Vegan fashion refers to clothing, accessories and footwear made without using animal-derived components such as leather, fur, wool, silk, down or meat-derived residues. Vegan fabrics include cotton, linen, bamboo, recycled polyester and sustainable synthetics. The vegan fashion market has seen significant growth in recent years due to rising ethics consciousness regarding animal welfare and environmental sustainability. Consumers are increasingly aware of the cruelty involved in animal farming for textiles and willing to pay a premium for cruelty-free fashion options. Vegan materials can also be recycled easily, helping reduce textile waste clogging landfills. With designers leveraging innovative plant-based materials, vegan fashion is no longer restricted to basic tees and jeans, rather offering a varied aesthetic. The global Vegan Fashion market is estimated to be valued at US$ 518.12 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving growth in the vegan fashion industry is increasing experimentation with alternative materials. Researchers and designers are developing vegan performance fabrics from pineapple leaves, orange peels, and grape must residue. These bio-based fabrics mimic properties of leather, wool and cashmere but are non-animal. They offer moisture-wicking, softness and breathability without harming animals. Their production is also more sustainable as agricultural residues are upcycled. The emergence of alternative "fabrican" materials will expand the vegan fashion market by catering to more fashion segments beyond casual and streetwear.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the vegan fashion industry already has well established brands. However, the growing popularity of vegan fashion provides opportunities for new players.

Bargaining power of buyers: The bargaining power of buyers is high as the there are many vegan fashion brands for customers to choose from. Buyers can easily switch to other brands if they are not satisfied.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as vegan fashion companies rely on a limited number of suppliers for raw materials. However, major fashion brands can influence suppliers.

Threat of new substitutes: The threat of substitutes is low as there are few alternatives to vegan fashion. However, recycled and upcycled fashion can emerge as potential substitutes.

Competitive rivalry: The competitive rivalry is high owing to the presence of well-established brands and newcomers. Brands compete based on variety, quality, pricing and sustainability practices.

Key Takeaways
The global Vegan Fashion Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by changing consumer preferences towards cruelty-free fashion.

Regional analysis: Europe dominates the global vegan fashion market holding over 30% share in 2024. Countries like UK and Germany have emerged as major markets favored by presence of domestic vegan fashion brands like Vivienne Westwood Anglomania and Armedangels. North America is another major regional market growing at a CAGR of 11% during the forecast period.

Key players: Key players operating in the vegan fashion market include Dell, IBM, Hewlett Packard Enterprise, Fujitsu, Lenovo, Hitachi, Toshiba, Apple, Samsung, Microsoft, Cisco, HCL Technologies, Wipro, Infosys, Tata Consultancy Services, Tech Mahindra, Unisys, Dimension Data, Getronics, CompuCom. Players compete through innovations in fabric technology and unique designs to appeal different customer segments.