Ethical Fashion: Market Trends and Outlook 2024-2033

The ethical fashion market size has grown strongly in recent years. It will grow from $8.17 billion in 2023 to $8.83 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to emerging markets growth, rise in foreign direct investments, and increasing customer focus towards sustainable fashion.

The ethical fashion market size is expected to see strong growth in the next few years. It will grow to $12.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising awareness, social media, government initiatives, environmental impact of fast fashion, and growth of e-commerce. Major trends in the forecast period include providing customers with compelling, tangible stories, recycling and upcycling in order to reduce wastage and minimize the impact on the environment in the manufacturing process, include the use of animal-free leather in order to curb animal cruelty and consider using natural materials, investing in vegan fashion and entering in partnerships and collaborations.

Market Overview -
Ethical fashion refers to design, production, and distribution of clothing that prioritises minimising harm to people and the environment In the best case scenario, it helps all parties involved in the supply chain and improves everyone's future, not just that of the top tier. The social impact and principles underlying a brand's label are important to ethical fashion. It focuses on both the social and environmental impact of fashion, and improving the working conditions of labourers.

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Environmental Consciousness Fuels The Surge In Ethical Fashion
The growing awareness of the adverse effects of the textile industry on the environment is encouraging customers to opt for ethical fashion materials. The farms that grow raw materials used to make fabrics, including crops like cotton, flax, and hemp, need a lot of water. Up to 20,000 litres of water are needed to produce just 1kg of cotton. To protect these crops, some farmers use lots of pesticides and herbicides that end up in the environment. Manufacturing rayon, an artificial fabric made from wood pulp, has emerged in the loss of many old-growth forests. During the process that transforms it into the fabric, the pulp is treated with dangerous chemicals that eventually get their move into the environment. Considering these processes that harm the environment, people are shifting towards environment-friendly materials, and this factor is contributing to the growth of the ethical fashion market.

Competitive Landscape -
Major companies operating in the ethical fashion market report are Eileen Fisher, LVMH Moët Hennessy Louis Vuitton (LVHM), Levi Strauss & Co, H&M Concious (H&M Group), Reformation, Everlane, Tentree, Patagonia, Inc., Wear Pact LLC, United By Blue, Brass Clothing, Ellie Kai, Fake Natoo, No Nasties, Hoomanwear, Maati, Hemp Kari, Maito , NEEMIC , People Tree Ltd, Tonlé, Shekudo, Boden, Sézane, Alternative Apparel, Thought Clothing, Ninety Percent, allSisters, Armed Angels, Beaumont Organic, Bibico, Finisterre, Gudrun Sjoden, Kitty Ferreira, Lowie, Madia & Matilda, Mud Jeans, Rêve en Vert , Organic Basics , HOPE Made in the World, Buki Akomolafe, Mayamiko, SOLEREBELS, Ksenia Schnaider, Only Me, Tennen, Amour Vert, Outerknown, Kotn, Hackwith Design House, Fair Trade Winds, Fair Indigo, Back Beat Co., Encircled, La Causa, Whimsy and Row, MATE The Label, Sotela, Ecologyst , Cariuma, Santista Jeanswear, Animaná, Splash Fashion, Retold Dubai , Asmaraia , LISA FOLAWIYO

Setting New Standards For Sustainable Fashion: Sheep Inc.'s Landmark Partnership For A Naturally Negative Carbon Footprint T-Shirt
Major companies operating in the ethical fashion market are developing strategic partnerships to better serve the customers. Partnerships help ethical fashion companies promote sustainability in the fashion industry, reduce its impact on the environment, and set new standards for a more responsible fashion supply chain. For instance, in June 2023, Sheep Inc., a UK-based ethical fashion manufacturer launched the world's first naturally negative carbon footprint t-shirt. The t-shirt is made from super-fine Merino wool, which is a year-round temperature-regulating layer and has self-cleansing fibers that mean less washing and more wearing compared to cotton. The company collaborated with suppliers and manufacturers to create this t-shirt, which has an NFC-enabled tag for 100% transparency. This partnership aims to promote sustainability in the fashion industry and reduce its impact on the environment.

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Key Segments -

The ethical fashion market covered in this report is segmented -

1) By Type: Fair Trade, Animal Cruelty Free, Eco-Friendly, Charitable Brands
2) By Product: Organic, Man-Made/Regenerated, Recycled, Natural
3) By End User: Men, Women, Kids

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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