logo
logo
Sign in

The Global Circular Fashion Market Is Estimated To Be Valued At US$ 6.09 Billion In 2023 And Is Expected To Exhibit A CAGR Of 8.8%

avatar
Sachin Sadgir
The Global Circular Fashion Market Is Estimated To Be Valued At US$ 6.09 Billion In 2023 And Is Expected To Exhibit A CAGR Of 8.8%

The Global Circular Fashion Market Is Estimated To Be Valued At US$ 6.09 Billion In 2023 And Is Expected To Exhibit A CAGR Of 8.8% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Recycled fashion refers to clothing produced from recycled, organic, or reused materials like cotton, polyester, nylon, and other fabrics. It helps reduce landfill waste and lowers carbon footprint compared to virgin materials. Recycled fabrics are softer and provide breathability like conventional fabrics. The need for sustainable fashion is driving demand for recycled clothing options.


Market key trends:

One of the key trends in the recycled fashion market is the rise of fiber-to-fiber recycling technologies. Several companies are developing recycling processes that turn old cotton T-shirts into new cotton fabrics without any use of virgin materials. This closed-loop recycling approach helps boost resource efficiency and lower environmental impact of apparel production. It also addresses issues like microfiber pollution during conventional recycling. The advancement of such recycling technologies is expected to boost recycled fashion market growth over the forecast period.



Segment Analysis


The global circular fashion market is segmented based on business model, gender, and regional. Based on business model, rental segment is expected to dominate the market owing to growing trend of rental fashion. Rental fashion business model allows customers to rent high fashion clothes at affordable prices and is gaining popularity among millennials who prefer experiences over ownership.


Key Takeaways


The global Circular Fashion Market is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period, due to increasing focus on sustainability and adoption of circular business models in fashion industry.


The US represents largest market for circular fashion globally, as fashion rental and resale services are highly popular in the country. Factors such as high per capita spending on fashion products and growing awareness about sustainability are driving the market in the US. The circular fashion market in Europe is also growing at significant rate led by countries like UK and Germany. Large presence of key resale platform players like Vestiaire Collective and Vinted are fueling market growth in Europe.


Key players operating in the global circular fashion market are 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. Top players are focusing on investments and partnerships to expand their circular service offerings and capitalize on growing demand for sustainable fashion business models.


Read More : https://www.rapidwebwire.com/the-global-circular-fashion-market-demand-size-share/

collect
0
avatar
Sachin Sadgir
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more