The global sustainable fashion market refers to clothing and accessories that are ethically and environmentally- friendly at every stage of production. Sustainable fabrics include organic cotton, bamboo fabric, recycled polyester and other eco-friendly materials that minimize the use of pesticides, water and fossil fuels. Sustainable fashion offers various advantages such as comfort, durability and flexibility. It also helps reduce pollution and minimizes the carbon footprint generated during the manufacturing process. With rising awareness about the adverse environmental impact of fast fashion, there is a growing demand for apparel and textiles that are produced sustainably.
The Global Sustainable Fashion Market is estimated to be valued at US$ 1.37 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global sustainable fashion market include Quintiles IMS Holdings, Inc. (now IQVIA Holdings Inc.), PAREXEL International Corporation, ICON plc, Covance Inc. (acquired by LabCorp), PPD, LLC. These players are focusing on developing innovative sustainable fabrics and technologies to manufacture apparel and accessories. For instance, ICON plc has expertise in eco-friendly clinical trial solutions.
The Global Sustainable Fashion Market Demand is increasing rapidly due to rising consumer awareness about environmental protection. Various surveys have shown that more than 70% of global consumers want brands to emphasize on ethical and sustainable practices. This growing interest in green products is driving several apparel companies to adopt sustainable manufacturing.
Technological advancements are also supporting the growth of sustainable fashion. For example, digital printing methods help reduce textile waste. Companies are investing in 3D knitting technology that utilizes recycled polyester yarn to manufacture sweaters and jackets with minimal fabric scraps. Some brands have also partnered with technology startups to develop smart fabrics that can monitor resource usage during the production cycle.
Market Trends
Growing adoption of natural fabrics - Global Sustainable Fashion Market Size and Trends is a significant rise in the popularity of fabrics derived from natural resources like bamboo, organic cotton, linen and Wool. Products made from these sustainably-sourced materials are considered more eco-friendly.
Rise of sustainable fibers - Manufacturers have started developing innovative fibers from waste materials that have comparable performance to conventional fibers. For example, Circulose fiber is created from discarded cotton clothes and Tencel fiber is produced from wood pulp through sustainable processes.
Market Opportunities
Investing in blockchain for traceability - Blockchain technology can help build transparency in supply chains and provide consumers with information about the origins of raw materials. This can boost brand trust.
Focusing on emerging markets - While developed economies currently dominate sustainable fashion sales, growth opportunities exist in developing nations like India and Brazil where awareness about ethical consumption is increasing steadily.
Impact of COVID-19 on Global Sustainable Fashion Market Growth
The COVID-19 pandemic has significantly impacted the growth of the global sustainable fashion market. During the initial lockdown phases across regions, retail outlets and physical stores had to remain shut for months. This led to a massive decline in sales volumes for sustainable fashion products. However, with consumers spending more time at home, the demand for comfortable and environment-friendly apparel saw an uptick. Many brands shifted their focus online and enhanced their digital presence and e-commerce capabilities to continue engaging with customers. Sustainable brands promoted the environmental and social benefits of their products on digital platforms to appeal to conscious consumers. With restrictions now easing in many parts of the world, the sustainable fashion industry is recuperating gradually. However, supply chain disruptions and rising production costs pose challenges. Brands will need to optimize operations, diversify sourcing, and enhance transparency to address these issues over the coming years.
Regions With Highest Global Sustainable Fashion Market Value
Europe accounts for the largest share of the global sustainable fashion market in terms of value. Countries like Germany, France, Italy and the UK have witnessed significant growth in ethical and eco-friendly clothing brands over the past decade. With more consumers paying attention to human rights, waste reduction and animal welfare issues associated with conventional fashion, the demand for sustainable products is high. North America follows Europe with a growing market, majorly driven by the United States. Rising awareness about environmental protection and a thriving online retail industry have boosted the sustainable fashion sector in the region. The Asia Pacific region is witnessing exponential growth and emerging as the fastest growing market globally. Improvements in manufacturing technologies and favorable government policies are attracting many industry players to set up sustainable production facilities in countries like India and Vietnam.
Fastest Growing Region in the Global Sustainable Fashion Market
The Asia Pacific region is projected to witness the fastest growth in the global sustainable fashion market over the forecast period. This is attributed to rapid economic development, rising disposable incomes, growing health and wellness trends, and expansion of online & offline retail stores in developing Asian countries. Additionally, a huge young population that is more aware of social & environmental issues has increased the demand for ethical clothing. Key markets like India, Indonesia, Vietnam and Philippines offer huge untapped growth potential and are attracting major investments. Several international brands are now working with local manufacturers to produce sustainable lines at competitive prices. Government initiatives to promote renewable energy, green manufacturing and fair trade are further boosting the APAC sustainable fashion industry. The fast pace of urbanization and changing lifestyles will continue propelling the Asia Pacific market ahead over the next decade.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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