Sustainable Fashion Market Size, Share, Growth, and Industry Analysis, By Type (Mass and Premium), By Application (Shirt, Yoga Pant, Leggings, Shorts and Others), Regional Forecast to 2028

Updated On: 22 April 2024

REPORT OVERVIEW

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The global sustainable fashion market size was in USD 7021.0 million 2022. As per our research, the sustainable fashion market is expected to reach USD 12094.0 million by 2028, exhibiting a CAGR of 9.49% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Sustainable fashion, commonly referred to as eco-fashion or ethical fashion, is a movement and way of thinking in the fashion industry that strives to reduce the negative effects that clothing and accessories have on the environment and society over the course of their full lifecycles.  The goal of sustainable way is to lessen the harm that the fashion industry causes to the environment, including pollution, resource depletion, and waste production. This entails utilizing environmentally friendly products, conserving energy, and using as little water as possible during the production process. It places a focus on the ethical and fair treatment of workers throughout the fashion supply chain. This entails offering secure workplaces, paying fair wages, and upholding workers' rights.

Supporting regional craftspeople and small-scale manufacturers helps preserve traditional workmanship while minimizing the environmental impact of long-distance shipping. Encouragement of the use of antique clothing and second-hand shops lowers the demand for new manufacturing and increases the usefulness of already manufactured apparel. A crucial component of sustainable style is educating consumers about the effects of their clothing choices and promoting more thoughtful shopping decisions.

COVID-19 Impact: Increased Demand for Comfort and Versatility to Boost Market Growth

The epidemic brought attention to how intertwined various global challenges are, including as environmental sustainability and public health. Consumers became more aware of and interested in sustainable and ethical fashion practices as a result, and they also started to think more carefully about the products they bought. Numerous fashion businesses were compelled to reconsider their production processes as a result of the pandemic's interruptions to worldwide supply chains. Some turned to small-scale, locally sourced manufacturing, which is in line with sustainable style ideals and lessens the carbon footprint of long-distance shipping. Fashion retailers and brands accelerated their digital transformation efforts as physical outlets temporarily shut down or operated under restricted conditions. This change to e-commerce made it possible for sustainable style manufacturers to advertise their goods online and reach a larger audience.

LATEST TRENDS

"Transparency and Traceability to Enhance Market Growth"

The idea of "circular fashion," which emphasises reuse, repair, and recycling in the design of products, was picking more steam. Take-back initiatives were being used by brands to entice customers to recycle or upcycle their unwanted clothing. Transparency in the fashion supply chain was becoming a more important consumer demand. As a response, brands gave thorough information regarding the location of materials, the methods of manufacturing, and the working conditions. Additionally, blockchain technology was being investigated to improve traceability. Sustainable and environmentally friendly materials including organic cotton, recycled polyester, Tencel, and cutting-edge fabrics created from trash from farms or ocean plastics are being used increasingly frequently.

SEGMENTATION

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By Type

Based on type market is classified as mass and premium.

By Application

Based on application market is classified as shirt, yoga pant, leggings, shorts and others.

DRIVING FACTORS

"Consumer Awareness and Demand to Augment Market Growth"

The need for sustainable and ethical fashion items is rising as customer awareness of environmental and ethical challenges in the fashion industry increases. More and more customers are looking for brands that share their beliefs. Consumers and brands are looking for more environmentally friendly options as they become more conscious of the negative effects the fashion sector has on the environment, such as problems with water contamination, chemical use, and waste generation. Within the fashion supply chain, worries about working conditions, worker rights, and social justice have compelled firms to embrace more moral procedures and guarantee equitable treatment of employees.

"Innovation in Materials to Propel Market Growth"

Governments and international organisations have established rules and guidelines for the fashion industry's sustainability. Many fashion companies now base their decisions on their ability to comply with these laws. More environmentally friendly products may now be produced thanks to advancements in sustainable materials and fabrics including organic cotton, recycled fibres, and eco-friendly substitutes like Tencel and Piatex. The adoption of circular fashion ideas, in which goods are made to last a long time and be recyclable, has picked up steam. Take-back initiatives are being implemented by brands, and they are looking into ways to shut the manufacturing cycle.

RESTRAINING FACTORS

"Cost of Sustainable Production to Impede Market Expansion"

The greater price of eco-friendly materials and ethical labour practises is one of the main obstacles for sustainable fashion. As a result, sustainable clothes may have higher price points and be less affordable for some consumers. It's possible that sustainable materials, particularly cutting-edge textile substitutes, won't be widely accessible. This may limit the ability of firms that produce sustainable clothing to produce. Unaware of the importance of lifespan and ethical production, some consumers continue to associate sustainable fashion with a lack of style or higher price. With several brands joining the market, the sustainable fashion industry is getting more and more competitive. For newer or smaller sustainable style businesses, this saturation may make it challenging to stand out from the competition and capture market share.

REGIONAL INSIGHTS

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"Europe to Dominate the Market Due to Cutting-Edge and Environmentally Concerned Designs"

With nation’s various sustainable fashion firms and programmes, Europe has been a leader in the field of sustainable fashion market share. Regulations from the European Union as well as consumer awareness have contributed to the promotion of sustainability. The sustainable style industry has grown significantly in the US and Canada, with many new sustainable brands appearing in cities like New York, Los Angeles, and Vancouver. Consumer interest in eco-friendly and ethical fashion options has increased in these nations. Scandinavian nations like Sweden and Denmark, which are known for their cutting-edge and environmentally concerned designs, have a significant presence in the sustainable fashion industry.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• PANGAIA (U.K.)
• EILEEN FISHER (U.S.)
• Outerknown (U.S.)
• Pact, LLC (U.S.)
• Adidas AG (Germany)
• Vuori (U.S.)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.