Jersey City, NJ, March 06, 2024 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Circular Fashion Market Size, Share & Trends Analysis Report By Product Type (Apparel, Accessories, Footwear, Others), By End-use (Men, Women, Kids, Unisex, Others), By Distribution Channel (Online, Offline, Others), By Textile Source (Organic, Recycled, Reused, Natural Materials, Others), By Consumer Group (Millennials, Generation X, Generation Z, Baby Boomers, Others), Region, Market Outlook And Industry Analysis 2031"
The global circular fashion market is estimated to reach over USD 13.05 billion by 2031, exhibiting a CAGR of 8.97% during the forecast period.
Circular fashion describes a style of clothing, footwear, accessories, and home goods that minimizes environmental impact across the entire production process, from design to sourcing to delivery. Retail establishments stocking high-end designer apparel tend to attract the majority of youngsters. Therefore, due to fast fashion, there are more competitive pressures than ever before, and the need for new collections is growing quickly worldwide. Introducing new collections every three weeks has inspired customers to adopt new habits. Because of the rise of fast fashion as an industry, anyone can now dress in line with the newest trends. The need for new fashion collections in a shorter time frame has increased the demand for items in the global circular fashion market, as consumers enjoy seeing different products every week or month in their favorite retailers.
However, the limitation of growth potential is caused by the difficulty in scaling up the recycling of post-consumer textile waste into high-quality garment-grade materials.
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Recent Developments:
- In Jan 2024, Vestiaire Collective has launched a crowdfunding campaign to raise at least 1 million euros (about $1.1 million) from individual investors. The company is also supported by Kering, the global luxury group that owns high-end fashion brand Gucci. The decision to engage individual investors through crowdfunding is part of the company's larger strategy of including the community in its future growth.
- In September 2023, Inditex joined Maersk, a freight organization, to lessen its impact on the environment caused by shipping goods by water. The goal is to use alternative fuels on all of Inditex's incoming routes with Maersk.
List of Prominent Players in the Global Circular Fashion Market:
- H&M
- Inditex (Zara)
- EILEEN FISHER
- Patagonia
- Levi Strauss & Co.
- The North Face
- Nike
- Adidas
- Pact
- Everlane
- Reformation
- Rent the Runway
- ThredUp
- The RealReal
- Vestiaire Collective
- Depop
- Poshmark
- Etsy
- eBay
- Tradesy
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Circular Fashion Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2023 | USD 6.67 Bn |
| Revenue Forecast In 2031 | USD 13.05 Bn |
| Growth Rate CAGR | CAGR of 8.97% from 2024 to 2031 |
| Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Product Type, End-Use, Distribution Channel, Textile Source, And Consumer Group |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
Market Dynamics:
Drivers:
The growing demand for the global circular fashion market is fueled by the emergence of online platforms, which has increased consumer spending on apparel through these channels. Technological advancements are bringing the fashion business closer to the virtual realm. With the rise of e-commerce, consumers may now be engaged with brands through virtual reality, and digital platforms and marketing methods are quickly taking over the fashion industry. The fashion and online textile industry is the sector seeing the most expansion in terms of e-commerce sales.
Challenges:
The prime challenge is the Lack of sufficient recycling infrastructure, a shortage of competent individuals, and a lack of norms and protocols because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the global circular fashion market. Inadequate recycling facilities and personnel pose a significant challenge, especially in underdeveloped countries.
The necessity for specialized hardware and software makes sorting, cleaning, and treating waste streams from used textiles difficult and costly. New inexpensive things seem to be hitting store shelves weekly and, in some instances, daily—because the textile industry fixated on just-in-time production and rapid fashion, which has increased the frequency of seasons and short collections in between. The rapid pace of fashion trends causes significant amounts of trash, which hinders the expansion of the globally important fashion industry. The COVID-19 pandemic has impacted markets worldwide and shut down several plants to prevent the spread of the virus, which could slow the industry's growth.
Regional Trends:
The North American global circular fashion market is anticipated to register a major market share in terms of revenue. It is projected to grow at a high CAGR in the near future because Internet shopping for apparel and accessories is experiencing a surge in popularity, and people are willing to pay more for better-quality clothes. Besides, Europe had a substantial share in the market due to proactive actions taken by governments in several countries in the region. By implementing these safety procedures, service providers can boost their workforce, output, and revenue.
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Segmentation of Global Circular Fashion Market-
By Product Type-
- Apparel
- Accessories
- Footwear
- Others
By End-use-
- Men
- Women
- Kids
- Unisex
By Distribution Channel-
- Online
- Offline
By Textile Source-
- Organic
- Recycled
- Reused
- Natural Materials
By Consumer Group-
- Millennials
- Generation X
- Generation Z
- Baby Boomers
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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