What Is The Scope Of The Global Circular Fashion Market?
Circular fashion refers to a sustainable model of clothing production and consumption that focuses on extending the life cycle of products. It emphasizes reuse, recycling, and designing garments for durability, minimizing waste and environmental impact. This approach promotes a closed-loop system where materials are continuously repurposed.
Circular Fashion Global Market Report 2024 provides data on the global circular fashion market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The circular fashion market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Circular Fashion ?
The circular fashion market has seen strong growth and is expected to continue expanding. It will grow from $5.48 billion in 2023 to $5.98 billion in 2024 at a CAGR of 9.1%. The factors behind this growth include increasing environmental concerns, government regulations, a rising younger population, and urbanization. By 2028, the market is expected to reach $8.48 billion, with a CAGR of 9.2%. Growth drivers include celebrity endorsements, a demand for eco-conscious apparel, and sustainable production processes. Key trends in the forecast period include advances in textile recycling, product innovation, the adoption of blockchain technology, and partnerships within the industry.
What Factors Are Driving Growth In The Circular Fashion Market?
Environmental and social concerns are driving the circular fashion market. The fashion industry's significant resource consumption and waste generation have prompted a shift toward sustainable practices like recycling and upcycling. Northumbria University highlighted in 2023 that fashion contributes to 8% of global greenhouse gas emissions. Addressing these issues through circular fashion is gaining traction, supporting market growth.
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What Are The Main Segments Of The Global Circular Fashion Market?
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
What Emerging Trends Are Influencing The Growth Of The Circular Fashion Market?
Prominent players in the circular fashion market are innovating with products made from recycled polyester to minimize environmental impact and promote sustainable production processes. Recycled polyester is crafted by repurposing plastic waste, like PET bottles, into fibers, conserving resources and reducing waste. In April 2024, Lululemon, a Canada-based athletic apparel manufacturer, launched the Packable Anorak jacket made from enzymatically recycled polyester. This product incorporates mixed plastic waste, end-of-life Lululemon apparel, and captured carbon emissions, advancing textile-to-textile recycling and sustainability.
What Is The Largest Region In The Circular Fashion Market?
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.
