The inaugural Material Innovation Conference, a two-day virtual summit focused on accelerating the development and adoption of next-gen materials, gets under way on 18 May.
The conference: The Material Innovation Conference will support the growth of the market for NextGen materials by bringing together an industry ecosystem of retailers, brands, entrepreneurs, scientists, investors, academia, business incubators, raw material suppliers, mills, and nonprofits to explore key opportunities and challenges in the development, manufacturing, commercialisation, business & supply chain integration and communication of NextGen materials.
The conference is being organised by nonprofit Material Innovation Initiative (MII), which works towards advancing the NextGen materials industry by providing vital expertise and bringing together all key players along the path from concept to commercialisation.
The context: Earlier this year, the MII published 2021 State of the Industry Report: Next-Gen Materials. The report projected that the global wholesale market size for NextGen materials will be approximately US$2.2 billion by 2026. The report argued that a paradigm shift will be powered by fundamental reinvention and innovation in raw materials.
The definition: According to MII:
- ‘NextGen materials’ are livestock-free direct replacements for conventional animal-based leather, silk, fur, down, wool, and exotic skins (also referred to as ‘incumbent materials’). NextGen materials use a variety of biomimicry approaches to replicate the aesthetics and performance of their animal-based counterparts.
- ‘CurrentGen materials’ are those used to substitute for animal-derived materials by winning on price. Synthesised leather made from petrochemicals, for example, sells at wholesale at one-third the price of the animal leather equivalent. Examples of CurrentGen alternatives include PU for leather, polyester for silk, and acrylic for wool.
At a glance:
- US$2.3 billion has been invested in this sector since 2015.
- US$980 million was raised in 2021 alone (double of what was raised the previous year).
- The amount raised by the top-funded company was US$863.6 million.
- The largest funding round in 2021 was US$253 million.
- The number of NextGen material companies stands at 95.
- As many has 55 companies have been formed since 2014, and 107 deals struck since 2015.
- As many as 38 of the top 40 fashion brands are actively searching for NextGen materials.
The event: The two-day event is packed with around 20 sessions, with subjects ranging from ‘How Disruption Occurs: Progress to Perfection’ and ‘What Does It Mean To Design With Intention?’ to ‘How Do Next-Gen Materials Fit Into The Supply Chain?’ and ‘The Next-Gen Material Investment Landscape’.
What they told TexFash:
We estimate the global wholesale market size for NextGen materials will be approximately 2.2 billion USD in 2026, representing a three percent share of an addressable market of over $70 billion.
I see continued interest in NextGen materials over the next few years. We are already seeing significant interest from investors and fashion brands in more sustainable and animal-free materials. This interest will only increase with increased supply, lower prices, and higher quality.
—Nicole Rawling
Co-Founder & CEO
Material Innovation Initiative (MII)
