According to a new market research report, the “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) – Global Forecast to 2026” The bio-based leather market is projected to reach USD 868 million by 2026, at a CAGR of 6.1% from USD 647 million in 2021.
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Bio-based leather is a sustainable alternative to natural leather. According to People for the Ethical Treatment of Animals (PETA), “Vegan leather is often made from polyurethane, a polymer that can be made to order for any designer’s whim. It can also be made from innovative and sustainable materials such as pineapple leaves, cork, apple peels, other fruit waste, and recycled plastic”. They are majorly used in industries such as footwear, garments & accessories and others. Bio-based leather can be categorized into five, based on its source- mushroom, pineapple, cork, leftover fruits, others. Pineapples had a larger share in terms of value in 2020 as compared to mushroom and other sources. Pineapple is a perennial and abundantly grown fruit across the globe. It generates a lot of wastes which includes leaves, stem, pulps and skin. Pinatex is made by the waste from the pineapple harvesting process. The textile has leather-like qualities, but is slightly rougher, giving it a weathered vintage appeal that is well suited for watches, boots, and other accessories seeking a ‘hardy’ aesthetic.
This report also provides a comprehensive analysis of the companies listed below:
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), and Tjeerd Veenhoven studio (Netherlands).
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Bio-based Leather market.
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Recent Developments in Bio-based Leather Market
In July 2021, Ananas Anam Ltd. entered a partnership with Dole, Philippines to access a larger volume of pineapple fibers, to meet the increasing demand of Pinatex.
In January 2020, Toray completes the acquisition of Alva Sweden AB, a manufacturer of cushions for automotive airbag systems to expand its fiber & textiles business segment.
Players in the bio-based leather market are mainly concentrating on new product launches, mergers & acquisitions to meet the growing demand for bio-based leather for various applications.
The growth of the bio-based leather market has been largely influenced by new product launches and expansion that were undertaken between 2019 and 2020. Toray Industries Inc., Mycoworks and Ananas Anam Ltd. has adopted organic and inorganic growth to enhance their market position.
Toray Industries Inc., Ananas Anam Ltd. and Mycoworks are the major players in bio-based leather market. In order to strengthen its position, the companies are focusing on acquisition, partnership and new product launches.
Toray Industries Inc. is an integrated chemical company, that specializes in industrial products of organic synthetic chemicals, polymer chemicals, and biochemicals. It operates its business through six segments namely, Fibers & Textiles, Performance Chemicals, Carbon Fiber Composite Materials, Environment & Engineering, Life science & Others. It offers bio-based leather through its Fibers & Textiles segment under Textiles sub-segment. The products offered by Toray have been adopted in wide range of applications from clothing to general goods and industrial materials. The company has a wide range of global footprint across 29 countries with 283 subsidiaries worldwide. In January 2020, Toray completes acquisition of Alva Sweden AB, a manufacturer of cushions for automotive air bag systems to expand its fiber & textiles business segment. In November 2018, Toray to introduce an environment friendly non-woven material with suede texture named Ultrasuede BX. It is claimed to be world’s highest level of plant-based raw material content. It is used in automotive, interior, and fashion applications.
Ananas Anam Ltd. is a leading startup that manufactures non-woven textile products. Ananas Anam developed Pinatex, a natural leather, which is an eco-friendly alternative to animal-based leather and petroleum-based leather. Pinatex is an innovative, sustainably sourced bio-based leather made from pineapple leaf fibers. It is used in several applications such as bags, shoes, wallets, watch bands, and automotive seat covers. The company aims at developing innovative products with advanced technology and renewable and sustainable raw materials. Ananas Anam is based in London, UK, with operations in the Philippines and Spain. In July 2021, Ananas Anam Ltd. entered into a partnership with Dole Sunshine Company to access a larger volume of pineapple fibers to meet the increasing demand for Pinatex.
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