A study @Tmrresearch1 states that the market for bio/vegan-based leather substitutes has grown rapidly due to many factors. One of the main growth drivers includes an increasing trend for sustainable and cruelty free leather. In addition, a constant increase in the number of research and development activities for product development and innovation also stimulates growth prospects in the global market in the near future. [Download List Of Figures & Tables]
Developed countries around the world are expected to contribute to market growth compared to developing countries in the coming years. In addition, fossil fuels are consumed at a higher rate in livestock production. Along with this, it is a general feeling that genuine leather has a three times more negative impact on the environment than other options in the industry. These factors are likely to affect the market's growth paths in the coming years.
Organic/vegan leather substitute market – Key factors
Traditional methods of tanning and pre-tanning have the maximum discharge due to the increasing pollution of the tannery. In addition, tannery effluent generally contains a greater amount of pollutants, such as acid, sulphides, lime sludge and salt. PVC and PU are the main raw materials used for the production of synthetic leather substitutes that are estimated to have harmful effects on animal and human health, as well as on the surrounding environment. PU is isocyanate which can damage the lungs and causes lung irritation and asthma attacks. It further irritates the skin and can also cause breathing difficulties due to 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 is released during the combustion of plastic that contains chlorine. Thus, it is estimated that these factors produce certain negative effects on the health of humans and will further fuel the demand for products that respect humans and the environment. Therefore, due to these factors, the market for bio-vegan skin substitutes is expected to expand at a remarkable rate in the near future.
Organic/vegan leather substitutes market: recent developments and key players
The organic/vegan leather substitute market has been marked by the presence of leading players operating in regional and global areas. Their market presence is fragmenting the nature of the industry. In addition, these players are also considering some new growth strategies to achieve their predefined goals. Along with these factors, the growing penetration of international market players and the growing awareness among consumers in relation to the brands in the sector are also driving new growth opportunities in the market. New product launches, mergers or aggregations, expansion of the product portfolio and the increasing number of research and development activities in improving the company's portfolio are some strategies that are also being adopted by these key market players to generate profitable opportunities in the coming years.
For example, Ananas Anam Ltd. established a partnership with Dole from the Philippines in July 2021. The reason for this partnership is to access a larger volume of fibers to meet the growing demand for Pinatex.
Some of the main global players in this organic/vegan leather substitute market are:
- Toray Industries Inc.
- Bolt Threads Inc.
- Tjeerd Veenhoven Studio
- Pineapple Anam Ltd.
- VEGEA
- Modern Meadows
- ECCO Leather
- Nat-2
- MycoWorks
- Ultrafabrics
- Natural Fiber Welding Inc.
- Fruitleather Rotterdam
The organic/vegan leather substitute market has served in various APAC regions, North America, the Middle East and Africa, Europe and South America around the world. APAC between these regional areas is expected to grow at maximum speed in predictable years. Growth paths in the regional market are attributed to high economic growth among emerging countries. Increased disposable income and increased industrial production also contribute to regional growth. In addition, government regulations are being implemented for carbon emission which is also fueling avenues of expansion in the global market.
