Luxury Vegan Men’s Fashion Market expected to take a hit of up to $40.0 Billion By 2028

Posted on 2022-09-15 by researchinsights in Industrial // 0 Comments

Luxury Vegan Men’s Fashion Industry Overview

The global luxury vegan men’s fashion market size was valued at USD 17.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.9% from 2021 to 2028.

The increasing popularity of vegan clothing and accessories made from cruelty-free sources, coupled with rising consumer focus on animal wellbeing and safety, has been contributing to the greater social acceptance of these products, thereby driving their demand. Increasing disposable income and consumer spending on luxury products are some of the other prominent factors augmenting the demand for luxury vegan men’s fashion globally.

Gather more insights about the market drivers, restrains and growth of the Global Luxury Vegan Men’s Fashion Market

Many manufactures in the market have been historically relying on China for both, finished products as well as raw materials used in the manufacturing of the various types of products. According to the ODM Group, a promotional products agency, there are more than 2000 factories in China that specialize in the production of vegan leather fashion products.

Additionally, many countries across the globe have taken preventive measures to restrict gatherings by complete closures of hotels, restaurants, public events, tourism, offices, and all types of social events. The sales of luxury vegan fashion products have been historically driven by the involvement of people in outdoor gatherings and social events, where fashionable and luxury clothes are worn to make a statement.

Brick-and-mortar retail stores and independent apparel and footwear stores are among the prominent sales channels as veganism has been slowly moving into mainstream men’s fashion. Mono-brand or independent luxury vegan apparel retailers have also been trying to attract cruelty-free conscious shoppers. According to The Vegan Society, it was estimated that there were over 600,000 vegans in the U.K. in 2018 and the number has been steadily doubling every year since 2014.

The market for luxury vegan men’s fashion has been witnessing an increase in the number of independent stores and brands with both online and offline stores to increase their reach to consumers. These stores mainly have a large number of independent designers working on different ethic-based clothing to gain consumer traction. For instance, Bead and Reel offer over 60 independent designers providing various ethic-focused apparel such as eco-friendly, cruelty-free, and sweatshop-free styles for conscious consumers.

An increasing number of companies have been focusing on strategic partnerships to expand their presence and reinforce their position in the market for luxury vegan men’s fashion. In the near term, reputed companies are likely to collaborate with small and medium-sized companies in a bid to facilitate sustainable product offerings. For instance, in November 2018, BARO partnered with PrimaLoft to offer products in regions with colder climatic conditions. PrimaLoft was introduced in the U.S. for the military, but the apparel can also be used for high-performance insulation. BARO uses 80% recycled hi-loft PrimaLoft for its Coldwell and Station styles.

Despite an optimistic outlook, several consumers are becoming increasingly aware that vegan materials and cruelty-free materials that are advertised as being ethical, ecofriendly, and sustainable, may have a harmful impact on the environment. A large number of brands that offer luxury vegan men’s apparel, including Komodo, Braintree Clothing, Plantfaced Clothing, and Desideratum, have largely been using rayon and polyester as a cruelty-free alternative to silk, which is highly unsafe for the environment and humans.

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