According to a new report by Infinium Global Research, the vegan leather market will be worth £73 billion by 2025.
The company estimates that the faux leather industry will reach an annual growth rate of 49.9 per cent from 2019 to 2025.
The market is driven by different factors such as consumer trends, awareness of the environmental impact of traditional leather, and increased demand for animal-free products.
Fake leather is more commonly used in different industries including fashion, footwear, luxury goods and accessories, interior design, including the automotive industry. Many eco-conscious brands are looking for more sustainable materials.
Companies offer innovative leather alike materials made from leaves, fruit, mushrooms and grapevine.
Textiles made from mango and coffee are also in development.
One of the first businesses to create plant-based leather is London-based Ananas Anam. The company makes it from sustainable pineapple leaves. T
he material called Piñatex has been used by major fashion brands—including H&M and the luxury brands Chanel and Hugo Boss.
Italian company Vegea created a vegan leather made from byproducts of wine. H&M used the material in their last Conscious Collection.