Global Circular Fashion Market to reach $11 billion, globally, by 2030 growing at a CAGR of 8.8%: Report by Coherent Market Insights

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Apr 10, 2024, 10:01 ET

BURLINGAME, Calif., April 10, 2024 /PRNewswire/ -- Coherent Market Insights published a report, titled, Global Circular Fashion Market, By Product Type (Apparel, Accessories, Footwear, Others), By End-use (Men, Women, Kids, Unisex, Others), By Distribution Channel (Online, Offline, Others), By Textile Source (Organic, Recycled, Reused, Natural Materials, Others), By Consumer Group (Millennials, Generation X, Generation Z, Baby Boomers, Others), and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030. According to the report, the global circular fashion market was valued at $6.09 billion in 2023, and is estimated to reach $11 billion by 2030, growing at a CAGR of 8.8% from 2023 to 2030.

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Market Dynamics:

The growth of the circular fashion market can be attributed to increasing consumer awareness towards sustainable fashion practices and the rising demand for environmentally friendly clothing. Additionally, government initiatives promoting sustainable fashion and the implementation of strict regulations regarding waste management in the textile industry are driving the market growth further.

Global Circular Fashion Market Report Coverage

Report Coverage	Details
Market Revenue in 2023	$6.09 billion
Estimated Value by 2030	$11 billion
Growth Rate	Poised to grow at a CAGR of 8.8%
Historical Data	2018–2021
Forecast Period	2023–2030
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Product Type, By End-use, By Distribution Channel, By Textile Source, By Consumer Group
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	• Sustainability awareness • Government policies • Recycling advancements • Celebrity endorsements
Restraints & Challenges	• High costs • Consumer behavior • Lack of infrastructure

Market Trends:

Rise in Adoption of Upcycling:

With the increasing focus on sustainability, there is a rising trend of upcycling in the fashion industry. Upcycling involves taking old or discarded materials and creating new products of higher quality and environmental value. This trend is gaining popularity among consumers who are looking for unique, eco-friendly fashion choices.

Emergence of Rental and Resale Platforms: Another key trend in the circular fashion market is the emergence of rental and resale platforms. Consumers are increasingly opting to rent or purchase second-hand clothing as a more sustainable and cost-effective alternative to fast fashion. This trend is reshaping the traditional retail model and promoting a more circular economy in the fashion industry.

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Growing Popularity of Sustainable Fashion

The global circular fashion market is witnessing a significant growth opportunity due to the increasing popularity of sustainable fashion among consumers. As awareness about the environmental impact of fast fashion grows, more people are turning towards circular fashion, which focuses on reducing waste and promoting recycling and reuse of materials. This shift in consumer behavior is driving the demand for eco-friendly and ethically produced clothing, accessories, and footwear.

Increasing Demand for Online Shopping

Another market opportunity for the global circular fashion market lies in the increasing demand for online shopping. With the rise of e-commerce platforms and digital technologies, more consumers are opting to shop online for convenience and accessibility. The online distribution channel is becoming increasingly popular for shopping for sustainable fashion, as it allows consumers to browse a wide range of products and make purchases from the comfort of their homes.

Recent Developments:

In September 2022, Adidas and Allbirds collaborate to produce performance running shoes that have the least environment impact.

In June 2021, with organic cotton and water-saving circular manufacturing methods, Levi's introduced their most eco-friendly pair of jeans to date. It illustrate how dedicated the company is to sustainability.

Key Market Takeaways:

The Global Circular Fashion Market is anticipated to witness a CAGR of 8.8% during the forecast period 2023-2030, owing to the growing demand for online shopping among consumers.

On the basis of distribution channel, the online segment is expected to hold a dominant position, as more consumers prefer to shop for sustainable fashion products online.

In terms of region, North America is expected to hold a dominant position over the forecast period, due to the strong presence of e-commerce platforms in the region.

Key players operating in the circular fashion market, such as Nike, Adidas, and Everlane, are capitalizing on the trend of online shopping to reach a wider consumer base.

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Detailed Segmentation:

By Product Type

- Apparel
- Accessories
- Footwear
- Others

By End-use

- Men
- Women
- Kids
- Unisex
- Others

By Distribution Channel

- Online
- Offline
- Others

By Textile Source

- Organic
- Recycled
- Reused
- Natural Materials
- Others

By Consumer Group

- Millennials
- Generation X
- Generation Z
- Baby Boomers
- Others

By Geography

- North America
  U.S.
  Canada
- Latin America
  Brazil
  Mexico
  Rest of Latin America
- Europe
  Germany
  U.K.
  Spain
  France
  Italy
  Russia
  Rest of Europe
- Asia Pacific
  China
  India
  Japan
  Australia
  South Korea
  Rest of Asia Pacific
- Middle East & Africa
  South Africa
  GCC Countries
  Rest of Middle East & Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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