NEW YORK, Feb. 23, 2023 /PRNewswire/ — Major players in the ethical fashion market are Christian Dior SE, H&M AB, NIKE Inc, Adidas AG, Pact, Tentree, Everlane and Eileen Fisher.
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The global ethical fashion market will grow from $7.57 billion in 2022 to $8.17 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The ethical fashion market is expected to grow to $11.12 billion in 2027 at a CAGR of 8.0%.
The ethical fashion market includes revenues earned by entities by organic, natural, biodegradable, recycled or repurposed fabrics.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Ethical fashion refers to design, production, and distribution of clothing that prioritises minimising harm to people and the environment In the best case scenario, it helps all parties involved in the supply chain and improves everyone’s future, not just that of the top tier.The social impact and principles underlying a brand’s label are important to ethical fashion.
It focuses on both the social and environmental impact of fashion, and improving the working conditions of labourers.
Asia Pacific was the largest region in the ethical fashion market in 2022.Western Europe was the second largest region in the ethical fashion market.
The regions covered in the ethical fashion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of ethical fashion are fair trade, animal cruelty free, eco-friendly, and charitable brands.Any brand or line that tries to reduce its influence on the environment, as well as the health of consumers and the working conditions of those who make the clothes, is considered eco-friendly fashion.
The various products include organic, manmade/regenerated, recycled, natural that are used by men, women, and kids.
The growing awareness of the adverse effects of the textile industry on the environment is encouraging customers to opt for ethical fashion materials.The farms that grow raw materials used to make fabrics, including crops like cotton, flax, and hemp, need a lot of water.
Up to 20,000 litres of water are needed to produce just 1kg of cotton.To protect these crops, some farmers use lots of pesticides and herbicides that end up in the environment.
Manufacturing rayon, an artificial fabric made from wood pulp, has emerged in the loss of many old-growth forests.During the process that transforms it into the fabric, the pulp is treated with dangerous chemicals that eventually get their move into the environment.
Considering these processes that harm the environment, people are shifting towards environment-friendly materials, and this factor is contributing to the growth of the ethical fashion market.
Ethical fashion is becoming increasingly popular globally however the high cost for cloth is hampering the growth of the ethical fashion market.Every piece of clothing is handmade on a sewing machine by someone, somewhere.
Paying to people will largely impact on the cost of clothing.Ethically run sewing facilities pay their employees well and offer important human rights for a safe working environment.
Choosing to manufacture with these ethical mills drives up the costs significantly for Ethical fashion brands.
Natural resources are being used as alternatives for complex and adversely affecting chemicals-based textiles.Chemicals such as chromium which are toxic are heavily used in the leather tanning process.
To address the concerns with toxic chemicals, Carmen Hijosa, founder of Ananas Anam, developed ‘Pinatex’, a natural leather alternative made from cellulose fibres extracted from pineapple leaves as an alternative to it and other petroleum-based textiles.The industrial process used to create Pinatex produces biomass, which can be converted into a fertilizer that farmers can spread into their soil to grow the next pineapple harvest.
The use of natural and sustainable materials is current trend in ethical fashion market.
In July 2022, Delta Galil, an Israel-based textile firm, acquired Organic Basics for an undisclosed amount.With this acquisition, Delta Galil intends to launch the Organic Basics brand and expand its product line to include things for infants and children as well as new products for both women and men.
Organic Basics is a Denmark-based company that creates ethical and sustainable underwear, t-shirts and essentials.
The countries covered in the ethical fashion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The ethical fashion market research report is one of a series of new reports that provides ethical fashion market statistics, including ethical fashion industry global market size, regional shares, competitors with a ethical fashion market share, detailed ethical fashion market segments, market trends and opportunities, and any further data you may need to thrive in the ethical fashion industry. This ethical fashion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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