Dublin, May 10, 2024 (GLOBE NEWSWIRE) -- The "Ethical Fashion Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The ethical fashion market size has grown strongly in recent years. It will grow from $8.17 billion in 2023 to $8.83 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The expansion observed in the historical period can be credited to the growth of emerging markets, an increase in foreign direct investments, and a growing customer emphasis on sustainable fashion.
The ethical fashion market size is expected to see strong growth in the next few years. It will grow to $12.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
The anticipated growth in the forecast period can be linked to increasing awareness, the influence of social media, government initiatives, the environmental repercussions of fast fashion, and the expansion of e-commerce. Noteworthy trends expected in the forecast period involve presenting customers with captivating and tangible narratives, adopting recycling and upcycling practices to reduce waste and mitigate the environmental impact in the manufacturing process, incorporating animal-free leather to address animal cruelty concerns, utilizing natural materials, making investments in vegan fashion, and engaging in partnerships and collaborations.
Increasing awareness of the environmental impact of the textile industry is prompting consumers to opt for materials aligned with ethical fashion. The cultivation of raw materials used in fabric production, such as cotton, flax, and hemp, often requires substantial water usage, with up to 20,000 liters needed to produce just 1 kg of cotton. Additionally, the protection of these crops sometimes involves the heavy use of pesticides and herbicides, contributing to environmental contamination. The manufacturing process of rayon, an artificial fabric derived from wood pulp, has led to the depletion of many old-growth forests. In the transformation of pulp into fabric, hazardous chemicals are employed, further impacting the environment. In response to these environmentally harmful processes, there is a notable shift towards eco-friendly materials, fostering the growth of the ethical fashion market.
The expansion of the e-commerce industry is expected to drive the growth of the ethical fashion market in the foreseeable future. E-commerce, involving the electronic buying and selling of products and services over the Internet, provides consumers with convenient access to ethical fashion brands and products globally. E-commerce platforms streamline the shopping experience, facilitating easy browsing and checkout processes for customers interested in purchasing ethical fashion products. Hence, the expansion of the e-commerce sector is a key driver behind the growth of the ethical fashion market.
Prominent companies in the ethical fashion market are forging strategic partnerships to enhance customer service and advance sustainability goals. Collaborative efforts enable ethical fashion companies to advocate for sustainability in the fashion industry, minimize environmental impact, and establish new benchmarks for a more responsible fashion supply chain. An example of this is seen in the actions of Sheep Inc., a UK-based ethical fashion manufacturer, which, in June 2023, introduced the world's first naturally negative carbon footprint t-shirt. Constructed from super-fine Merino wool with self-cleansing fibers, the t-shirt promotes extended wear and reduced washing compared to cotton. This initiative involved collaboration with suppliers and manufacturers, and the t-shirt features an NFC-enabled tag for complete transparency, aiming to drive sustainability and lessen the environmental impact in the fashion industry.
As an alternative to chemical-intensive textiles, the ethical fashion market is witnessing a shift towards the use of natural resources. Addressing the toxicity associated with chemicals such as chromium used in leather tanning, Carmen Hijosa, the founder of Ananas Anam, developed 'Pinatex,' a natural leather alternative derived from cellulose fibers extracted from pineapple leaves. This innovation not only provides a sustainable alternative but also yields biomass in the industrial process, convertible into fertilizer for agricultural use in growing the next pineapple harvest. The adoption of natural and sustainable materials is a prevailing trend in the ethical fashion market.
Asia-Pacific was the largest region in the ethical fashion market in 2023. Western Europe was the second largest region in the global ethical fashion market share. The regions covered in the ethical fashion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ethical fashion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
Key Topics Covered:
1. Executive Summary
2. Ethical Fashion Market Characteristics
3. Ethical Fashion Market Trends and Strategies
4. Ethical Fashion Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Ethical Fashion Market Size and Growth
5.1. Global Ethical Fashion Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Ethical Fashion Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Ethical Fashion Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Ethical Fashion Market Segmentation
6.1. Global Ethical Fashion Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Fair trade
- Animal cruelty free
- Eco friendly
- Charitable brands
6.2. Global Ethical Fashion Market, Segmentation by Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Organic
- Manmade/regenerated
- Recycled
- Natural
6.3. Global Ethical Fashion Market, Segmentation by End-User Sex, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Men
- Women
- Kids
7. Ethical Fashion Market Regional and Country Analysis
7.1. Global Ethical Fashion Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Ethical Fashion Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
A selection of companies mentioned in this report includes, but is not limited to:
- Eileen Fisher
- LVMH Moet Hennessy Louis Vuitton (LVHM)
- Levi Strauss & Co
- H&M Concious (H&M Group)
- Reformation
- Everlane
- Tentree
- Patagonia, Inc.
- Wear Pact LLC
- United By Blue
- Brass Clothing
- Ellie Kai
- Fake Natoo
- No Nasties
- Hoomanwear
- Maati
- Hemp Kari
- Maito
- NEEMIC
- People Tree Ltd
- Tonle
- Shekudo
- Boden
- Sezane
- Alternative Apparel
- Thought Clothing
- Ninety Percent
- allSisters
- Armed Angels
- Beaumont Organic
- Bibico
- Finisterre
- Gudrun Sjoden
- Kitty Ferreira
- Lowie
- Madia & Matilda
- Mud Jeans
- Reve en Vert
- Organic Basics
- HOPE Made in the World
- Buki Akomolafe
- Mayamiko
- SOLEREBELS
- Ksenia Schnaider
- Only Me
- Tennen
- Amour Vert
- Outerknown
- Kotn
- Hackwith Design House
- Fair Trade Winds
- Fair Indigo
- Back Beat Co.
- Encircled
- La Causa
- Whimsy and Row
- MATE The Label
- Sotela
- Ecologyst
- Cariuma
- Santista Jeanswear
- Animana
- Splash Fashion
- Retold Dubai
- Asmaraia
- LISA FOLAWIYO
For more information about this report visit https://www.researchandmarkets.com/r/byw30o
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
