Bio-based/Vegan Leather Market – Overview
The growth in the bio-based/vegan leather market has been growing rapidly because of a lot of factors. One of the prominent growth factors includes an increasing trend for sustainable as well as cruelty-free leather. Furthermore, a constant increase in the number of R & D activities for product development and innovations is also stimulating growth prospects in the global market in the near future.
Developed countries around the world are predicted to contribute to market growth compared to developing countries in the forthcoming years. Further, fossil fuels are consumed at a higher rate in the production of livestock. Along with this, real leather is likely to put three times more negative impact on the environment compared to other industry options. These factors are likely to impact the growth avenues in the market in the forthcoming years.
Bio-based/Vegan Leather Market – Key Drivers
The traditional methods of tanning and pre-tanning have the maximum discharged due to increasing pollution from the tannery. Further, tannery effluent generally contains a larger amount of pollutants, for instance, acid, sulfides, lime sludge, and salt. PVC and PU are the prominent raw materials that are used for the manufacturing of synthetic leather that is estimated to put certain harmful effects on animal and human health as well as on the nearby environment. PU is isocyanate that can harm the lungs and causes lung irritation and asthma attacks. It further irritates the skin and can also cause difficulty in breathing because of lung infections. On the other hand, PVC contains numerous harmful carcinogens, for example, dioxin, phthalates, and vinyl chloride monomer (VCM). Dioxin is highly harmful and toxic and it is released during the burning of plastic that has chlorine. So, these factors are estimated to put certain negative effects on the health of human beings and further fuel demand for human and environmentally friendly products. Thus, owing to these factors, the bio-based/vegan leather market has been predicted to expand at a noticeable speed in the near future.
Bio-based/Vegan Leather Market – Recent Developments and Key Players
The bio-based/vegan leather market has been marked due to the presence of prominent players that are serving in regional as well as global areas. Their presence in the market is making the industry nature fragmented. Furthermore, these players are also taking into consideration certain novel growth strategies in order to achieve their pre-defined goals. Along with these factors, the rising penetration of the international market players and increasing awareness among consumers related to the industry brands are also driving new growth opportunities in the market. Novel product launches, mergers or tie-ups, product portfolio expansion, and the rising count of the R & D activities in enhancing the company portfolio are some strategies that are also adopted by these key market players to generate lucrative opportunities in the coming years.
For instance, Ananas Anam Ltd. has established a partnership with Dole from the Philippines in July 2021. The motive of this partnership is to access a larger volume of fibers in order to meet the rising demand for Pinatex.
Some of the key players in the bio-based/vegan leather market are:
Bio-based/Vegan Leather Market – Regional Assessment
The bio-based/vegan leather market has been serving in various regions APAC, North America, the Middle East & Africa, Europe, and South America across the world. APAC among these regional areas has been projected to grow at the fastest speed in the foreseeable years. The growth avenues in the regional market are attributed to the high economic growth among emerging countries. Rising disposable income and increased industrial production are also contributing to regional growth. Furthermore, government regulations are implemented for the emission of carbon that is also fueling expansion avenues in the global market.
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