Circular Fashion Market Report 2024

This Circular Fashion market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The circular fashion market size has grown strongly in recent years. It will grow from $5.48 billion in 2023 to $5.98 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth during the historic period can be attributed to several factors, including heightened environmental concerns, stringent government regulations, a growing younger population, an increase in urban consumers, and an increasing emphasis on waste minimization.

The circular fashion market size is expected to see strong growth in the next few years. It will grow to $8.48 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth during the forecast period is expected to be driven by factors such as celebrity endorsements and influencers, rising demand for eco-conscious apparel, sustainable production practices, environmentally friendly choices, and the presence of leading fashion brands. Key trends anticipated in this period include advancements in textile recycling technology, product innovation, the integration of blockchain technology, automated sorting technologies, and the establishment of strategic partnerships.

The increasing awareness of the environmental and social impacts associated with the fashion industry is anticipated to drive the growth of the circular fashion market. This concern is fueled by the industry's excessive resource consumption, significant waste generation, and labor exploitation, all of which adversely affect ecosystems and communities. Circular fashion addresses these issues by promoting sustainable practices such as recycling, upcycling, and extending the lifespan of garments, ultimately reducing waste and mitigating the industry's environmental and social footprint. According to research from Northumbria University in August 2023, the fashion and textile industry is responsible for 8% of global greenhouse gas emissions and 20% of wastewater production. It consumes more energy than both the aviation and shipping sectors combined, with its full environmental impact remaining largely unknown due to its complexity and extensive global operations. Consequently, this growing concern is propelling the circular fashion market forward.

Leading companies in the circular fashion market are concentrating on developing innovative products utilizing recycled polyester to lessen environmental impact and promote sustainable, closed-loop production processes. Recycled polyester is a sustainable fabric created from repurposed plastic materials, such as polyethylene terephthalate (PET) bottles, converted into fibers for clothing and textiles. This approach reduces waste and conserves resources compared to the production of virgin polyester. For instance, in April 2024, Lululemon, a Canada-based manufacturer of athletic apparel and accessories, introduced the Packable Anorak jacket, crafted from enzymatically recycled polyester. This anorak is made from a blend of materials, including mixed plastic waste, Lululemon apparel that has reached the end of its lifecycle, and carbon emissions captured during industrial processes. This innovative strategy represents a significant advancement toward textile-to-textile recycling.

In October 2022, The RealReal, a U.S.-based provider of luxury goods, partnered with Jimmy Choo Ltd. to enhance its circular fashion initiatives and promote sustainable luxury resale. This collaboration allows Jimmy Choo to further its sustainability efforts while extending the lifecycle of its products. Jimmy Choo is a UK-based luxury fashion brand committed to sustainable fashion practices.

Major companies operating in the circular fashion market are Nike Inc., Industria de Diseno Textil S.A., Adidas Group, H&M Group, Fast Retailing Co. Ltd., Gap Inc., Hermes International S.A., VF Corporation, Guccio Gucci S.p.A., PUMA SE, Lululemon Athletica Inc., Ralph Lauren Corporation, Levi Strauss & Co., Prada S.p.A., Everlane Inc., Reformation, Eileen Fisher Inc., Patagonia Inc., Rothy’s Inc., Ecoalf Recycled Fabrics, SL, Stella McCartney Ltd., Outerknown LLC, LANIUS GmbH, MUD Jeans International B.V.

North America was the largest region in the circular fashion market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the circular fashion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the circular fashion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Circular fashion represents a sustainable model for clothing production and consumption that aims to extend the life cycle of products. It emphasizes the principles of reuse, recycling, and durability in garment design, minimizing waste and environmental impact. This approach fosters a closed-loop system where materials are continuously repurposed.

The primary product categories within circular fashion include apparel, accessories, footwear, and others. Apparel encompasses all types of clothing worn by individuals, such as shirts, pants, dresses, and accessories, designed for both fashion and functionality, catering to various styles from casual to formal. Textile sources used in this model include organic, recycled, reused, and natural materials, among others. Consumer groups range across demographics, including millennials, Generation X, Generation Z, baby boomers, and others. Circular fashion products are distributed through diverse channels, including online and offline platforms, and are targeted at various end users, such as men, women, children, and unisex options.

The circular fashion market research report is one of a series of new reports that provides circular fashion market statistics, including the circular fashion industry's global market size, regional shares, competitors with a circular fashion market share, detailed circular fashion market segments, market trends and opportunities, and any further data you may need to thrive in the circular fashion industry. This circular fashion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The circular fashion market consists of sales of recycled apparel, upcycled accessories, rental footwear, secondhand clothing, and biodegradable textiles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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