The Vegan Clothing Market in the United States is set for remarkable growth, with a projected absolute increase of US$ 499.6 million, reaching a value of US$ 797.3 million by 2033. From 2018 to 2022, the market experienced a substantial Compound Annual Growth Rate (CAGR) of 8.8%. It is expected that from 2023 to 2033, the CAGR will further accelerate to 9.4%.
According to the recently published Future Market Insights report, the revenue of the Vegan Clothing Market was estimated at US$ 628.7 million in 2022 and is anticipated to witness a remarkable CAGR of 12% from 2023 to 2033, reaching a staggering valuation of US$ 2.2 billion by the end of 2033. Among the various segments, vegan apparel is expected to lead with a projected CAGR of 12.1% during the same period.
The surge in the vegan clothing market is driven by the growing demand for sustainable and ethical fashion. Consumers are becoming increasingly aware of the detrimental impact of animal agriculture on the environment and animal welfare, leading to a cultural shift towards cruelty-free practices. Companies specializing in materials development are at the forefront of driving innovation in the market.
They are creating vegan alternatives to traditional textiles using animal-free materials such as grape waste, pineapple waste, apple, and other bio-based substances. Strategic partnerships between these materials development companies and fashion brands are expected to foster higher demand for vegan apparel.
Investments in companies focused on developing next-generation materials to replace animal or fossil-fuel-based textiles in the fashion industry have been on the rise since 2013, amounting to approximately US$ 3 billion. Leather alternative developing companies have been particularly prominent, comprising 60% of the invested companies in 2022, indicating promising growth opportunities for semi-synthetic animal alternatives.
Prominent brands like ZARA, Stella McCartney, Pact, TALA, and others are leading the charge in the Vegan Clothing Market. By promoting ethical practices, obtaining third-party certifications, and embracing transparency in the manufacturing process, these brands are gaining consumer trust and driving market expansion.
Recent developments in the market include the launch of cruelty-free vegan brands like Harper Coats, innovative products like Mylo apparel made from plant-based and lab-grown mushroom leather, and sustainability-focused initiatives, such as custom-fit jeans and organic activewear collections.
The Vegan Clothing Market is poised for exponential growth in the US, fueled by rising consumer awareness and the adoption of sustainable and ethical fashion practices. Fashion brands and materials development companies are driving innovation in the industry, making it a promising and lucrative market for the years to come.
