Bio-based Leather Market worth $868 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 6, 2021 /PRNewswire/ -- According to the new market research report "Bio-based Leather Market by Source (Mushroom, Pineapple, Cork, Leftover Fruits), End-use (Footwear, Garment & Accessories),and Region (North America, APAC, Middle East & Arica, South America, and Europe) - Global Forecast to 2026", published by MarketsandMarkets™, the Bio-Based Leather Market is projected to reach USD 868 million by 2026, at a CAGR of 6.1% from USD 647 million in 2021.Bio-based leather is a sustainable alternative to natural leather. According to People for the Ethical Treatment of Animals (PETA), "Vegan leather is often made from polyurethane, a polymer that can be made to order for any designer's whim. It can also be made from innovative and sustainable materials such as pineapple leaves, cork, apple peels, other fruit waste, and recycled plastic". They are majorly used in industries such as footwear, garments & accessories, and others. Bio-based leather can be categorized into five, based on its source- mushroom, pineapple, cork, leftover fruits, others. Pineapples had a larger share in terms of value in 2020 as compared to mushroom and other sources. Pineapple is a perennial and abundantly grown fruit across the globe. It generates a lot of wastes which includes leaves, stem, pulps, and skin. Pinatex is made by the waste from the pineapple harvesting process. The textile has leather-like qualities, but is slightly rougher, giving it a weathered vintage appeal that is well suited for watches, boots, and other accessories seeking a 'hardy' aesthetic.
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Footwear segment is the largest end use industry of the bio-based leather market. North America was the largest market for bio-based leather in 2020, in terms of value. Factors such as rising trend for sustainable and cruelty free leather will drive the bio-based leather market.
Mushroom is estimated to be the fastest-growing source in the bio-based leather market for the forecast period.
Mushroom-based leather are expected to grow at the highest CAGR during the forecast period. Mushroom-based leather is made from mycelium, the vegetative part of a fungus. The growing process takes between two to three weeks. By adding dyes or changing the pressing form, the material can mimic like any kind of animal leather, from cow to alligator to python skin. In the apparel industry, mushroom-based leather is preferred, as it is lightweight and very flexible, which makes it practical for a wide range of products. These qualities will drive the mushroom bio-based leather market in the forecast period.
Garment & accessories was the second largest end use industry for bio-based leather market in 2020.
The bio-based leather market size for the garment & accessories industry accounted for the second-largest share of global bio-based leather, in terms of value, in 2020. The bio-based leather for the garments & accessories industry has always been driven by the economies of North America, Europe, and APAC. Most of the countries are expected to continue using traditional leather garments & accessories than the bio-based leather garments & accessories. Garments & accessories consumption is expected to increase worldwide and, subsequently, the consumption of bio-based leather is expected to increase to meet the stringent environmental norms, especially in North America.
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North America is estimated to be the largest region in bio-based leather market in 2020.
North America was the largest bio-based leather market, in terms of value, in 2020. Globally, it has been leading the market in demand as well as product innovation in terms of quality and end-use industry development. Due to stringent environmental regulations, the bio-based leather industry is experiencing significant growth. The bio-based leather market in North America is highly driven by the footwear and garment industries. Companies such as NOAH, SUSI Studio, Taylor+ Thomas, Modern Meadow and Sydney Brown are the leading manufacturers of bio-based leather products in this region.
The key market players profiled in the report include Toray Industries Inc. (Japan), Bolt Threads Inc. (US), Ananas Anam Ltd. (UK), Modern Meadows (US), Nat-2 (Germany), Natural Fiber Welding Inc. (US), Ultrafabrics (US), MycoWorks(US), ECCO Leather (Netherlands), VEGEA(Italy), Fruitleather Rotterdam (Netherlands), and Tjeerd Veenhoven studio (Netherlands).
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