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The leather industry has transformed significantly over the past few years owing to improvements in technology. Leather products have been in use for generations and are universally recognized. It is one of the ancient manufacturing sectors creating a wide range of consumer goods such as leather bags and wallets, footwear, clothing, etc.
Bio-based or Plant-based is the latest emerging subset within the vegan leather classification. With rising consumer awareness concerning the harmful consequences of real leather, consumers are making a switch towards bio-based leather. Notably, since the last 5 years, it has accumulated considerable attention from consumers.
The growing population of environmental-conscious millennials is propelling the worldwide demand for bio-based leather, and it is anticipated to evolve into a large industry. Driven by the changing consumer preferences of utilizing vegan-friendly and sustainable options, substances such as apples, pineapples, mushrooms, corks, and others are being converted to artificial leather forms.
The sneakers and sports shoes industry has been one of the largest endorses of new plant leathers, like most environmentally friendly developments. The market players in this industry are offering an extensive variety of leather products including Furnishing, Automotive, Footwear, Bags & Wallets, Clothing, and many others.
Demand for Bio-Based Leather
The bio-based leather market is projected to reach up to USD 3500 million by 2027 from USD 236 million in 2020, growing at a CAGR of 47.50% over the forecast period of 2021-2027.
Bio-based leather has an incredible potential to contribute to an eco-friendly, cruelty-free sustainable fashion industry. Its demand is undeviatingly rising among shoppers with their sustainable interests. There is a growing market for Bio-based leather alternatives, and companies are choosing a broad range of products made from sustainable materials.
While being attractive and leather-like in feel and appearance, some plant and vegetable leathers are more durable as compared to animal leather. Bio-based leather has exceptional properties including durability, waterproofness, lightweight nature, and sustainability. It is a sustainable alternative to animal-derived leather as it doesn’t cause much harm to the environment.
This sustainable alternative is desired by the fashion industry, leather goods, furniture, and automotive industries. The growing adoption of vegan leather by key automotive manufacturers such as Tesla, Volkswagen, and Mercedes-Benz is expected to breed fruitful opportunities for the new and existing players in the industry.
Regional Shares of the Bio-Based Leather Market
Among the global regions, North America accounted for the largest share in the Bio-Based leather market. The notable increase in industrial production boosted trade, and the rise in demand for fashion apparel and accessories is predominantly responsible for the elevated consumption of bio-based leather in the region. This market in North America is highly driven by the footwear and garment industries.
Likewise, the European region is expected to grow at the fastest rate in the next 5-7 years. The demand for footwear from the fashion and sports industries is driving the bio-based leather market in Europe. Bio-based leather shoes are recyclable and provide enhanced performance compared to conventional leather productions. In addition, top fashion brands are preferring bio-leather over traditional leather to reduce carbon footprints.
Considering Investing in the Bio-Based Leather Market?
If you’re intending to invest in the bio-based leather market, having the capital and a good manufacturing unit isn’t enough, getting in-depth market insights is a must. Request a sample of this premium report here: Bio-based Leather Market and accelerate your business for the long run. Get in touch with the IGR research analysts at firstname.lastname@example.org to customize your business strategy.
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