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The Global Circular Fashion Market Growth Accelerated By Sustainable Fashion Becoming Mainstream

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Gauri Cmi
  The Global Circular Fashion Market Growth Accelerated By Sustainable Fashion Becoming Mainstream


Circular fashion aims at minimizing waste and reducing the environmental impact of the fashion industry. Circular fashion encourages consumers to buy pre-loved or rent clothes and promote recycling by extending the lifecycle of garments. The rising environmental concerns among consumers have accelerated the demand for sustainable fashion products. Circular fashion provides an alternative to fast fashion by catering to conscious consumers looking for sustainable fashion options.

The global Circular Fashion Market is estimated to be valued at US$ 6.09 billion in 2023 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 key trends: As highlighted in the heading, the growth in the global circular fashion market is accelerated by sustainable fashion becoming more mainstream. Several fashion brands have started adopting circular business models and promoting sustainable fashion trends to attract ethically-driven customers. They are offering clothing rental services, utilizing recycled materials, and take-back programs to reduce waste sent to landfills. Growing awareness about environmental hazards of fast fashion coupled with rising disposable incomes have increased the customer base for sustainable fashion products globally. This key trend of sustainable fashion gaining traction is expected to propel the demand for circular fashion over the coming years.

Segment Analysis

The global circular fashion market can be segmented on the basis of offering, category, purpose and generation. The rental segment currently dominates the circular fashion market. The rental market allows customers to rent luxury apparel, accessories and shoes for a short period of time at a fraction of the retail price. This has boosted the adoption of circular fashion models among price-conscious customers and those who want to experience new styles regularly without large upfront investments.

Key Takeaways

Global Circular Fashion Market Scope is expected to witness high growth over the forecast period. Growing concerns regarding environmental degradation caused by the linear fashion business model and surging adoption of sustainable practices among brands and consumers are fueling the adoption of circular fashion globally. The global Circular Fashion Market is estimated to be valued at US$ 6.09 billion in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.

Regional analysis

Europe currently accounts for the largest share in the circular fashion market owing to strong presence of leading global brands and favorable regulations promoting circular economy initiatives in countries like France, Italy and Germany. Moreover, growing awareness about damage caused by fast fashion and willingness to pay premium for sustainable options has boosted the popularity of rental and resale models in the region.

Key players

Key players operating in the global circular fashion market are Rent the Runway, Poshmark, Thrift+ ,Vestiaire Collective, Rewear ,and Brideside. Rent the Runway is the largest clothing rental service provider globally. Poshmark is the largest social marketplace for new & used apparel/accessories.

 

Get More Insights On This Topic: https://www.pressreleasebulletin.com/global-circular-fashion-market-trends/


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