Toray Industries Inc. (Japan) and Ananas Anam Ltd. (UK) are the Key Players in the Bio-based Leather Market
The bio-based leather market size is estimated to be USD 647 million in 2021 and is projected to reach USD 868 million by 2026, at a CAGR of 6.1% between 2021 and 2026. Factors such rising trend for sustainable and cruelty free leather will drive the bio-based leather market. Price sensitivity in the emerging regions is a major restraint. However, continuous R&D in bio-based leather market will act as an opportunity for the market.
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).
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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.
MycoWorks is a biotechnology company, using mycelium one of the renewable resources. The mission of the company is to create a platform for the highest quality material using mycelium. MycoWorks creates a platform for the highest quality materials using mycelium which is a sustainable option for leather crafted from sustainable materials from nature. Reishi is a fungi-based bio leather grown in lab of MycoWorks. It is used in applications like bags, apparel, accessories, and clothing. MycoWorks is growing in order to scale and deliver Reishi to broader range of partners in fashion and footwear. In February 2020, MycoWorks developed a fungi-based leather named Reishi, made from Mycelium. It is used in bags, accessories, footwear.
Related Reports:
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
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