State of the Industry Report
State of the Industry Report: Next-Gen Materials
MII’s first-of-its-kind State of the Industry Report on next-gen materials gives an introduction to the industry and an overview of the key players involved. It further considers driving forces accelerating the development of next-gen materials and provides market projections of the global wholesale market. This State of the Industry Report is a unique and valuable resource for material innovators, entrepreneurs, investors, and brands.
MII estimates the global wholesale market size for next-gen materials – animal-free and more sustainable leather, fur, down, wool, silk, and exotic skins – will be approximately $2.2 billion by 2026. This is fully 3% share of an addressable market of over 70 billion USD.
Consumer demand, combined with advances in technology, is driving the rapid growth of the next-gen materials industry. A number of major brands are already using or investing in next-gen materials, including Kering, Hermes, Gucci, Adidas, Lululemon, Stella McCartney, Ralph Lauren, and Allbirds. Innovators, investors, and brands who are quick to adapt will reap massive financial benefits.
Innovation Is Increasing
The Report documents the recent increase in innovators creating next-gen materials in this rising market. Key trends include:
The market has 74 next-gen material companies, 49 of which focus on leather.
The majority of these companies – 42 – were established after 2014.
More new companies are using mycelium and microbe-derived materials to create their next-gen materials.
Investors Are Taking Notice
The report documents that there is significant money available for the right start-ups. Key findings include:
$1.29 billion has been invested in next-gen material companies from 2015 to May 14, 2021.
There have been 95 unique investors in the space since 2015.
$504 million was raised in 2020 alone, despite the pandemic, nearly the same as the previous 4 years combined.
For more insights and details, please check out the full report.