market is expected grow at a CAGR of 11.3 per cent from 2023-2030 and reach $2.83 billion by 2030.
As per a report by CoherentMI, the market offers stylish and fashionable handbags made from vegan materials like synthetic leather, recycled plastic and jute. Serving as a perfect alternative to animal products like leather or suede, these handbags cater to the tastes of conscious consumers looking for luxurious and eco-friendly options.
Future growth in the luxury vegan handbags market is likely to be driven by a rising demand for sustainable fashion, and increasing number of brands and designers launching their range of luxury vegan handbags.
Luxury vegan handbags made of PVC materials are likely to dominate growth during this period as these materials serve as a cost-effective alternative to traditional leather.
North America is expected to hold a dominant position in the luxury vegan handbags market. The region has a well-established fashion industry and a high consumer awareness regarding sustainable fashion. However, other regions, such as Europe and Asia Pacific, are also expected to witness significant growth.
