June 18, 2024
Global Sustainable Fashion Market

Sustainable Fashion Market Propelled By Growing Consumer Demand For Eco-Friendly Products

The global sustainable fashion market consists of apparel and footwear made using eco-friendly materials and processes. Sustainable fashion products incorporate organic, recycled, and naturally dyed fabrics which are less resource intensive to produce and cause less pollution. There is a growing consumer demand for apparel made in an ethical and environmentally responsible manner. 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 2030, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

The growing consumer demand for eco-friendly products is one of the major drivers boosting the sustainable fashion market. With increasing awareness regarding the environmental impact of textile dyeing and production processes, many consumers are preferring clothing brands that use sustainable fabrics and production methods. Various surveys indicate that over 60% of global consumers are willing to pay more for brands that take initiatives to reduce their environmental footprint. This change in consumer preferences towards sustainable options is prompting fashion brands to invest more in sourcing sustainable raw materials and implementing greener manufacturing practices. The emergence of new startups focusing exclusively on eco-fashion is also catalyzing the transition towards sustainable fashion.

SWOT Analysis

Strength: Sustainable fashion focuses on minimizing waste and reducing environmental impact throughout the product life cycle from material sourcing to end of use. This addresses growing consumer demand for eco-friendly products.
Weakness: Conversion to sustainable practices requires heavy investment in technology and infrastructure. Many small fashion brands find it difficult to invest sufficiently.
Opportunity: Increasing regulations to limit pollution and control greenhouse gas emissions is prompting brands to adopt sustainability. Growing eco-conscious consumer base offers a sizable market opportunity.
Threats: Customers may not be willing to pay premium prices for sustainable products. Economic slowdowns can negatively impact demand for premium sustainable fashion.

Key Takeaways

The global Sustainable Fashion Market Demand is expected to witness high growth.

Regional analysis:

North America is currently the largest regional market for sustainable fashion dominated by US companies. Europe follows in terms of market share due to stringent environmental regulations and active adoption of sustainable practices by leading fashion brands and retailers in countries like UK, Italy, Spain and France. Asia Pacific is anticipated to be the fastest growing regional market, driven by growing fashion industry in India and China along with rising environmental awareness.

Key players operating in the sustainable fashion market are Hexion Inc., Dow Chemical Company, Aditya Birla Chemicals Co. Ltd., Huntsman Corporation, BASF SE, Royal DSM N.V., Eastman Chemical Corporation, Conren Limited, Gellner Industrial LLC, and AllCoat Technology Inc. Sustainable fashion pioneers are focusing on continuous innovation to develop functional fabrics using recycled, organic, sustainable resources with lower emissions and minimal waste during production and post-consumer use. They are also strategizing partnerships and mergers to expand their market presence and service offerings.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it