The global artificial fur market is expected to post a CAGR of over 19% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global artificial fur market for the period 2019-2023. (Graphic: Business Wire)
Animal fur is used extensively by fashion retailers, fashion designers, and apparel manufacturers to make coats, jackets, shoes, and other products. The growing awareness of cruelty towards animals for obtaining fur has led companies to develop alternatives. Luxury brands are creating ethical, faux fur alternatives owing to the technological advances in fabrications. Some of the major fashion retailers and apparel stores are taking steps to reduce the use of animal fur.
As per Technavio, the rise in popularity of fur made from recycled plastic will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global artificial fur market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global artificial fur market: Rise in popularity of fur made from recycled plastic
A wide variety of plastics are used to produce artificial fur as they provide the bulk required to imitate real fur but are lightweight than faux fur fabrics. When compared to alpaca fibers, plastic is easier to color and texture. Therefore, plastic faux fur can easily reproduce the colors and patterns of real animals. However, the use of polymeric materials for making artificial fur can lead to environmental issues. Polymers are non-biodegradable, and the extensive use of artificial fur can lead to a rise in pollution. Thus, there is an increase in demand for sustainable materials such as recycled plastic.
“Several producers of artificial fur are focusing on manufacturing fur from recycled plastic. Companies such as ECOPEL announced its plan to launch faux fur material made from recycled plastic. The company collects plastic from the ocean and transform it into artificial fur,” says a senior analyst at Technavio.
Global artificial fur market: Segmentation analysis
This market research report segments the global artificial fur market by application (apparel and upholstery and home textiles) and geographical regions (APAC, Europe, North America, South America, and MEA).
The apparel segment held the largest market share in 2018, accounting for over 55% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of over 52%. This region is expected to dominate the market through 2023, with over 2% increase in its market share.
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