Global Ethical Fashion Market Trends And Strategies
The global ethical fashion market is expected to decline from $6.35billion in 2019 and to $6.14 billion in 2020 at a compound annual growth rate (CAGR) of -3.24%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $8.25 billion in 2023 at CAGR of 10.33%. The growing awareness of the adverse effects of the textile industry on the environment is encouraging customers to opt for ethical fashion materials. Ethical fashion is becoming increasingly popular, however the high cost for cloth is hampering the growth of the market.
The ethical fashion market consists of revenues generated by the establishments that are primarily engaged in designing, production, retail, and purchasing of ethical fashion apparel. Ethical fashion is about designing and manufacturing clothes that care for people and communities while minimizing the impact on the environment. It focuses on both the social and environmental impact of fashion and to improve the working conditions of laborers.
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The global ethical fashion market is further segmented based on type and geography.
By Type: Fair Trade, Animal Cruelty Free, Eco Friendly, Charitable Brands
By Product: Organic, Manmade/Regenerated, Recycled, Natural
By End-User: Men, Women, Kids
By Geography: The global ethical fashion market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific ethical fashion market accounts for the largest share in the global ethical fashion market.
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Trends In The Ethical Fashion Market
Natural resources are being used as alternatives for complex and adversely affecting chemicals-based textiles. Chemicals such as chromium, which are toxic, are heavily used in the leather tanning process. To address the concerns with toxic chemicals, Carmen Hijosa, founder of Ananas Anam, developed ‘Pinatex’, a natural leather alternative made from cellulose fibers extracted from pineapple leaves as an alternative to it and other petroleum-based textiles. The industrial process used to create Pinatex produces biomass, which can be converted into a fertilizer that farmers can spread into their soil to grow the next pineapple harvest. The use of natural and sustainable materials is current trend in apparels industry.
Ethical Fashion Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides ethical fashion market overviews, analyzes and forecasts ethical fashion market size and growth for the global ethical fashion market, ethical fashion market share, ethical fashion market players, ethical fashion market size, ethical fashion market segments and geographies, ethical fashion market trends, ethical fashion market drivers and ethical fashion market restraints, ethical fashion market’s leading competitors’ revenues, profiles and market shares. The ethical fashion market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.