February 25, 2024
Global Circular Fashion Market

The Global Circular Fashion Market is Expected to be Flourished by Growing Consumer Preference for Sustainable Fashion

The global circular fashion market is mainly driven by the increasing awareness about sustainable fashion among consumers. Circular fashion aims to design clothing and fashion products in a way that minimizes waste and keeps clothing in use for longer. It involves techniques like repairing, reusing, reselling and recycling of used garments and accessories. This helps reduce the environmental impact of production and consume used in linear fashion model. Major players in the circular fashion industry are focusing on take-back and resale programs to reduce landfill waste. They also partner with charity organizations to divert pre-loved clothing and promote reuse. With accessibility of online resale platforms, the ease of selling second-hand apparel has increased significantly.

The global circular fashion Market is estimated to be valued at US$ 6.09 Bn in 2023 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 Dynamics:

The growth of the global circular fashion market is mainly driven by the increasing consumer preference for sustainable fashion. As environmental concerns related to fast fashion are rising, more number of consumers want to purchase clothes that causes less pollution. They are also willing to resell their gently used clothes instead of throwing them away. This growing demand is encouraging fashion brands and retailers to adopt circular business models and take-back programs. Another key factor propelling the circular fashion market growth is stringent regulations regarding textile waste management. Many regions have imposed restrictions on sending textile waste to landfills due to pollution concerns. This is promoting reuse and recycling of used clothing on a large scale.

Segment Analysis
The global circular fashion market can be segmented into clothing, footwear, and accessories. The clothing segment dominates the market and accounts for over 65% share owing to rising adoption of upcycled and vintage clothing choices by customers. The clothing segment is followed by the accessories segment which is expected to witness higher growth on account of rising crafts and jewelry made from recycled materials.

PEST Analysis
Political: Governments across regions are promoting sustainable fashion through incentives and policies. Tax rebates/benefits are provided on reused materials.
Economic: Rising disposable incomes are driving spending on unique sustainable collections. Lower manufacturing costs through recycling supports margins.
Social: Growing environmental concerns are shifting preferences towards eco-friendly brands. Social media is enabling reach of artisanal designers reusing old stocks.
Technological: Advancements in fabric recycling like solvent-based recycling aid design of new materials. Traceability solutions help build trust in sourcing recycled inputs.

Key Takeaways
The global circular fashion market is expected to witness high growth. The global Circular Fashion Market is estimated to be valued at US$ 6.09 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.

Regional analysis comprises Regional analysis: Europe currently dominates the market owing to strong presence of independent designers and favorable regulations. Asia Pacific is expected to be the fastest growing region on account of rising experimentation with recycled fibers in countries like India and China.

Key players related content comprises Key players: Key players operating in the global circular fashion market are D€TMAddario & Co., Fender Musical Instruments Corporation, Gibson Brands, Ernie Ball Inc., GHS Strings, C. F. Martin & Company Inc., Dunlop Manufacturing, Inc., Dean Markley USA, Inc., Kistron Co., Ltd., Rotosound Manufacturing Ltd., and DR Handmade Strings. R.e.g.e are focusing on expanding their product portfolio with lines made from recycled plastic bottles. Fine Feather Fashions is investing in robotics to aid upcycling of vintage stocks on a larger scale.

Source: Coherent Market Insights, Public sources, Desk research
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