Circular Fashion Market Is Estimated To Witness High Growth
The global Circular Fashion Market is estimated to be valued at US$ 6.09 Billion In 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Circular fashion refers to an alternative approach to the take-make-waste linear model of production and consumption. It aims to reduce waste and pollution by extending the life of clothes through reuse, repair, redesign, and recycling. Companies in this space collect pre-owned clothing through take-back programs or commercial trade-ins and sort, repair, and resell them. Some also disassemble old clothes to produce new yarn and fibers.
Market Dynamics:
The circular fashion market is primarily driven by the growing sustainability shift across the fashion industry and consumer awareness about environmental impact of fast fashion. As people become more conscious about reducing textile waste, reusing and recycling clothes is gaining traction. Approximately 68% of consumers are willing to pay more for sustainable fashion. Another key driver is partnerships between fashion retailers and recycling companies to improve recycling infrastructure as part of their zero-waste commitments. For example, H&M collaborates with I:CO to collect and recycle customers’ old clothes at stores. Such initiatives are expanding the market opportunity for circular fashion globally.
Read More : https://cmiorientedreportblog.blogspot.com/2023/11/the-global-recycled-fashion-market-is.html
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