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Sustainable fashion refers to clothing produced using
environmentally friendly practices and materials that minimize environmental
impact. Sustainable clothing is manufactured using organic, recycled, or
biodegradable fabrics and dyes to reduce pollution. With rising concerns over
the environmental damage caused by Fast Fashion, more consumers are flocking
towards sustainable brands that use ethical and eco-friendly practices.
The global Sustainable Fashion Market is estimated to be
valued at US$ 8.99 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031, as highlighted
in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the Sustainable
Fashion Market Size is the increased demand for eco-friendly clothing
among Gen Z and millennial consumers. Today's younger consumers are more
socially and environmentally conscious in their shopping habits. They are
willing to pay more for brands that are transparent about their supply chains
and manufacturing processes. The realization that fast fashion is unsustainable
and damaging to the environment has triggered greater interest in sustainable
brands. Many big fashion retailers have also noticed this shift in consumer
behavior and have launched their own sustainable clothing lines to cater to
this growing demand. Increased social media influence has further raised
awareness about issues like pollution, climate change and workers' rights
associated with convention clothing production. This has accelerated the
rapidly expanding sustainable fashion industry across key regions.
Segment
Analysis
The global
sustainable fashion market is dominated by the organic segment. This segment
accounts for over 40% of the overall market share due to growing consumer
preference for clothing produced from organic cotton and other natural fibers.
Organic cotton is considered more sustainable as it uses less water and no
harmful pesticides compared to conventional cotton.
Key Takeaways
The global sustainable fashion market is expected to witness high growth.
It is projected to grow at a CAGR of
7.7% during the forecast period of 2024-2031. The market size is estimated
to reach US$ 8.99 Billion by 2024.
Regional analysis: Europe holds the
largest share in the sustainable fashion market currently. Countries like
Germany, France, and Italy have stringent regulations regarding environmental
safety which has propelled fashion brands to adopt sustainable practices.
However, Asia Pacific is emerging as the fastest growing regional market owing
to rising disposable income and increasing adoption of sustainable brands in
countries such as China and India.
Key players operating in the global sustainable fashion
market are Hexion Inc., Dow Chemical Company, Aditya Birla Chemicals Co. Ltd.,
Huntsman Corporation, and BASF SE. These leading players are focusing on
research & development activities to develop innovative sustainable
materials and technologies and enhance their product portfolio.
Get more insights on Global
Sustainable Fashion Market
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