The luxury vegan handbags market is estimated to be valued at US$ 1.34 Bn in 2023 and is expected to exhibit a CAGR of 11.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Key Market Takeaways
:The global luxury vegan handbags market is anticipated to witness a CAGR of 11.3% during the forecast period 2023-2030, owing to the increasing adoption of vegan lifestyles and focus on sustainability across the world.
- On the basis of material type, polyurethane segment is expected to hold a dominant position, owing to its physical properties resembling leather.
- On the basis of product type, handbags segment is projected to lead the market over the forecast period.
- By price range, premium priced handbags ranging between $200 to $500 are expected to be the most popular.
- On the basis of distribution channel, offline retail stores are anticipated to account for the lion’s share due to the opportunity to see, touch and choose products.
- By end user, women are expected to be the primary customers for luxury vegan handbags.
- Regionally, North America is expected to hold a dominant position over the forecast period due to rapid vegan lifestyle trends.
Luxury Vegan Handbags Market Report Coverage
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Report Coverage
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Details
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Market Revenue in 2023
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USD 1.34 Billion
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Estimated Value by 2030
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USD 2.83 Billion
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Growth Rate
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Poised to grow at a CAGR of 11.3%
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Historical Data
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2018–2022
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Forecast Period
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2023–2030
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Forecast Units
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Value (USD Million/Billion)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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By Material Type, By Product Type, By Price Range, By Distribution Channel, By End User, By Consumer Group
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Geographies Covered
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North America, Europe, Asia Pacific, and Rest of World
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Growth Drivers
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• Growing Vegan Population
• Increasing Awareness About Cruelty-free Fashion Items among Youngsters
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Restraints & Challenges
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• Lack of Durability in Vegan Leather
• Ecological Impacts of Sourcing Vegan Leather Materials |
Market Dynamics
:Increasing consumer spending on luxury and premium products and growing awareness about animal welfare and environment protection are the major factors driving the growth of the luxury vegan handbags market.
Consumers are increasingly willing to pay premium prices for products that are environment-friendly and ethically produced without using animal materials. Moreover, vegan handbags are becoming a style statement for conscious consumers who prefer sustainable alternatives to leather handbags.
Market Trends
:- Adoption of innovative materials: Major brands are focusing on developing innovative vegan materials such as pineapple leaves fiber, cork, recycled plastic bottles, and mushrooms roots to manufacture luxury vegan handbags. These novel materials help in achieving superior aesthetics and functionality comparable to leather bags.
- Growing luxury resale market: The resale market for luxury bags is growing rapidly. Prominent resale platforms are dedicatedly procuring and reselling pre-owned luxury vegan handbags, which is providing strong secondary markets and sustaining values for vegan bags, helping the market gain wider acceptance.
Market Opportunities
:- Polyurethane made from castor oil is emerging as a popular vegan alternative to leather that has comparable texture and durability. Some brands are also experimenting with pineapple leaf fiber and recycled ocean plastics to develop innovative sustainable materials.
- Consumers are showing preference for personalized luxury products that reflect their individual taste and style. Vegan handbag brands are tapping into this opportunity by providing options for consumers to customize colors, prints, hardware, or add monograms. Made-to-order and customizable vegan handbags allow consumers to stand out from the crowd with a unique design.
Competitor Insights
Key players in the luxury vegan handbags market include:
- Matt & Nat
- Gunas
- Freedom of Animals
- Ela
- Save My Bag
- Angela Roi
- Urban Expressions
- Bruno Frisoni
- Alternate Apparel
- The Sak
- Rebecca Minkoff
- MooShoes
- Kelly Clark
- Stella McCartney
- Hermes
- Louis Vuitton
- Givenchy
- Loewe
- Dsquared2
- Liselore Frowijn
Recent Developments
:- In March 2021, Stella McCartney introduced Mylo™, a mushroom-based leather alternative developed by Bolt Threads. The brand has launched limited-edition designs showcasing this bio-based material, reinforcing its position as a luxury leader in vegan and sustainable fashion.
Market Segmentation:
By Material Type
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- PVC
- Polyurethane
- Recycled Materials
- Cork
- Others (Pinatex, Mushroom leather, etc.)
By Product Type
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- Handbags
- Wallets
- Clutches
- Shoulder Bags
- Tote Bags
- Satchels
- Others (Crossbody bags, belt bags, etc.)
By Price Range
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- Premium
- Mid-Range
- Low Range
By Distribution Channel
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- Offline Retail Stores
- Online E-Commerce Websites
- Brand Outlets
- Others
By End User
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- Women
- Men
- Unisex
By Consumer Group
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- Millennials
- Generation X
- Generation Z
- Baby Boomers
By Region:
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North America
:- U.S.
- Canada
Latin America
:- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe
:- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific
:- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East
:- GCC Countries
- Israel
- Rest of Middle East
Africa
:- South Africa
- North Africa
- Central Africa