Circular fashion emphasizes on durability, recyclability, resource efficiency and use of renewable materials. It promotes sustainable alternatives to traditional "take-make-dispose" linear production model. The global circular fashion Market is estimated to be valued at US$ 6.09 Bn in 2024 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 key trends:
Sustainable production practices in the Global circular fashion market growth have witnessed significant growth over the past few years. Manufacturers are investing in new recycling technologies and innovative fabric development processes to produce clothing that has a reduced environmental footprint. For instance, sustainable fibers like organic cotton, recycled polyester and Tencel are being used widely to manufacture apparel and textiles. Companies are also exploring emerging fabrics made from agricultural waste, algae and pseudocereals to reduce virgin material consumption. Such eco-friendly raw material sourcing and processing methods have minimized the energy and water usage during manufacturing. This has accelerated the growth of the circular fashion market by promoting sustainability across the value chain.
Segment Analysis
The global circular fashion market is dominated by the rental or subscription sub-segment. This sub-segment is witnessing higher growth as more consumers are looking to rent or borrow clothes rather than buying new ones. This trend is being driven by rising sustainability concerns and adoption of circular business models in the fashion industry.
Key Takeaways
The global circular fashion market is expected to witness high growth over the forecast period 2023 to 2030.
Regional analysis: Europe currently holds the largest share in the circular fashion market. The presence of cutting-edge rental and resale platforms as well as supportive regulations is driving the regional market growth. Various startups are offering innovative solutions enabling cloth renting, recycling and reuse. Countries like France and Germany are at the forefront in promoting sustainable fashion in Europe.
Key players operating in the global circular fashion market are D€TMA, Rent The Runway, Lenum, Reformation, Girlfriend Collective, H&M, Urban Outfitters. Popular brands are launching rental programs and take-back schemes to strengthen their sustainability credentials and tap into the growing consumer demand for eco-friendly options. For instance, H&M launched a take-back program for old clothes in 2015 to recycle and reuse materials.
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