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The global Circular Fashion Market Growth Accelerated by Sustainability Mindset

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Purvaja
The global Circular Fashion Market Growth Accelerated by Sustainability Mindset

Circular fashion denotes clothing produced through sustainable practices by minimizing waste and optimizing resource usage. It incorporates the reuse, repurposing, recycling, and resale of pre-owned garments. Sustainable clothing items are manufactured using organic, recycled, or low-impact materials to minimize environmental footprint.

The global Circular Fashion Market is estimated to be valued at US$ 6.09 Bn 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:

The growing sustainability mindset among consumers has boosted the adoption of circular fashion practices. There is a rising consumer awareness about the environmental impact of fast fashion and a push for more eco-friendly alternatives. This has accelerated the demand for pre-loved and upcycled apparel. Many retailers and brands are promoting product longevity by supporting clothing rental, resale, and repair initiatives to engage sustainability-conscious buyers. The circular business models are helping reduce textile waste while enabling continued use of resources. This emerging trend is expected to drive significant growth in the circular fashion market over the forecast period.


Segment Analysis

The circular fashion market is dominated by the rental segment, which holds the largest market share in 2024. This is because many fashion consumers are now preferring to rent high fashion and designer products like dresses, bags, and accessories for events and occasions rather than buying them. Renting such products provides flexibility to the users without much investment. B2C rental models have seen increased popularity over the last few years.

Key Takeaways

The global Circular Fashion market is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing sustainability awareness among consumers and major initiatives by brands and retailers to reduce fashion waste. The global Circular Fashion Market is estimated to be valued at US$ 6.09 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.

Regional analysis: Europe currently dominates the global circular fashion market with over 35% share in 2024 due to strong presence of rental players and awareness about fast fashion risks. Several circular programs have been launched by European fashion houses as well. Asia Pacific is expected to be the fastest growing regional market during the forecast period with countries like China and India emerging as major contributors to circular fashion adoption.

Key players: Key players operating in the global Circular Fashion market include D€TMAddario & Co., Ernie Ball Inc., Gibson Brands, and Fender Musical Instruments Corporation. These companies have widespread presence offering rental and resale options for fashion apparel and accessories. Recent partnerships between fashion retailers and rental platforms will further help boost circular business models penetration.

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

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