Circular Fashion Market Size is valued at USD 6.67 billion in 2023 and is predicted to reach USD 13.05 billion by the year 2031 at a 8.97% CAGR during the forecast period for 2024-2031.
The circular fashion movement in the fashion industry aims to reduce textile and garment waste by creating a closed-loop system that extends their useful life. Fashion and footwear industries are increasingly using recycled fibers and materials thanks to innovations in textile recycling technologies. Improvements in chemical textile recycling have made it possible to decompose more textiles and apparel at the polymeric level, which increases the yield of recycled fibers. There are enzymatic methods to recycle cotton and polyester mixes. These technological innovations produce recycled textiles of excellent quality. Furthermore, the rise of fast fashion as an industry has led to an increased desire for new fashion collections in a shorter period. This trend drives sales and demand in the worldwide circular fashion sector.
However, the high cost of ensuring safety and health in the Global Circular Fashion Market and the inability of products to prevent fog in environments with dramatic temperature fluctuations or high global circular fashion due to their high price and limited supply hamper market growth. The complicated multi-stage process of making recycled fabrics drives up their pricing, and this prevents many clothing brands from increasing their utilization. The COVID-19 pandemic has also affected the worldwide market and forced the closure of numerous factories to protect their personnel from contracting the virus, which may hinder the industry's expansion
Competitive Landscape
Major key players in the global circular fashion market are:
- H&M
- Inditex (Zara)
- EILEEN FISHER
- Patagonia
- Levi Strauss & Co.
- The North Face
- Nike
- Adidas
- Pact
- Everlane
- Reformation
- Rent the Runway
- ThredUp
- The RealReal
- Vestiaire Collective
- Depop
- Poshmark
- Etsy
- eBay
- Tradesy
Market Segmentation:
The global circular fashion market is segmented based on product type, end-use, distribution channel, textile source, and consumer group. The market is segmented into apparel, accessories, footwear, and others based on product type. The market is segmented by end-use into men, women, kids, and unisex. Online and offline are the two distribution channels. The market is segmented into organic, recycled, reused, and natural materials based on textile sources. Based on consumer group, the market is segmented into millennials, generation X, generation Z, baby boomers, and others.
Based On Product Types, The Accessories Segment Emerged As The Dominant Category.
Among the product types, the accessories segment is the major contributor to the Global Circular Fashion Market. It is expected to hold a significant global market share in 2023. Accessorizing increases one's sense of style, taste, and preference. Additionally, accessories provide a limitless array of dress options, allowing you to make the most of every piece in wardrobe. While garments take up more room in the wardrobe, accessories are the finishing touches that make an outfit genuinely personal.
The Natural Materials Segment Is Expected To Register The Highest Growth.
The natural materials industry, which includes recycled polyester, organic cotton, and responsibly harvested wood pulp, is expected to experience rapid growth. Doing so aids in preserving natural habitats and ecosystems, which aligns with the aims of environmental conservation groups that plant trees, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Circular Fashion Market Holds A Significant Revenue Share.
The North American global circular fashion market is expected to register the highest market share in revenue in the near future. This is because people are starting to pay more attention to the qualities of fabrics made of fibers. In addition, the Asia Pacific region is projected to increase in the global circular fashion market due to the region's fast economic expansion and rising consumer awareness.
The circular fashion movement in the fashion industry aims to reduce textile and garment waste by creating a closed-loop system that extends their useful life. Fashion and footwear industries are increasingly using recycled fibers and materials thanks to innovations in textile recycling technologies. Improvements in chemical textile recycling have made it possible to decompose more textiles and apparel at the polymeric level, which increases the yield of recycled fibers. There are enzymatic methods to recycle cotton and polyester mixes. These technological innovations produce recycled textiles of excellent quality. Furthermore, the rise of fast fashion as an industry has led to an increased desire for new fashion collections in a shorter period. This trend drives sales and demand in the worldwide circular fashion sector.
Circular Fashion Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 6.67 Bn |
|
Revenue Forecast In 2031 |
USD 13.05 Bn |
|
Growth Rate CAGR |
CAGR of 8.97% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Product Type, End-Use, Distribution Channel, Textile Source, And Consumer Group |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
H&M, Inditex (Zara), EILEEN FISHER, Patagonia, Levi Strauss & Co., The North Face, Nike, Adidas, Pact, Everlane, Reformation, Rent the Runway, ThredUp, The RealReal, Vestiaire Collective, Depop, Poshmark, Etsy, eBay, Tradesy. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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