Consumer Discretionary

<p style="text-align: justify;">Veganism means actively protecting the environment, minimizing carbon emissions, and seeing an end to animal slaughtering for meat and non-meat requirements. The concept of "Veganism" has now evolved to an extent where it is embraced as a philosophy amongst westerners due to ethics and sustainability going hand in hand.&nbsp;</p><p style="text-align: justify;">Present-day customers are willing to pay a premium to keep fit, eat right, and be ethical in their conduct. Hence, the world is now evolving to seek cruelty-free products as modern consumers believe that "Animals deserve the right to live as much as humans do."</p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Efforts of Fashion Industry to Reduce Carbon Footprint</span></h2><p style="text-align: justify;">The fashion industry is considered the second largest polluter after the oil industry. As a solution, more and more money is being invested by firms and societies to innovate alternatives to reduce carbon footprint.&nbsp;</p><p style="text-align: justify;">For instance, the global leather industry is shifting significantly with increasing pressure to avoid leather being made of animal skin. This means man-made fiber will be discouraged while natural fiber will be intensely promoted.&nbsp;</p><p style="text-align: justify;">Celebrities, athletes, and mainstream brand names are also left with no choice but to abide and embrace this new trend that is emerging in the fashion industry.</p><p><img style="display: block; margin-left: auto; margin-right: auto;" src="https://kradminasset.s3.ap-south-1.amazonaws.com/ExpertViews/Ikrampic1.PNG" alt="Veganism " width="769" height="436" /></p><h2><span style="font-size: 14pt;">Vegan Fiber Market</span></h2><p style="text-align: justify;">The Vegan fiber market has gained momentum across North America, Europe, and the Asia Pacific (APAC) region across diverse segments such as footwear, automotive, clothing, bags, wallets, furnishing, electronics, and sports.</p><p style="text-align: justify;">The global Vegan leather market today is valued at 41.5 billion dollars and is expected to reach 157.9 billion dollars by 2028 with an annual CAGR of 36.7%, out of which the United Kingdom gained the highest popularity for vegan leather products due to the growing popularity in veganism.&nbsp;</p><p style="text-align: justify;">Countries and organizations are also considering the impact of climate change in the future when formulating their sustainable strategies. This means rigid policies and frameworks are more likely to be introduced than they were in the past in the best interest of protecting the planet and wildlife.&nbsp;</p><p style="text-align: justify;"><span style="font-size: 10pt;"><em>This article was contributed by our expert <a href="https://www.linkedin.com/in/ikram-abdeen-41979214/">Ikram Abdeen </a>&nbsp;</em></span></p><p style="text-align: justify;">&nbsp;</p><h3 style="text-align: justify;"><span style="font-size: 18pt;">Frequently Asked Questions Answered by Ikram Abdeen</span></h3><h2 style="text-align: justify;"><span style="font-size: 12pt;">1. Is vegan fashion sustainable?</span></h2><p style="text-align: justify;">Undoubtedly, vegan fashion is brought to the limelight for its characteristics and the ability to address the critical concerns raised by vegans. This means the product is free from materials derived from animals or associated parts. However, vegan fashion will not wholly abide by the principles of sustainable fashion.</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">2. Is vegan leather better than real leather?</span></h2><p style="text-align: justify;">Typically made from organic matter such as mushrooms or innovative and sustainable materials such as pineapple leaves, apple peels, and other fruit waste to create products and will put animal skins to shame. Vegan leather properties are close enough to natural leather, like faux leather, such as heat resistant, water resistant, flexible, soft, durable, and breathability. However, it is the end-consumer's call whether to use vegan or animal skin-based leather.</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">3. Does veganism reduce carbon footprint?</span></h2><p style="text-align: justify;">Yes! Plant-based sources of fiber will require much less processing and are therefore much more energy-efficient than animal skin/meat. Making the switch to plant-based saves energy consumption and reduces fossil fuel emissions. The <a href="https://www.greeneatz.com/">vegan diet matrix</a> would elaborate on how going Vegan will help reduce carbon footprint. (Reduce Meat to Reduce Carbon Footprint).</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">4. What are the benefits of vegan leather?</span></h2><ul><li style="list-style-type: none;"><ul><li style="text-align: justify;">Vegan leather is infinitely better for animals</li><li style="text-align: justify;">Creates less carbon dioxide emissions</li><li style="text-align: justify;">Production requires no/fewer potentially toxic chemicals</li><li style="text-align: justify;">Requires less water, and Natural vegan leather is particularly non-polluting</li><li style="text-align: justify;">Animal leather may last longer when disposed of and may take more time to recycle</li></ul></li></ul><h2><span style="font-size: 12pt;">5. How big will the vegan market be?</span></h2><p style="text-align: justify;">The global Vegan leather market is currently valued at USD 41.5 billion and is expected to reach 157.9 billion dollars by 2028 with an annual CAGR of 36.7%.&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">6. Are people willing to pay more for vegan products?</span></h2><p style="text-align: justify;">Globalization and wide access to information have played a phenomenal role in influencing veganism amongst consumers. On a global scale, as of 2021, 79 million people are identified as Vegans and are expected to grow to one in ten by 2030. Awareness of the importance of animal welfare has further shaped veganism as a philosophy in the minds of the consumer, and they will not hesitate to pay a premium for the philosophy belief instilled through veganism.&nbsp;</p><p style="text-align: justify;">For instance, the United Kingdom is seen to be the most popular country for Vegan and veganism, and Dailymail pointed out the below facts on consumers' responsiveness towards veganism:&nbsp;</p><ul><li style="list-style-type: none;"><ul><li style="text-align: justify;">A study found that four in five vegan goods cost more than their meat counterparts</li><li style="text-align: justify;">M&amp;S' vegan sausage rolls were &pound;1.45 more expensive than meat alternative</li><li style="text-align: justify;">Meanwhile, Waitrose's 400g vegan chili cost &pound;1 more than the 450g meat version</li><li style="text-align: justify;">The report also found vegan products were around 26% more expensive on average</li></ul></li></ul><p>&nbsp;</p><h2><span style="font-size: 12pt;">7. &nbsp;Which is the best vegan leather?</span></h2><p>Vegan Leather has evolved into many forms by extracting fiber from various sources. The most popular vegan leather types are:&nbsp;</p><ul><li style="list-style-type: none;"><ul><li>Pinatex - A mainstream leather made from the fibers extracted from pineapple leaf</li><li>Desserto - Leather produced from cactus plant fibers</li><li>Bananatex &ndash; Made out of fibers extracted from banana leaf</li><li>Mylo - Made from mycelium, the underground root-like system of fungi</li><li>Apple Leather &ndash; Produced from the harvested apples' leftovers, apple seeds, cores, and peels</li></ul></li></ul><p>&nbsp;</p>