(MENAFN- GlobeNewsWire - Nasdaq) Burlingame, April 08, 2024 (GLOBE NEWSWIRE) -- The Global Sustainable Fashion Market size was valued at US$ 7.80 Billion in 2023 and is expected to reach US$ 33.05 Billion by 2030, growing at a compound annual growth rate (CAGR) of 22.9% from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. The sustainable fashion market involves products made from eco-friendly and organic materials through sustainably responsible processes and operations. This includes clothing made from organic cotton, recycled fabrics, and plant-based polyesters that use less water and chemicals compared to traditional materials.
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Market Dynamics:
The increasing consumer awareness regarding environmental sustainability and social responsibility is one of the key drivers fueling the growth of the global sustainable fashion market. Consumers are becoming more conscious of the impact of fast fashion on the environment and are seeking out sustainable alternatives. Additionally, stringent government regulations promoting sustainable practices in the fashion industry are further driving market growth.
Global Sustainable Fashion Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $7.80 billion |
| Estimated Value by 2030 | $33.05 billion |
| Growth Rate | Poised to grow at a CAGR of 22.9% |
| Historical Data | 2018–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Fabric Type, By End-User, By Distribution Channel |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | . Increasing consumer awareness and demand for eco-friendly products
. Favorable government policies and regulations
. Technological advances enabling supply chain transparency and circularity
. Commitments by leading fashion brands and emergence of new players |
| Restraints & Challenges | . Higher costs and perceptions of inferior performance
. Complex global supply chains
. Lack of common standards and regulations |
Market Trends:
One of the key trends in the global sustainable fashion market is the growing popularity of circular fashion. Circular fashion promotes the reuse, recycling, and upcycling of clothing to minimize waste and reduce the industry's environmental footprint. Another trend is the rise of eco-friendly materials such as organic cotton, recycled polyester, and biodegradable fabrics, catering to the increasing demand for sustainable and ethically produced clothing. These trends are reshaping the fashion industry and driving the adoption of sustainable practices among brands and consumers.
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The global sustainable fashion market is experiencing a significant growth opportunity due to the increasing consumer demand for sustainable and eco-friendly products. With a rising awareness about the environmental impact of fast fashion, more consumers are seeking out sustainable alternatives in the fashion industry. This shift in consumer preferences towards ethically produced and environmentally friendly clothing is driving the growth of the sustainable fashion market.
As consumers become more conscious of their purchasing decisions, they are actively seeking out brands that prioritize sustainability and social responsibility. This trend is leading to an increase in demand for sustainable apparel, footwear, accessories, and other products in the market. Brands that are able to adapt to these changing consumer preferences and offer sustainable options are well-positioned to capitalize on this market opportunity.
Another market opportunity within the global sustainable fashion market lies in the growing adoption of recycled and organic fabrics. As consumers become more aware of the environmental impact of conventional textile production, there is a rising demand for clothing made from sustainable materials. Recycled fabrics, organic cotton, regenerated fibers, and other eco-friendly materials are gaining popularity among environmentally conscious consumers.
Brands that incorporate recycled and organic fabrics into their product offerings are able to attract a new segment of environmentally conscious consumers who prioritize sustainability in their purchasing decisions. This trend is driving the growth of the market for sustainable fabrics and providing opportunities for brands to differentiate themselves by offering eco-friendly clothing options. By leveraging the growing demand for recycled and organic fabrics, companies can capture a larger share of the sustainable fashion market.
Recent Developments:
In March 2022, Circulose, a wood-based fibre and organic cotton were used to create Levi Strauss & Co's most eco-friendly denim collection to date.
In January 2022, Adidas and Allbirds collaborated to produce performance running shoes that have the latest environmental impact.
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Key Market Takeaways :
The Global Sustainable Fashion Market is anticipated to witness a CAGR of 22.9% during the forecast period 2023-2030, owing to the increasing consumer demand for sustainable fashion products and the growing adoption of recycled and organic fabrics.
On the basis of Product Type, the Apparel segment is expected to hold a dominant position, owing to the popularity of sustainable clothing options among consumers.
On the basis of Fabric Type, Recycled Fabrics are dominating the market due to the rising demand for eco-friendly materials in the fashion industry.
On the basis of End-User, the Men's segment is expected to dominate the market, catering to the growing demand for sustainable fashion among male consumers.
On the basis of Distribution Channel, Online retail is expected to hold a dominant position, as consumers increasingly prefer to shop for sustainable fashion products online.
In terms of regions, North America is expected to hold a dominant position in the global sustainable fashion market, driven by the presence of a large number of environmentally conscious consumers and a growing demand for sustainable fashion products in the region.
Key players operating in the Global Sustainable Fashion Market include industry leaders such as H&M, Inditex (Zara), Gap Inc., and Kering (Gucci), among others. These key players are investing in sustainable practices and offering eco-friendly products to meet the changing consumer preferences in the market. By prioritizing sustainability and social responsibility, these companies are well-positioned to capitalize on the growing demand for sustainable fashion products globally.
Market Segmentation:
By Product Type:
Apparel Footwear Accessories Jewelry Bags Others
By Fabric Type:
Recycled Fabrics Organic Fabrics Regenerated Fabrics Natural Fibers Alternate fibers Others
By End User:
Men Women Children Unisex Others
By Sales Channel:
Online Offline Brand outlets Multi-brand outlets Independent boutiques Others
By Region:
North America Latin America Brazil Mexico Rest of Latin America
Europe Germany U.K. Spain France Italy Russia Rest of Europe
Asia Pacific China India Japan Australia South Korea Rest of Asia Pacific
Middle East & Africa South Africa GCC Countries Rest of Middle East & Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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