Bio-based Leather Market Size Worth $868 Million by 2026| MarketsandMarkets™

Bio-based Leather Market Size Worth $868 Million by 2026| MarketsandMarkets™
Browse 219 market data Tables and 50 Figures spread through 208 Pages and in-depth TOC on “Bio-based Leather Market”
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)

The bio-based leather market size is estimated to be USD 647 million in 2021 and is projected to reach USD  868 million by 2026, at a CAGR of 6.1% between 2021 and 2026. Bio-based leather is a sustainable alternative to the real leather. Bio-based leather is also known as vegan leather or plant-based leather. Harmful effects of leather on humans are promoting the use of bio-based leather. On the other hand, there has been a rising trend for sustainable and cruelty free leather. These factors will be the major driver for the bio-based leather. However, price sensitivity in emerging regions and other minor drawbacks related to processing and degradability of the bio-based leather remains a major restraint. Scope for green entrepreneurship and continuous R&D is providing an opportunity for the market players to grow in this nascent market. They are majorly used in footwear, garments & accessories, and others.

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Based on source, the bio-based leather market is segmented as mushroom, pineapple, cork, leftover fruits, others. These bio-based leather are used for making bags, wallets, jackets, shoes, belts and other accessories. The bio-based leather is cruelty-free and eco-friendly material, unlike real leather which is a byproduct of the meat industry. Pollution, toxic products and Greenhouse Gas (GHG) emissions are the main issues related to the leather industry. Due to this awareness, the consumers are shifting towards sustainable options. Besides being a sustainable option, it will also help the local farmers to have a second revenue stream from the agricultural waste. Bio-based leather market is a nascent market which has seen a rise in the recent years and seems to have a promising future in the forecast period due to its major demand in footwear, furniture, automotive and apparel industries. Bio-based are not completely biodegradable. This is due to the material is either made with a mix of plants and polyurethane or is plant-based and coated with a plastic-based resin. However, few companies claim the 100% biodegradable leather. Most of the vegan leather companies claim to have 50%-85% of vegan content, coated with partially bio-based polyurethane (made from petroleum based raw material or bio-based feedstock). Pinatex, manufactured by Ananas Anam Ltd., is not yet biodegradable due to the PU coating on the material. The AppleSkin leather manufactured by FRUMAT too is composed of 20%-30% of apple waste.

Based on end-use, the bio-based leather market has majorly been segmented into footwear, garments & accessories and others. The bio-based leather market size for footwear industry accounted for the largest share of global bio-based leather, in terms of value, in 2020. The market for footwear industry has been driven by the demand for sustainable leather footwears in the developed and developing economies of APAC,  North America and Europe.

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On the basis of region, North America is estimated to be the largest market for bio-based leather in 2020. APAC is estimated to be the fastest-growing region in the global bio-based leather market in the forecast period. The increasing population in the region, accompanied by the development of new technologies and products is projected to make this region an ideal destination for the growth of bio-based leather. Improved lifestyle and increasing income also help the market to flourish in developing economies of the region. Many foreign players are investing in the footwear and garment & accessories industry of APAC and North America. This gives a huge boost to ongoing developments. Thus, the market for bio-based leather is expected to register very high growth in these regions.

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), Tjeerd Veenhoven studio (Netherlands) and others.

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