The circular fashion global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Circular Fashion Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Circular Fashion Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Circular Fashion Market Overview
Market Drivers –
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.
Market Trends –
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.
The circular fashion market covered in this report is segmented –
1) By Product Type: Apparel, Accessories, Footwear, Other Product Types
2) By Textile Source: Organic, Recycled, Reused, Natural Materials, Other Textile Sources
3) By Consumer Group: Millennials, Generation X, Generation Z, Baby Boomers, Other Consumer Groups
4) By Distribution Channel: Online, Offline, Other Distribution Channels
5) By End-Use: Men, Women, Kids, Unisex, Other End Users
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Regional Insights –
North America was the largest region in the circular fashion market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the circular fashion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the circular fashion market are 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.
Table of Contents
1. Executive Summary
2. Circular Fashion Market Report Structure
3. Circular Fashion Market Trends And Strategies
4. Circular Fashion Market – Macro Economic Scenario
5. Circular Fashion Market Size And Growth
…..
27. Circular Fashion Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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