Circular Fashion Market 2024 to 2033: Sustainable Growth Insights

"The Business Research Company recently released a comprehensive report on the Global Circular Fashion Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The circular fashion market size has grown strongly in recent years. It will grow from $5.48 billion in 2023 to $5.98 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to rising environmental concerns, stringent government regulations, an increasing younger population, an increase in urban consumers, and a rising focus on waste minimization.

The circular fashion market size is expected to see strong growth in the next few years. It will grow to $8.48 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to celebrity endorsers and influencers, demand for eco-conscious apparel, sustainable production processes, eco-conscious choices, and the presence of major fashion brands. Major trends in the forecast period include advancements in textile recycling technology, product innovation, the adoption of blockchain technology, automated sorting technologies, and strategic partnerships.

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Market Drivers and Trends:

The growing concern for the environmental and social impacts of the fashion industry is expected to propel the growth of the circular fashion market going forward. The rising concern for the environmental and social impacts of the fashion industry is driven by its excessive resource consumption, waste generation, and exploitation of labor, which harm ecosystems and communities. Circular fashion helps by promoting sustainable practices, such as recycling, upcycling, and extending the life of garments, thereby reducing waste and minimizing the industry's environmental and social impacts. For instance, in August 2023, according to Northumbria University, a UK-based public research university, the fashion and textile industry is responsible for 8% of global greenhouse gas emissions and 20% of wastewater production. The industry consumes more energy than aviation and shipping combined, and its full environmental impact remains unclear due to its complexity and vast global reach. Therefore, the growing concern for the environmental and social impacts is driving the circular fashion market.

Major companies operating in the circular fashion market are focusing on developing advanced products with recycled polyester to reduce environmental impact and promote sustainable, closed-loop production processes. Recycled polyester is a sustainable fabric made by repurposing discarded plastic materials, such as polyethylene terephthalate (PET) bottles, into fibers for use in clothing and textiles, reducing waste and conserving resources compared to virgin polyester production. For instance, in April 2024, Lululemon, a Canada-based manufacturer of athletic apparel and accessories, launched the Packable Anorak jacket, made up from enzymatically recycled polyester. The anorak is created using a blend of materials, including mixed plastic waste, Lululemon apparel that has reached the end of its lifecycle, and carbon emissions captured during industrial processes. This innovative approach reflects a significant step towards textile-to-textile recycling.

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Major Key Players of the Market:

Nike Inc., Industria de Diseno Textil S.A., Adidas Group, H&M Group, Fast Retailing Co. Ltd., Gap Inc., Hermes International S.A., VF Corporation, Guccio Gucci S.p.A., PUMA SE, Lululemon Athletica Inc., Ralph Lauren Corporation, Levi Strauss & Co., Prada S.p.A., Everlane Inc., Reformation, Eileen Fisher Inc., Patagonia Inc., Rothy's Inc., Ecoalf Recycled Fabrics, SL, Stella McCartney Ltd., Outerknown LLC, LANIUS GmbH, MUD Jeans International B.V.

Circular Fashion Market 2024 Key Insights:

• The circular fashion market size is expected to see strong growth in the next few years. It will grow to $8.48 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Rising Environmental And Social Concerns Propel The Growth Of The Circular Fashion Market
• Advancing Sustainable Outerwear With Recycled Polyester Enhanced Market Growth
• North America was the largest region in the circular fashion market in 2023

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This release was published on openPR.