by The global sustainable fashion market is primarily driven by the growing popularity of eco-friendly fabrics such as organic cotton, recycled polyester, bamboo-based fabrics, and other bio-based materials. These sustainable fabrics are gaining traction owing to their properties such as breathability, softness, and ability to reduce water usage and chemical pesticides. Sustainable fashion brands are incorporating these fabrics into various apparel including tops, bottoms, dresses, and suits to cater to the rising demand for apparel made from natural and recycled materials. The increasing consumer awareness about the environmental impact of conventional fabrics is also compelling leading fashion brands and retailers to shift towards sustainable raw materials and production processes.
The Global sustainable fashion market is estimated to be valued at US$ 11.07 BN in 2024 and is expected to exhibit a CAGR of 23.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the global 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.
The key opportunities in the Sustainable Fashion Market Demand include partnerships between textile manufacturers and brands for developing innovative bio-based materials, growing adoption of circular business models like rental, resale and recycling of used apparel, and investment in technologies for upcycling pre and post-consumer textile waste.
Technological advancements such as development of cost-effective methods for producing fabrics from agricultural waste and industrial by-products, innovations in design and production of affordable recycled fabrics, and automation of sustainable manufacturing processes are expected to boost the market growth.
Market drivers
Stringent government regulations towards reducing pollution from textile dyeing and manufacturing industries are driving enterprises to adopt sustainable practices. The rising consumer awareness about ethical sourcing and favorable environmental and social impact of apparel is a major factor catalyzing the demand for apparel made from bio-based and recycled materials. Growing partnerships between fashion brands and sustainability certification organizations to promote transparency in supply chains are further augmenting the sustainable fashion market growth.
Current Challenges in Global Sustainable Fashion Market
The global sustainable fashion market is facing various challenges currently which can hinder its growth. Issues related to maintaining quality and designing clothes with sustainable materials at affordable prices are big problems faced by manufacturers. Due to lack of consumer awareness, the demand for sustainable fashion products is still limited. Higher costs associated with ethical and sustainable production methods is another challenge as it increases the price of end products. Lack of uniform sustainability standards also creates confusion in the market. Traceability of raw materials throughout the supply chain is difficult due to multiple stakeholders involved.
SWOT Analysis
Strength: Sustainable fashion caters to growing consumer demand for ethical and environment friendly products. Manufacturers get positive brand image and reputation for adopting greener practices.
Weakness: Significant investments required for setting up sustainable infrastructure and processes. Dependence on few material suppliers can disrupt supply chain.
Opportunity: Rising eco-conscious consumer base worldwide presents major market opportunity. Innovation in materials and manufacturing provides scope for new product development.
Threats: Intense competition from fast fashion retailers poses pricing pressure. Stringent environmental regulations can increase compliance costs.
Geographical Regions
Europe currently accounts for the largest share in the global sustainable fashion market in terms of value. Countries like Germany, U.K, France, and Italy are major European markets. North America follows Europe with U.S dominating the regional market. The Asia Pacific region is expected to be the fastest growing market during forecast period owing to rapid economic development and rising disposable income in countries like China and India. Growing health and environment concerns are increasing sustainable fashion adoption rate in the Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
