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| Global Sustainable Fashion Market |
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 2023 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:
One of the key trends driving growth in the sustainable fashion market 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 Demand is
expected to witness high growth. It is projected to grow at a CAGR of 7.7%
during the forecast period of 2024-2030. 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.
For more insights, read- https://www.newsstatix.com/global-sustainable-fashion-market-trends-size-and-share-analysis/
For more details on the
report, Read-https://whotimes.com/stock-music-market-an-ever-evolving-industry/
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