by Circular fashion describes clothing, accessories, and footwear that are produced and distributed through environmentally sustainable methods such as renting, swapping, repairing, reselling and recycling of products. Circular fashion aims to eliminate waste and pollution, circulate products and materials for longer, and regenerate natural systems. It involves designing clothes that can be reused, resuscitating deadstock textiles, and closing the loop on existing clothes through upcycling, remaking and recycling. The growing interest in sustainable consumption and eco-conscious lifestyles has prompted many consumers to opt for circular fashion products in recent times.
The global Circular Fashion Market is estimated to be valued at US$ 6.09 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Sustainable consumption trends refer to evolving consumer preferences for clothing and accessories produced through environmentally-friendly practices. Rising awareness about the detrimental impacts of fast fashion such as increased carbon emissions and textile waste has driven the demand for circular fashion products in recent years. As consumers become more eco-conscious, they are increasingly opting to rent, resell or repair pre-owned apparel instead of frequently purchasing new clothes. Circular fashion entrepreneurs are capitalizing on this consumer trend by launching innovative business models based on subscription services, resale platforms and product life-extension services. If sustainable consumption continues to gain widespread adoption, it will remain a key growth driver for the global circular fashion market over the forecast period.
SWOT Analysis
Strength: Circular fashion helps in sustainability and reduces environmental impact by reusing and recycling materials; it is a more eco-friendly alternative to fast fashion.
Weakness: Consumers are not fully aware about circular fashion business models and methods; setting up circular operations require high initial investments and strategic partnerships.
Opportunity: Growing consumer demand for sustainable products offer opportunities for circular fashion businesses to scale up; technological innovations can help improve recycling processes.
Threats: Fast fashion retailers continue to attract consumers through low prices and latest trends; established brands have more financial resources to shift to circular business models.
Key Takeaways
The global Circular Fashion market is expected to witness high growth. The global Circular Fashion Market is estimated to be valued at US$ 6.09 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
Regional analysis comprises Regional analysis comprises Europe dominates the circular fashion market currently due to initiatives by brands and retailers. The Asia Pacific region is expected to offer lucrative growth opportunities owing to rising fashion consumption and growing awareness on sustainability.
Key players operating in the 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., and Rotosound Manufacturing Ltd.. Some key players are focusing on strategies like using recycled materials, repair programs, resale, and rental to engage in the circular business model.
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Source: Coherent Market Insights, Public sources, Desk research
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