BURLINGAME, Calif., April 10, 2024 /PRNewswire/ -- Coherent Market Insights published a report, titled, Global Circular Fashion Market, By Product Type (Apparel, Accessories, Footwear, Others), By End-use (Men, Women, Kids, Unisex, Others), By Distribution Channel (Online, Offline, Others), By Textile Source (Organic, Recycled, Reused, Natural Materials, Others), By Consumer Group (Millennials, Generation X, Generation Z, Baby Boomers, Others), and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030.According to the report, the global circular fashion market was valued at $6.09 billion in 2023, and is estimated to reach $11 billion by 2030, growing at a CAGR of 8.8% from 2023 to 2030.
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Market Dynamics:
The growth of the circular fashion market can be attributed to increasing consumer awareness towards sustainable fashion practices and the rising demand for environmentally friendly clothing. Additionally, government initiatives promoting sustainable fashion and the implementation of strict regulations regarding waste management in the textile industry are driving the market growth further.
Global Circular Fashion Market Report Coverage
Report Coverage | Details |
Market Revenue in 2023 | $6.09 billion |
Estimated Value by 2030 | $11 billion |
Growth Rate | Poised to grow at a CAGR of 8.8% |
Historical Data | 2018–2021 |
Forecast Period | 2023–2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product Type, By End-use, By Distribution Channel, By Textile Source, By Consumer Group |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Growth Drivers | • Sustainability awareness • Government policies • Recycling advancements • Celebrity endorsem*nts |
Restraints & Challenges | • High costs • Consumer behavior • Lack of infrastructure |
Market Trends:
Rise in Adoption of Upcycling:
With the increasing focus on sustainability, there is a rising trend of upcycling in the fashion industry. Upcycling involves taking old or discarded materials and creating new products of higher quality and environmental value. This trend is gaining popularity among consumers who are looking for unique, eco-friendly fashion choices.
Emergence of Rental and Resale Platforms: Another key trend in the circular fashion market is the emergence of rental and resale platforms. Consumers are increasingly opting to rent or purchase second-hand clothing as a more sustainable and cost-effective alternative to fast fashion. This trend is reshaping the traditional retail model and promoting a more circular economy in the fashion industry.
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Growing Popularity of Sustainable Fashion
The global circular fashion market is witnessing a significant growth opportunity due to the increasing popularity of sustainable fashion among consumers. As awareness about the environmental impact of fast fashion grows, more people are turning towards circular fashion, which focuses on reducing waste and promoting recycling and reuse of materials. This shift in consumer behavior is driving the demand for eco-friendly and ethically produced clothing, accessories, and footwear.
Increasing Demand for Online Shopping
Another market opportunity for the global circular fashion market lies in the increasing demand for online shopping. With the rise of e-commerce platforms and digital technologies, more consumers are opting to shop online for convenience and accessibility. The online distribution channel is becoming increasingly popular for shopping for sustainable fashion, as it allows consumers to browse a wide range of products and make purchases from the comfort of their homes.
Recent Developments:
In September 2022, Adidas and Allbirds collaborate to produce performance running shoes that have the least environment impact.
In June 2021, with organic cotton and water-saving circular manufacturing methods, Levi's introduced their most eco-friendly pair of jeans to date. It illustrate how dedicated the company is to sustainability.
Key Market Takeaways:
The Global Circular Fashion Market is anticipated to witness a CAGR of 8.8% during the forecast period 2023-2030, owing to the growing demand for online shopping among consumers.
On the basis of distribution channel, the online segment is expected to hold a dominant position, as more consumers prefer to shop for sustainable fashion products online.
In terms of region, North America is expected to hold a dominant position over the forecast period, due to the strong presence of e-commerce platforms in the region.
Key players operating in the circular fashion market, such as Nike, Adidas, and Everlane, are capitalizing on the trend of online shopping to reach a wider consumer base.
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Detailed Segmentation:
By Product Type
- Apparel
- Accessories
- Footwear
- Others
By End-use
- Men
- Women
- Kids
- Unisex
- Others
By Distribution Channel
- Online
- Offline
- Others
By Textile Source
- Organic
- Recycled
- Reused
- Natural Materials
- Others
By Consumer Group
- Millennials
- Generation X
- GenerationZ
- Baby Boomers
- Others
By Geography
- North America
U.S.
Canada - Latin America
Brazil
Mexico
Rest of Latin America - Europe
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe - Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific - Middle East & Africa
South Africa
GCC Countries
Rest of Middle East & Africa
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