Benzinga

Sustainable Fashion Market to Explode from US$ 7.7 Billion in 2023 in 2023 to US$ 39.7 Billion by 2031: A Revolution in Ethical Style

India, 2nd Aug 2024 – The global sustainable fashion market was valued at USD 7.7 billion in 2023 and is projected to grow to USD 39.7 billion by 2031, reflecting a compound annual growth rate (CAGR) of 23.0% from 2024 to 2031.

Sustainable fashion refers to a movement within the fashion industry aimed at creating and promoting clothing and accessories in an environmentally and ethically responsible manner. It focuses on minimizing the negative environmental impact by using eco-friendly materials, such as organic cotton, recycled fabrics, and low-impact dyes, and adopting practices that reduce waste, energy consumption, and pollution. Additionally, sustainable fashion emphasizes fair labor practices, ensuring that workers are paid fair wages and work under safe conditions. This approach seeks to balance aesthetics and functionality with environmental stewardship and social responsibility principles, ultimately promoting a more sustainable and ethical approach to fashion production and consumption.

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Key Industry Insights & Findings from the Report:

Based on the fashion segment, the sustainable apparel segment accounted for the highest revenue share in 2023. This is attributed to its increasing adoption across various sectors, including casual wear, activewear, and luxury fashion, due to rising consumer awareness and preference for eco-friendly products.

Based on components, the fabric segment is expected to grow at the highest CAGR of 24% from 2024 to 2031, driven by the growing demand for sustainable materials and innovative textile solutions in the fashion industry.

Asia Pacific is anticipated to register the fastest CAGR over the forecast period due to significant advancements in sustainable fashion technologies and increasing consumer demand in the region.

Additionally, the rising trend of ethical fashion and increased focus on sustainable practices in countries like India, China, Japan, and others is expected to drive significant growth in the regional market.

Sustainable Fashion Market Dynamics

Innovations in materials and technologies are driving growth in the sustainable fashion market. Sustainable textiles, created from recycled and renewable resources such as Piñatex, recycled polyester, and organic cotton, are gaining prominence. New materials like Mylo also contribute to this trend. Advances in recycling technology enable the recovery of post-consumer waste, such as plastic bottles and textile scraps, transforming them into new fibers and fabrics. Upcycling processes further reduce waste and promote circularity within the fashion industry.

Digital technologies, including 3D printing and digital fabrication techniques, are enhancing sustainable design by reducing material waste, allowing for precise customization, and supporting on-demand manufacturing. These innovations help to minimize overproduction and excess inventory.

Market Segmentation:

By Type

  • Apparel
  • Footwear
  • Accessories
  • Jewelry
  • Bags
  • Others

By Fabric:

  • Recycled Fabrics
  • Organic Fabrics
  • Regenerated Fabrics
  • Natural Fibers
  • Alternate Fibers
  • Others

By Distribution Channel: 

  • Retail Stores
  • E-commerce
  • Sustainable Fashion Events
  • Others 

By End-User:

  • Men
  • Women
  • Children
  • Unisex
  • Others

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Key Players:

  • H&M
  • Inditex 
  • Gap Inc. 
  • Guccio Gucci S.p.A. 
  • Nike 
  • Adidas 
  • Levi Strauss & Co
  • VF Corporation 
  • Fast Retailing 
  • Prada

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