by The circular fashion market involves recycling and reusing of clothing and textiles in closed loop systems that minimize waste and benefit the environment. Circular fashion products generated through upcycling and recycling reduce dependency on virgin materials and help eliminate textile waste ending up in landfills.
The global circular fashion market is estimated to be valued at US$ 7.02 billion in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Increasing circular manufacturing has propelled growth in the global circular fashion market. Circular manufacturing focuses on designing clothing from production to end of use in a way that maximizes the use of resources. It aims to reduce waste and environmental impact through strategies like recycling, reusing, repairing and upgrading existing textiles. Many apparel brands are now exploring circular manufacturing methods to transition from linear ‘take-make-waste’ production systems. Adopting circular manufacturing helps companies address sustainability challenges and gain a competitive edge in the growing conscience consumer market.
SWOT Analysis
Strength: The circular fashion market aims to reduce textile waste and promote sustainability. It allows existing clothing to be reused, repaired or recycled.
Weakness: Consumers may perceive recycled or reused clothing as inferior quality compared to new clothing. Setting up large-scale circular fashion supply chains is complex and expensive.
Opportunity: Growing consumer awareness about the environmental impact of fast fashion presents an opportunity to promote circular business models. Governments in some regions have introduced policies to promote recycling of textiles.
Threats: Large fast fashion retailers continue to promote disposable low-cost clothing which threatens circular models. Textile recycling technologies have high investment requirements and changing consumer behavior remains a long term challenge.
Key Takeaways
The Global Circular Fashion Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 7.02 Billion in 2024.
Regional analysis: Europe currently dominates the circular fashion market due to favorable regulations and consumer demand for sustainable products. Countries like Germany, France and the UK have established extensive textile collection and recycling infrastructure. The Asia Pacific region is expected to grow at the fastest pace owing to rising disposable incomes in developing economies like India and China.
Key players: 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. These companies offer recycled, reusable or rental based clothing solutions to promote circular business models. Strategic partnerships between brands and recycling companies will be important for large-scale adoption of circular fashion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
