by Luxury vegan handbags are an eco-friendly alternative to traditional leather handbags which are made using sustainable and animal-free materials. These modern bags are crafted from plant-based faux leathers made from materials like pineapple leaves, cork and mushroom roots. Offering the coveted look and feel of expensive leather goods without harming animals, vegan luxury bags have gained popularity among environmentally conscious consumers. The stylish collection not only provides an animal welfare-friendly option but also enhances sustainability with durable, long-lasting products.
The global Luxury Vegan Handbags Market was valued at US$ 1.34 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.
Market Key Trends:
One of the key trends in the luxury vegan handbags market is the increasing demand for handmade and artisanal products. Consumers are looking for bags that are unique, sustainable and tell a story through their origins and production process. As a result, small independent designers specializing in unique pieces crafted through traditional techniques are gaining popularity. Another notable trend is the rise of ‘fashion-tech’ materials that replicate luxury leathers through innovative science-based solutions. New biofabric innovations allow vegan materials to achieve a highly premium feel, expanding the appeal of cruelty-free options amongst luxury fashion lovers.Furthermore, brands promoting ethical and transparent production through direct trade partnerships are attracting more consumers who wish to understand how and where their products are made.
Porter’s Analysis
Threat of new entrants: The global luxury vegan handbags market has moderate threat of new entrants due to high capital requirements for manufacturing and branding luxury vegan handbags. Well established companies dominate the market.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to high price points and differentiated quality of products from established brands. However, availability of alternatives provide options to buyers.
Bargaining power of suppliers: Material suppliers have low bargaining power due to availability of substitutes and less differentiation in materials. Suppliers do not influence pricing in the market.
Threat of new substitutes: Threat of substitutes is low due to strong brand loyalty of customers and differentiated designs of luxury vegan handbags. However, substitutes can impact market growth over long run.
Competitive rivalry: The market has high competitive rivalry among key global players due to established brands, brand recognition and differentiation in design and innovation.
Luxury Vegan Handbags Market Segmentation
By Material Type
- PVC
- Polyurethane
- Recycled Materials
- Cork
- Others (Pinatex, Mushroom leather, etc.)
By Product Type
- Handbags
- Wallets
- Clutches
- Shoulder Bags
- Tote Bags
- Satchels
- Others (Crossbody bags, belt bags, etc.)
By Price Range
- Premium
- Mid-Range
- Low Range
- By Distribution Channel
- Offline Retail Stores
- Online E-Commerce Websites
- Brand Outlets
- Others
By End User
- Women
- Men
- Unisex
Key Takeaways
The global Luxury Vegan Handbags Market Size is expected to witness high growth over the forecast period of 2023-2030. The global 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% over the forecast period 2023-2030.
Regional analysis: North America dominates the luxury vegan handbags market currently due to high disposable income and increasing trend of vegan lifestyle.
Key players operating in the luxury vegan handbags market are Stella McCartney, Matt & Nat, Gunas, Freedom of Animals, Save My Bag, Angela Roi, Urban Expressions, The Sak, Kelly Clark, Ela Accessories, Rebecca Minkoff, Bruno Frisoni, Doshi, Bolt Threads, Hermes, Louis Vuitton, Givenchy, and Loewe Key players analysis: Stella McCartney and Matt & Nat are leading players in luxury vegan handbags market with wide range of premium products focused on sustainability.Companiesare focusing on branding and new product launches to capitalize on growing opportunities in emerging markets like Asia Pacific and Middle East & Africa.
FAQ’s
- What are the main factors influencing the Luxury Vegan Handbags Market ?
- Which companies are the major sources in this industry?
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- Which of the top Luxury Vegan Handbags Market companies compare in terms of sales, revenue, and prices?
*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
