by The global circular fashion market involves designing clothes, accessories, and footwear utilizing recycled or upcycled materials to reduce waste and promote sustainability. The circular design aims to keep clothes, fabrics, and materials in use for longer through reuse, repair, remake, refurbish, recycling to create new clothing. Key products in the market include vintage clothing resale items, repurposed fabrics, and accessories made from recycled plastics. With growing awareness about fast fashion’s environmental impact, more consumers look for sustainable options.
The global circular fashion Market is estimated to be valued at US$ 7.02 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Adoption of recycled and upcycled materials is one of the major drivers of growth in the global circular fashion market. As highlighted in the heading, using discarded materials to manufacture new products helps reduce waste and promotes eco-friendly fashion. Another key driver is growing consumer demand for sustainable clothing. With increasing environmental consciousness, more people prefer to buy clothes made from recycled plastics, fabrics, and other repurposed materials. Moreover, circular design aids in maintaining resources in use, optimizing materials utilization, and minimizing textile waste generation over time. This also promotes the circular economy principle of eliminating waste and continual reuse of resources. Major brands and independent designers have expanded their sustainable collections by incorporating recycled and upcycled materials to meet this consumer demand.
Segment Analysis
The global circular fashion market is segmented on the basis of type, end-use sector and rental/resale. The clothing rental/resale sub segment dominates the market as this allows sharing access to clothing on a short-term basis. This sub segment appeals to millennial customers as they prefer to rent clothing for a period of time rather than owning it.
PEST Analysis
Political: Governments in various countries are promoting sustainable fashion through awareness campaigns and initiatives. They are implementing policies to reduce textile waste.
Economic: The affordable prices of rental clothing and second-hand clothes drive the growth of the circular fashion industry. Customers prefer spending on experience rather than ownership in a sharing economy.
Social: Rising environmental concern among consumers is increasing the adoption of circular fashion. Millennials engage more in on-demand access services rather than ownership.
Technological: Advancements in tracking and authentication technologies enable easy identification of garments. Digital platforms help connect customers with rental and resale options.
Key Takeaways
The Global Circular Fashion Market Size is expected to witness high growth during the forecast period. North America dominates the market currently due to presence of key resale platforms and growing environmental awareness. Key players operating in the circular fashion market are 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. Rising sustainability trends are encouraging fashion brands to invest in circular solutions. Adoption of smart garments and tracking technologies will propel the industry’s growth going forward.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
