Growing Awareness Regarding Environmental Protection Drives Demand in Global Circular Fashion Market

0
1K

The global circular fashion market refers to a system of design, production and sales of clothing, footwear and accessories based on principles of sustainability. It promotes recycling and reusing of resources in order to minimize waste and environmental pollution. Clothing made through circular process uses techniques like upcycling pre-consumer waste materials or recycled post-consumer textiles. It helps extend useful life of garments and diverts waste from landfills. With rising awareness about impacts of fast fashion, consumers are increasingly opting for sustainable and eco-friendly apparel. The global circular fashion Market is estimated to be valued at US$ 6.09 Bn or Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers behind the growth of Global circular fashion market growth is growing awareness among consumers regarding environmental protection and sustainable fashion. Changing attitudes towards over-consumption and throwaway culture has driven demand for ethically produced garments. Circular fashion offers solutions to issues of water scarcity, pollution and greenhouse gas emissions caused by traditional linear system of 'take-make-dispose'. It promotes closing of resource loops by recycling fibers, yarns and scraps to manufacture new textiles. Rising adoption of recycling practices by leading apparel brands and retailers is influencing other small companies to follow circular business models. However, lack of standards and certifications for circular fashion still act as a challenge along with high costs involved in reverse logistic system and fiber recovery processes.

SWOT Analysis

Strength: This market has gained tremendous traction in recent years as sustainable fashion gains popularity. Many fashion brands and retailers are investing in circular business models to reduce waste. Circular models like renting, resale and recyclability are appealing to environmentally conscious consumers.

Weakness: Establishing circular supply chains poses significant operational challenges. Coordination is needed across different players like brands, retailers, recyclers etc. Return, collection and sorting of used garments require efficient reverse logistics. Not all materials can be recycled infinitely and downcycling remains an issue.

Opportunity: Emerging technologies around textile recycling, fiber-to-fiber recycling and chemical recycling offer new opportunities. Collaboration platforms can help brands and retailers better coordinate their circular programs. Growth regions like Asia and Africa present large addressable markets as sustainability becomes a priority.

Threats: Consumers may continue preference for low prices over sustainability which threatens uptake of circular options. Legacy linear business models dominate and wield substantial competitive advantages over new circular entrants. Regulatory changes around extended producer responsibility could increase compliance costs.

Key Takeaways

The global Circular Fashion market is expected to witness high growth over the forecast period of 2023 to 2030 supported by growing sustainability consciousness. The market size is projected to reach US$ 6.09 Bn by 2024, registering a CAGR of 3.5% during the forecast period.

Regional analysis: Europe currently dominates the global circular fashion market owing to stringent regulations around waste management and sustainability. Countries like Germany and Italy have established extensive collection and sorting infrastructure to support circular business models. However, Asia Pacific is expected to emerge as the fastest growing regional market driven by growing adoption in China, India and Southeast Asia as reducing waste and pollution gains national priorities.

Key players: Key players operating in the Circular Fashion market are H&M Group, Zalando, Eileen Fisher, EVRYTHNG, Reformation, Ecoalf. H&M Group has pioneered clothing rentals and resale with its rental and resale programs. Zalando champions circularity through resale partnerships and take back programs across Europe.

Get More Insights On This Topic: https://www.trendingwebwire.com/circular-fashion-market-analysis-growth-forecast-outlook-2023-2030/

Pesquisar
Categorias
Leia Mais
Outro
m-Toluic Acid Market Growth, Trends, and Challenges Analysis Report 2024-2031
The global market for m-Toluic Acid, also known as 3-ethylbenzoic acid, NSC 2214, m-methylbenzoic...
Por Narendra Sirsat 2024-07-03 14:43:59 0 461
Outro
Revolutionizing Steel Production: Unleashing the Potential of Hydrogen Applications in the Industry
HYDROGEN APPLICATION IN STEEL PRODUCTION INDUSTRY The steel industry is going through a major...
Por healthcare P05 2024-01-03 06:20:51 0 1K
Outro
Now or never is the time to invest
Budget 2023-24’s infrastructure push would help grow the real estate sector in the long...
Por Shyam Ashish 2023-07-03 09:17:22 0 2K
Outro
karachiescort.co 0305-7586145
Skip to content Search   KARACHI ESCORTS ESCORTS IN KARACHI ABOUT CALL...
Por Islamabad Escort 2023-03-28 10:39:25 0 1K
Outro
Fertilizer Filler Market Share by New Development and Forecast to 2032
"Fertilizer Filler Market Dynamics: Growth, Trends, and Future Outlook 2024-2032" The Fertilizer...
Por Digvijay Patil 2024-09-05 09:47:05 0 337