Consumer Goods

Sustainable Fashion Market is Expected to Reach USD 13,513.9 Million by 2031

May 2024

Consumer Goods

As per the report published by Kings Research, the global Sustainable Fashion Market was valued at USD 7,070.6 million in 2023 and is projected to reach USD 13,513.9 million by 2031, growing at a CAGR of 8.58% from 2024 to 2031.

The sustainable fashion market is experiencing significant growth, driven by increasing consumer awareness and a burgeoning demand for environmentally friendly clothing. Brands are increasingly adopting eco-friendly practices, such as using organic materials, recycling or upcycling fabrics, and reducing waste in the production process. This trend has spurred innovation in sustainable fashion technologies and enhanced transparency in the supply chain. However, challenges including higher production costs and the need for widespread adoption across the industry persist. Nonetheless, public sector intervention and regulatory measures provide suitable incentives for manufacturers to incorporate sustainable practices in their products.

Key Insights

  • Based on distribution channel, the multi brand outlets segment accounted for the largest market value of USD 2,805.6 million in 2023
  • Based on product type, the accessories segment is estimated to register a CAGR of 10.24% between 2024 and 2031
  • Based on end user, the women segment garnered the highest revenue of USD 3,256.0 million in 2023
  • On the basis of region, North America experienced significant growth in 2023 with a valuation of USD 1,877.2 million

Reformation Integrates Sustainable Materials into New Collection, Featuring Recycled Wool and Eco-Friendly Satin

September 2023: Reformation unveiled new fashion lines that incorporated Manteco recycled wool and Naia Renew into their designs. For their autumn collection, the brand predominately crafted outerwear from MWool, which boasts 70% post-consumer recycled wool. This choice of material, notably the Manteco wool, eliminates the need for re-dyeing, thereby reducing chemical and water usage compared to traditional virgin wool. Additionally, the company has substituted silk with alternative materials in 18% of its silk-related products throughout 2023. Expanding their sustainable fabric options, Reformation introduced Crushed and Crinkle Satin fabrics made from Naia Renew. This innovative material blends 60% sustainably sourced wood pulp with 40% certified recycled waste, processed in an eco-friendly, closed-loop system. These additions, particularly novel in the previous year, are set to become a significant component of Reformation's material sourcing strategy.

Tech-Driven Sustainable Innovation to Present Lucrative Opportunities for Sustainable Fashion Industry

The integration of modern technology presents an opportunity for fostering sustainable innovation in the fashion industry. Advancements in materials science, such as bio-based and lab-grown textiles, reduce reliance on traditional resources such as cotton and polyester, which often have a significant environmental impact. Additionally, blockchain technology has the capacity to enhance supply chain transparency, allowing consumers to trace the origins and sustainability credentials of their clothing. Strategic investments in the research and development of these tech-driven solutions possess the potential to enhance the environmental efficacy of the sustainable fashion market to improve its environmental performance and attract eco-conscious consumers seeking innovative, planet-friendly fashion options.

Ethical Advancements in Supply Chain to Improve Brand Positioning While Promoting Sustainable Growth

The ethical advancement of supply chains presents a lucrative opportunity for manufacturers operating in the sustainable fashion industry. This entails ensuring fair labor practices, humane working conditions, and equitable wages throughout the production process. Brands further collaborate with ethical suppliers, invest in worker empowerment programs, and prioritize transparency in their sourcing and manufacturing practices. The integration of ethical supply chains in the industry promotes social responsibility, along with attracting consumers who value ethical considerations, thereby driving the growth of the sustainable fashion sector.

Asia-Pacific to Emerge as the Fastest-Growing Region, Exhibiting the Highest CAGR of 10.77% Between 2024 and 2031

Based on region, the global sustainable fashion market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Asia Pacific is expected to lead the sustainable fashion market in the foreseeable future due to its substantial demographic of environmentally conscious consumers. Furthermore, many Asian countries are major textile producers, which enables them to efficiently integrate sustainable practices in their manufacturing processes. Additionally, government initiatives and incentives support sustainable fashion development, prompting businesses to adopt eco-friendly measures. These factors create a conducive environment for the growth of the regional sustainable fashion market.

Companies Focus on Innovating Their Product Lineup to Expand Their Market Reach

The global sustainable fashion market reveals a fragmented landscape, featuring prominent companies including Levi Strauss & Co, Patagonia, Stella McCartney, PACT, Tentree, Eileen Fisher's, People Tree, Amour Vert, Adidas, Reformation, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.

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