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| Global Circular Fashion Market |
The global circular fashion market comprises clothing, footwear and apparel manufactured with reuse, recycling or by using waste materials for production. Circular fashion refers to the concept of shifting apparel production away from the traditional 'take, make, dispose' model and focusing on reusing existing materials and extending the life of products. Circular fashion facilitates sustainable consumption by designing products for dismantling, refurbishment, remanufacturing and material recovery at the end of their useful life. Growing awareness about fast fashion's environmental impact and increasing demand for eco-friendly products are driving the adoption of circular business models in the garment industry.
The Global Circular Fashion Market
is estimated to be valued at US$ 12.96
Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 To 2031.
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. These players are focusing on circular design strategies and recycling technologies to manufacture clothing from waste materials.
The Global Circular Fashion Market Demand offers opportunities for brands to connect with conscious consumers and millennial shoppers who are flexible to pay premium prices for sustainable fashion. Partnerships between retailers and recycling firms and adoption of 'rental-as-a-service' business models can facilitate greater uptake of circular fashion.
The adoption of circular fashion is expected to gain traction across major markets like United States, China, United Kingdom and Europe. Investments in circular economy startups and favorable government policies promoting waste recycling are encouraging global expansion of circular fashion production capacity.
Market drivers: Rising concerns about textile waste generation and its environmental impact are driving demand for sustainable alternatives like circular fashion. Stringent policies banning the import of used clothing are also propelling brands to invest in circular design and recycling technologies.
Market restraints: High costs associated with collection, sorting and recycling
of used garments restrict mass adoption of circular fashion currently. Lack of
infrastructure for commercial-scale recycling of textiles in developing nations
also poses a challenge for global supply chain integration of circular fashion.
Standardization issues related to measuring sustainability claims also act as a
restraint for the market.
Segment Analysis
The global circular fashion market can be segmented based on several factors
such as product, material, consumer group and distribution channel. Based on
product, the market is segmented into clothes, footwear and accessories. The
clothes segment currently dominates the market as consumers are more willing to
donate and upcycle used clothes rather than footwear and accessories. Based on
material, the market is segmented into cotton, polyester, nylon, neoprene and
mixed materials. The cotton segment dominates the market due to high
circulation of cotton clothes in the fashion industry.
Based on consumer group, the market is segmented into women, men and kids. The
women segment currently dominates the market as women are more inclined towards
sustainable fashion choices and represent a larger consumer base for fashion
products. Based on distribution channel, the market is segmented into offline
and online channels. The offline segment dominates the market currently as most
circular fashion companies utilize physical stores and donation boxes to
collect and redistribute pre-owned clothes and encourage local recycling.
On the basis of region, North America currently dominates the global circular
fashion market due to high sustainability awareness and presence of many resale
companies. Europe is the second largest market due to implementation of
stringent environmental regulations promoting circular business models in the
fashion industry across countries like Germany, UK and Italy. Asia Pacific is
expected to be the fastest growing market over the forecast period due to
rising adoption of sustainable fashion choices in populous nations like China
and India.
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