The hip-hop scene loves to talk about their limited-edition sneakers and “vegan” sneakers could be the next buzz, creating market envy for brands and fans alike. Major groups like Nike and Adidas are dipping their toes into plant-based or vegan sports shoes to boost sales while respecting the environment. Supply and demand are driving it for sneakerheads in a global athletic shoe market that's expected to reach $114.8 billion by 2025. But are consumers really interested in bigger shoes? responsible?
What you need to know: With the increase in environmentally concerned consumers and the increase in the vegan population, the demand for products like vegan sneakers is growing rapidly. CultureBanx noted that if sneaker brands can get hip hop artists on board their vegan bandwagon, who have helped launch grassroots movements at indirect publicity men and power brokers, they could have a combination. winning. The sneakers of rappers like Kanye West, Drake and Pharrell in collaboration with companies like Nike and Adidas have created a frenzy among consumers by dictating business and trends.
Specifically, Americans dispose of approximately 300 million pairs of shoes each year, according to the US Department of the Interior. The majority of what ends up in sneaker landfills is made up of non-biodegradable petroleum-based plastic, leather, and rubber. According to CNN Business, these items can take up to 80 years to fully break down. Research by NPD found that around 35% of respondents said they would be willing to pay more for a shoe that was made sustainably.
Nike has already been in the plant-based athletic shoe space for quite some time and these types of sneakers could become a major part of the company's business; it derives 61% of its revenue from footwear, which includes the cult classic Jordan brand. In August 2019, she released a limited version of her custom "100% organic" Nike Air Max 90. They worked with Maharishi, an eco-conscious British streetwear brand, to raffle off pairs of their own “vegan” shoes for $150 a pair.
The shoes were resold for up to $1,446 a pair on second-hand outlets. According to Cowen, the resale market for sneakers and streetwear in North America is expected to reach $6 billion by 2025.
Urban culture has always had a historic influence on the sneaker industry, which helped sneaker resale wholesaler StockX raise $110 million, now valued at $1 billion. These coveted consumer goods have become tradable commodities with “sneakerheads” around the world viewing them as investment assets. Going vegan might just be the next step.