The global vegan leather market is expected to hit $89.6 billion (£71.7bn) by 2025, with an annual growth rate of 49.9%.
That’s the forecast from a new report conducted by Infinium Global Research, which highlights the growing consumer demand for plant-based and environmentally-friendly vegan leathers made of polyurethane, recycled polyester, and bio-based materials.
The report indicates specific submarkets like furnishing, automotive, footwear, clothing and bags are being increasingly transformed by the emerging vegan market.
As a result of this, manufacturers are scaling up their production to meet the new demand.
It suggests vegan leather made from sources such as apple peels, cactus, pineapple leaves, coffee grounds, mushrooms and more is becoming more sought after as demand continues to rise.