Yahoo Finanza Bio-Based Leather Market Size Projections Exhibit a CAGR of 6%, Likely to Attain a Value of USD 1164.05 Million by 2033
The global bio-based leather market size is anticipated to grow from USD 650 million to USD 1164.05 million in 10 years. The market will experience rapid growth due to technological advancements in bio-based leather during the forecast period.
Newark, April 23, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 650 million in 2023 global bio-based leather market will reach USD 1164.05 million in 2033. Vegan or plant-based leather are other names for bio-based leather. It is cruelty-free and sustainable as an alternative to conventional leather obtained from animals. Bio-based leather is made from sustainable plant materials, including apple peels, pineapple leaves, cork, mushrooms and agricultural waste like soybeans or maize husks. Fibres from these plant sources are usually extracted and then processed into a suitable material to create bio-based leather. Because bio-based leather uses less energy and water and produces less pollution, it mitigates the environmental effects of traditional leather production. Because bio-based leather provides an alternative free from animal cruelty, it also complies with ethical concerns about animal welfare. It is also adaptable, enabling personalization. Bio-based leather can be used in a variety of sectors and contexts. It is utilized in accessories, purses, shoes, and apparel. Automakers also utilize it for interior car components, and it is starting to be used in furniture upholstery. Wallets and phone cases are among the consumer products that employ bio-based leather. Bio-based leather presents a viable resolution to the ecological and moral dilemmas linked to conventional leather manufacturing. It lessens the environmental impact, supports animal welfare, and offers versatility across various sectors by utilizing renewable plant-based components.
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Key Insight of the Global Bio-based Leather Market
Europe will dominate the market during the forecast period.
Europe has strict environmental laws and sustainability targets, pushing businesses to look at greener options like leather made from biobased materials. This regulatory framework fosters the adoption of sustainable practices and innovation. Europe's heavy expenditure greatly aids progress in the research and development of bio-based leather. Funding initiatives and supportive policies from European governments and institutions fuel the expansion of the bio-based leather industry. The demand for products made ethically, including alternatives to leather, is driven by European customers' growing environmental consciousness.
In 2023, the pineapple segment dominated the market with the largest market share of 38% and revenue of 60.80 million.
The source segment is divided into mushrooms, pineapple, cork, leftover fruits, and others. In 2023, the pineapple segment dominated the market with a 38% market share and revenue of 60.80 million.
In 2023, the footwear segment dominated the market with the largest share of 41% and revenue of 65.60 million.
The application segment is divided into footwear, furnishing, automotive, clothing and accessories, sports, electronics, and others. In 2023, the footwear segment dominated the market with the largest share of 41% and revenue of 65.60 million.
Advancement in market
At the Guangzhou Auto Show, GAC showcased the production version of their hydrogen ERA concept vehicle. The hydrogen concept car uses repurposed materials for its body and is a cross between an SUV and a four-wheel drive vehicle. The body of GAC's ERA is moulded to produce frequently edgy edges surrounding the overall aesthetics of the hydrogen concept car. It is built with an aerodynamic kit constructed from marine recycled plastic, seaweed, and bio-based components.
Market Dynamics
Driver: favourable regulations.
Governments worldwide are implementing regulations to address environmental issues and encourage sustainable business practices. Bio-based leather is an environmentally acceptable substitute that complies with these criteria. It is made from renewable plant sources. Regulations requiring sustainable sourcing force companies to guarantee accountability for these actions, which raises the demand for bio-based leather that satisfies these standards. Businesses use cleaner production techniques to reduce their carbon footprint in response to emissions reduction requirements. Bio-based leather helps businesses achieve these goals while fostering environmental sustainability because it uses less energy and produces fewer greenhouse gases than traditional leather production. Growing customer knowledge of the advantages and necessity of utilizing eco-friendly products will also push companies to use bio-based leather, expanding the industry. Regulation pressure encourages companies to prioritize sustainability, which in turn fuels the expansion of the bio-based leather market by creating a favourable climate for its adoption.
Restraints: Limitations of leather made from biobased materials.
Because this business is still in its early stages of development, there are restrictions on the availability and diversity of bio-based leather. This restricted supply can result in increased prices and fewer options for customers. Variety is further limited because the spectrum of plant-based sources employed in manufacturing bio-based leather is smaller than that of animal hides. The strength and longevity of traditional leather might not be matched by bio-based leather. Compared to regular leather, it performs worse in some situations, such as high humidity or harsh temperatures. Thus, the clear drawbacks of bio-based leather over animal substitutes in terms of availability, variety, durability, and performance will restrict the market's growth even despite the eco-friendly aspects of bio-based leather.
Opportunities: inventions and breakthroughs in technology.
Technological innovation is increasing the quality, durability, and versatility of bio-based leather while also broadening its spectrum of plant-based sources. Researchers are always developing novel processing methods, such as surface treatments and additives, which enhance bio-based leather's functionalities and visual appeal and make it appropriate for various uses. Developing bio-based leather with improved mechanical qualities and resistance to deterioration is made possible by developments in biocomposites and nanomaterials. By increasing its quality, technical innovation extends the use of bio-based leather, which will support its growth during the projection period.
Challenges: Environmental considerations.
Production of bio-based leather is resource-intensive as some materials require significant agricultural practices, water usage, and energy inputs. Chemical usage in manufacturing processes poses risks to pollution and environmental degradation. Land use and deforestation for crop cultivation, potentially leading to habitat loss, biodiversity depletion, and displacement of communities for sourcing plants for producing leather, are a cause of concern. Therefore, the environmental considerations regarding the agricultural practices used for cultivating plant sources of leather will challenge the adoption of bio-based leather in the market.
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Some of the major players operating in the global bio-based leather market are:
• Ananas Anam
• Bolt Threads Inc.
• ECCO Leather
• Fruitleather Rotterdam
• Modern Meadows
• MycoWorks
• Natural Fiber Welding Inc.
• Toray Industries Inc.
• Ultrafabrics
• VEGEA
Key Segments covered in the market:
By Source
• Mushroom
• Pineapple
• Cork
• Leftover Fruits
• Others
By Application
• Footwear
• Furnishing
• Automotive
• Clothing and Accessories
• Sports
• Electronics
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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