The market is expected to grow from $6.35 billion in 2019 to $8.25 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The growth is mainly due to the growing awareness about using ethical fashion for sustainability.
LONDON, Oct. 28, 2020 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research in the ethical fashion market report, there is an increasing awareness regarding the adverse effects of pollution caused by apparel manufacturing. Annually, apparel manufacturing releases around 1.2 billion tons of greenhouse gases. One truckload of clothes is either sent to landfills or burned every second. Only 1% of clothes are recycled into new ones. All these factors are making it necessary for customers to focus on sustainability.
Social media is playing a pivotal role in educating people about sustainable fashion as well. Social media is emerging as an indispensable tool to share brand stories, create communities, and sell/purchase fashion products. As they perform these activities, several fashion creators are using these platforms to raise awareness on ethical issues in fashion and even promote fundraiser campaigns to support the ethical fashion industry. Fashion bloggers are increasingly focusing on sustainable fashion. In response to such activism and education, in 2019, internet searches for ‘sustainable fashion’ increased by more than three times compared to 2016, and this trend is expected to continue in the forecast period. In a McKinsey US Cohort survey conducted in 2019, around 66% of respondents said that they consider sustainability when purchasing a luxury product. Increasing awareness will urge customers towards ethical fashion and will drive the market.
To understand it clearly: ethical fashion is the designing and manufacturing of clothes while caring for the people and communities involved in the process, and while also minimizing the impact on the environment. It focuses on both the social and environmental impact of fashion, seeking to improve the working conditions of laborers and the environment. Several companies are taking a stance and taking action to improve conditions. H&M Conscious’ growth strategy is focused on introducing a new line of clothing collection manufactured from sustainable materials to reduce its carbon footprint on the environment and increase its business presence in the sustainable or ethical fashion apparel market. Along with businesses, government initiatives for the development of ethical fashion is expected to drive the ethical fashion market in the forecast period. Governments worldwide are focusing on the development of the ethical fashion industry due to its sustainable nature.
The Business Research Company’s report titled Ethical Fashion Market Global Report 2020-30: COVID-19 Growth And Change covers major ethical fashion companies, ethical fashion market share by company, ethical fashion manufacturers, ethical fashion infrastructure market size, and ethical fashion market forecasts.
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The global ethical fashion market size reached a value of nearly $6.35 billion in 2019, having increased at a compound annual growth rate (CAGR) of 8.7% since 2015. The market is expected to grow from $6.35 billion in 2019 to $8.25 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The growth is mainly due to the growing awareness about using ethical fashion for sustainability. According to sustainable fashion industry statistics, the market is expected to then grow to $9.81 billion in 2025 and $15.17 billion in 2030 at a CAGR of 9.1%.
In 2018, the government of China announced its plan of sustainable manufacturing including the apparel manufacturing industry, with Shanghai announcing that year that the city will promote green manufacturing initiatives to move towards sustainable manufacturing. In August 2019, the government of India launched a project, SURE which aims to move towards sustainable fashion that contributes to a clean environment. The initiative includes 16 leading retail fashion brands who have pledged to source or utilize a substantial portion of their total consumption using sustainable raw materials and processes by 2025.
In another instance in 2019, the government of France announced its decision to make Paris the sustainable fashion capital of the world by 2024. The government launched a 'Paris Good Fashion' initiative which is expected to bring designers and experts together to help make the fashion industry greener. In February 2020, the government of France passed a regulation which requires clothing companies in the country to follow around 100 sustainability provisions, including a prohibition on the destruction of unsold goods. The ethical clothing market is thus supported by government initiatives worldwide, which will make a large impression on the industry.
Ethical Fashion Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, ethical fashion market segments, and geographies, ethical fashion market trends, ethical fashion market drivers, ethical fashion market restraints, ethical fashion market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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