Sustainable Fashion Market Growth Accelerated by Increased Demand for Eco-Friendly Clothing
Author : Ishika cmi | Published On : 06 Mar 2024
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.
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