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Ethical Fashion Global Market Report 2024 To 2033 | Eileen Fisher, LVMH Moët Hennessy Louis Vuitton (LVHM), Levi Strauss & Co, H&M Concious (H&M Group), Reformation
Ethical Fashion Market Segment
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
Olympus Corporation, Boston Scientific Corporation, Stryker Corporation, Fujifilm, Karl Storz SE & Co. KG, Johnson & Johnson, Hoya Corporation, Cook Medical, Smith & Nephew, Conmed Corporation, Healthium MedTech, Leo Medical Co Ltd, Shanghai Aohua Photoelectricity Endoscope Co Ltd, CR Kennedy & Company, GE Healthcare, Transmed, Fisher & Paykel Healthcare India Private Limited, Agappe Diagnostics Ltd, Richard Wolf GmbH, B. Braun, Baxter, Philips, Siemens, Pentax Medical, Lenox Instrument Co, Richard Wolf Industrial, Endo Gatric Solutions Inc, Endo Medical, Medtronic plc, Kimberly-Clark Corporation, Boston Scientific, Cardinal Health Inc, Abu Dhabi Medical Devices Company, Amico Group, Bridgeway Medical Systems, Abbott Dubai and Medtronic
Ethical Fashion Market 2024 Key Insights:
• 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%.
• Environmental Consciousness Fuels The Surge In Ethical Fashion
• Setting New Standards For Sustainable Fashion: Sheep Inc.'s Landmark Partnership For A Naturally Negative Carbon Footprint T-Shirt
• Asia-Pacific was the largest region in the ethical fashion market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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