Global Circular Fashion Market is Estimated to Witness High Growth Owing to Opportunity to Promote Sustainable Manufacturing

Global Circular Fashion Market

 The global circular fashion market involves recycling of used textiles and clothes to produce new garments. Circular fashion promotes sustainability by reducing waste and relying on used materials rather than extracting virgin resources. It involves collecting pre-owned clothing from donation boxes or commercial partners, sorting them based on quality, dismantling or shredding unusable textiles, and producing new clothes from the recovered materials. This closed-loop system aims to design clothing for disassembly at the end of its use phase.

The global circular fashion market is estimated to be valued at US$ 6.09 Bn in 2024 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 Opportunity:
The opportunity to promote sustainable manufacturing practices in the textiles industry is driving the growth of the global circular fashion market. Traditional linear fashion model relies heavily on raw material extraction and production of massive amounts of clothing, leading to huge environmental footprint. Circular fashion aims to reduce this impact by recovering resources from post-consumer clothes and reintroducing them into the manufacturing cycle, without always starting from virgin raw materials. Adopting circular business models allows companies to reduce manufacturing costs and comply with evolving sustainability regulations. As consumer awareness about fast fashion's environmental consequences increases, the circular fashion approach offers a solution to build a closed-loop supply chain and strengthen brand image in the growing eco-friendly apparel space.

Porter's Analysis

Threat of new entrants: Low capital requirements and global sourcing of circular materials make entry easier. However, existing brands have strong customer relationships and economies of scale.

Bargaining power of buyers: Buyers have significant power as circular fashion is highly fragmented with many suppliers. Buyers can negotiate on price and demand high quality and eco-friendly materials.

Bargaining power of suppliers: A few large suppliers globally control the supply of quality recycled materials. This gives them leverage in negotiating prices and other terms with circular fashion brands.

Threat of new substitutes: New eco-friendly materials and affordable fast fashion threaten circular fashion. However, growing awareness about sustainability boosts demand.

Competitive rivalry: Intense as leading brands compete on recycling technologies, innovative designs and building brand loyalty among environmentally conscious customers.

SWOT Analysis

Strengths: Addresses sustainability; reduced environmental impact; new revenue streams from resale/rental of used garments.

Weaknesses: Additional costs of collection, sorting and recycling used clothing; requires scale to be profitable; consumer perceptions about used clothing.

Opportunities: Growing global demand for sustainable fashion from Millennials and Gen Z; collaborations along the resale/rental value chain; tailoring forspecific geographic/cultural markets.

Threats: Competition from fast fashion retailers; lack of traceability in the used clothing supply chain enables greenwashing.

Key Takeaways

The global circular fashion market is expected to witness high growth over the forecast period driven by rising awareness about fast fashion's environmental toll and adoption of sustainable practices. The global circular fashion market is estimated to be valued at US$ 6.09 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.

The Asia Pacific region currently dominates the market and is expected to maintain its lead. China, Japan and India are major producers and consumers of circular fashion owing to a large population, rapid fashion industry growth and government initiatives promoting sustainability.

Key players operating in the global 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., Rotosound Manufacturing Ltd., and DR Handmade Strings. These companies are focusing on expanding collection and sorting infrastructure to source more used clothing at scale and design innovative fabrics from recycled textile waste. Partnerships across the value chain help boost collection volumes and trace raw material sources.

For more details on the report, Read- https://www.pressreleasebulletin.com/global-circular-fashion-market-trends-size-and-share-analysis/

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