Pune, Maharashtra -- (SBWIRE) -- 10/11/2022 -- Market Overview, Definition, and Statistics
Synthetic leather is phthalate-free, bio-based leather has acquired official approval, is exempt from strict regulations, and makes up a sizeable share of the synthetic leather market worldwide. Among other things, bio-based leather is frequently used in shoes, luggage, wallets, seat covers, and sporting goods. Compared to other synthetic leathers, bio-based leather is less likely to be scratched and has a softer surface. The majority of the worldwide market is made up of it, which has received approval from numerous governments, is not subject to stringent controls.
As per the recent market research study report by SNS Insider, the bio-based leather market is anticipated to reach USD 1159.19 million by 2028, with a CAGR of 6.5% over the forecast period of 2022–2028.

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Drivers, Restraints, Opportunities, and Challenges
It is anticipated that the bio-based leather market's increasing demand for eco-friendly and cruelty-free products would serve as a catalyst for the expansion of the bio-based leather industry. The market is also significantly driven by the health and environmental effects of leather made from animals and synthetic materials. However, it is anticipated that the market growth of bio-based leather will be constrained by the constraints related to manufacturing processes and the sluggish market expansion. As people's awareness of fashion increases, they are becoming more knowledgeable about the types of shoes to wear for various occasions. As a result, the use of bio-based leather in these products increases dramatically. The market for bio-based leather is growing quickly worldwide to keep up with the demand for products made of leather.

On the other hand, it is an issue in many affluent countries because of a shaky structure. Despite the possibility of exemptions for port transit, trade taxes for chemicals have typically remained higher than their equivalents in developed countries. The high cost of producing bio-based leather production is projected to impede the global bio-based leather market throughout the forecast period due to various barriers like tariffs, import duties, port obligations, and so on.

Impact of the COVID-19 Pandemic
With the COVID-19 epidemic, automobile sales have drastically decreased, which has had a negative impact on the growth of the synthetic leather market. Consumer demand has been reduced by quarantine procedures and store closures. To take advantage of the current chances and meet the rising demand for synthetic leather in the post-pandemic era, players are anticipated to raise their investments in the market.

Market Segmentation
By Source
1.Mushroom
2.Pineapple
3.Cork
4.Leftover Fruits (apple & grapes)
5.Others(includes corn, coconut husk, palm, and cactus)

By End-Use
1.Footwear
2.Garments & Accessories
3.Others(includes furniture and automotive)

Based on source, it is predicted that mushroom would have the quickest rate of growth in the bio-based leather market over the forecasting period. Mushroom-based leather is favored in the apparel sector because it is lightweight and extremely flexible, making it useful for a variety of applications. During the projected period, these characteristics will propel the market for bio-based leather.

The bio-based leather market's largest end use industry in terms of end use is the footwear sector. In terms of value, North America was the region with the biggest market for bio-based leather. The market for bio-based leather will be driven by factors such as the growing demand for cruelty-free and sustainable leather.

Regional Analysis
With China being the most significant market, the Asia Pacific region has the largest bio-based leather industry, which is anticipated to grow significantly over the next few years. The main drivers of bio-based leather market are expanding disposable incomes and raised living standards in APAC's developing nations. The US is the biggest market and accounts for a sizable portion of the local market. Because the fashion industry wants more and more leather that is environmentally friendly, bio-based leather is expanding swiftly. In North America, bio-based leather has historically performed well. When it comes to consumer demand and product innovation, both in terms of quality and new applications, North America has been among the leaders in the globe.

Competitive Landscape Outlook
Some of the prominent companies present in the bio-based leather market include Fruitleather Rotterdam, Ananas Anam Ltd., Tjeerd Veenhoven studio, Natural Fiber Welding Inc., MycoWorks, Toray Industries Inc., VEGEA, Bolt Threads Inc., and Ultrafabrics.

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