April 24, 2024
Global Sustainable Fashion Market

The growing demand for ethically produced clothing is driving the Global Sustainable Fashion Market

The global sustainable fashion market incorporates various apparel and footwear produced using eco-friendly and ethical practices. Sustainable fashion aims to minimize environmental damage and reduce waste. It involves using organic, recycled, or sustainable materials that have less negative impact throughout the production process and product lifecycle. Increasing consumer awareness about various social and environmental issues in the textile industry such as pollution, waste generation, and unethical labor practices is a major factor boosting demand. Many consumers, especially millennials, are now willing to pay more for brands that are transparent about their supply chain and committed to sustainability. Furthermore, initiatives by various international organizations and governments to promote sustainable textiles through subsidies, certification programs, and legislation are supplementing market growth.

The global Sustainable Fashion Market is estimated to be valued at US$ 8.99 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the Sustainable Fashion Market Size is the growing popularity of eco-friendly materials. Various innovative fabrics developed from waste products such as orange peels, coconut water waste, banana stems, pineapple leaves extract, and recycled PET bottles are now increasingly used in clothing lines. For instance, Anthropic uses fabric made from discarded fishing nets. Such efforts help reduce waste and contribute to a circular economy. Furthermore, many brands are emphasizing transparency and offering traceability about the origins and production conditions of raw materials on their websites and labels. This helps build consumer trust and promote sustainability.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the global sustainable fashion market is moderate. Large capital requirements and established customer base of existing players pose barriers for new players.

Bargaining power of buyers: The bargaining power of buyers in the global sustainable fashion market is high. Buyers can choose from a wide range of sustainable fashion products at competitive prices.

Bargaining power of suppliers: The bargaining power of suppliers in the global sustainable fashion market is low due to presence of a large number of suppliers.

Threat of new substitutes: The threat of new substitutes in the global sustainable fashion market is low as there are limited close substitute products for sustainable fashion.

Competitive rivalry: Strong competition exists among existing players in the global sustainable fashion market.

Key Takeaways

The global sustainable fashion market is expected to witness high growth.

North America holds the major share of the sustainable fashion market owing to high consumer awareness regarding sustainability and environmental issues. Factors such as growing concern about environment protection and inclination towards eco-friendly products promote the growth of sustainable fashion market in the region.
Europe follows North America in terms of market share.presence of leading international fashion brands and increasing focus on sustainability drive the growth of sustainable fashion market in the region. Growing youth population and their willingness to spend on sustainable fashion products further support market growth in Europe.

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. Major players focus on sustainable raw material sourcing and aim to reduce carbon footprint to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it