DUBLIN, May 15, 2023 /PRNewswire/ — The “Ethical Fashion Global Market Opportunities And Strategies To 2032” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists; marketers and senior management with the critical information they need to assess the global ethical fashion market as it emerges from the COVID-19 shut down.
The ethical fashion market reached a value of nearly $7,548.2 million in 2022, having grown at a compound annual growth rate (CAGR) of 6.5% since 2017. The market is expected to grow from $7,548.2 million in 2022 to $11,122.2 million in 2027 at a rate 8.1%. The market is then expected to grow at a CAGR of 8.6% from 2027 and reach $16,819.0 million in 2032.
- Eileen Fisher
- LVMH Moet Hennessy Louis Vuitton (LVHM)
- Levi Strauss & Co
- H&M Concious (H&M Group)
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Growth in the historic period resulted from emerging markets growth, rise in foreign direct investments, and increasing customer focus towards sustainable fashion. This growth was restricted by high costs of ethical fashion and reduction in free trade.
Going forward, rising awareness, social media, government initiatives, environmental impact of fast fashion, and growth of e-commerce will drive the growth. Factors that could hinder the growth of the ethical fashion market in the future include lack of standardization and impact of COVID-19.
The ethical fashion market is segmented by product into organic, man-made/regenerated, recycled and natural. The man-made/regenerated was the largest segment of the ethical fashion market by product type, accounting for 50.9% of the total in 2022. Going forward, the organic market is expected to be the fastest growing segment in the ethical fashion market segmented by end-user, at a CAGR of 16.4% during 2022-2027.
The ethical fashion market is also segmented by type into fair trade, animal cruelty free, eco-friendly and charitable brands. The animal cruelty free was the largest segment of the ethical fashion market by type, accounting for 43.3% of the total in 2022. Going forward, the eco-friendly market is expected to be the fastest growing segment in the ethical fashion market segmented by application, at a CAGR of 10.6% during 2022-2027.
The ethical fashion market is also segmented by end-user into men, women and kids. The women segment was the largest segment of the ethical fashion market by end-user, accounting for 52.4% of the total in 2022. Going forward, the men market is expected to be the fastest growing segment in the ethical fashion market segmented by material, at a CAGR of 8.3%during 2022-2027.
Asia Pacific was the largest region in the ethical fashion market, accounting for 33.0% of the total in 2022. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the ethical fashion market will be Eastern Europe, and, South America where growth will be at CAGRs of 12.5% and 10.3% respectively. These will be followed by Asia Pacific, and, Africa where the markets are expected to grow at CAGRs of 10.1% and 10.0% respectively.
The Global ethical fashion market is fragmented, with a large number of players. The top ten competitors in the market made up to 12.79% of the total market in 2021. The ethical fashion is also characterized by low barriers to entry, brands targeted at specific consumer segments. Eileen Fisher Inc. was the largest competitor with 2.98% of the market, followed by LVMH Moet Hennessy Louis Vuitton (LVHM) with 2.63%, Levi Strauss & Co. with 1.66%, H&M Concious (H&M Group) with 1.65%, Reformation with 1.34%, Everlane with 0.89%, Tentree with 0.58%, Patagonia, Inc. with 0.45%, Wear PACT LLC with 0.30%, and United By Blue with 0.30%.
The top opportunities in the ethical fashion market segmented by product will arise in the organic segment, which will gain $1,260.1 million of global annual sales by 2027. The top opportunities in segment by type will arise in the eco friendly segment, which will gain $1,636.9 million of global annual sales by 2027. The top opportunities in segment by end user will arise in the women segment, which will gain $1,936.1 million of global annual sales by 2027. The ethical fashion market size will gain the most in the China at $857.9 million.
Market-trend-based strategies for the ethical fashion market include providing customers with compelling, tangible stories, recycling and upcycling in order to reduce wastage and minimize the impact on the environment in the manufacturing process, include the use of animal-free leather in order to curb animal cruelty and consider using natural materials, investing in vegan fashion and entering in partnerships and collaborations.
Player-adopted strategies in the ethical fashion market include strengthening business operations through investing in new product launches, and partnerships and collaborations.
To take advantage of the opportunities, the publisher recommends the ethical fashion companies to focus on recycling and upcycling, focus on animal-free leather, expand in emerging markets, continue to focus on developed countries, focus on partnerships and collaborations, provide competitively priced offerings, increase adoption of internet and social media, leverage online portals to maximize reach and revenues, focus on aggressive advertising and promotional activities, focus on online consumers.
This report describes and explains the ethical fashion market and covers 2017 to 2022, termed the historic period, and 2022 to 2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
Key Topics Covered:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.3. Ethical Fashion Market Definition And Segmentations
6.4. Market Segmentation By Type
6.4.1. Fair Trade
6.4.2. Animal Cruelty Free
6.4.4. Charitable Brands
6.5. Market Segmentation By Product
6.6. Market Segmentation By End-User
7. Major Market Trends
7.1. Recycling And Upcycling
7.2. Increased Transparency Through Storytelling
7.3. Animal-Free Leather
7.4. Vegan Fashion
7.5. Partnerships And Collaborations
8. Global Market Size and Growth
8.1. Market Size
8.2. Historic Market Growth, 2017 – 2022, Value ($ Million)
8.2.1. Market Drivers 2017 – 2022
8.2.2. Market Restraints 2017 – 2022
8.3. Forecast Market Growth, 2022 – 2027, 2032F Value ($ Million)
8.3.1. Market Drivers 2022 – 2027
8.3.2. Market Restraints 2022 – 2027
9. Global Ethical Fashion Market Segmentation
9.1. Global Ethical Fashion Market, Segmentation By Type, Historic And Forecast, 2017 – 2022, 2027F, 2032F, Value ($ Million)
9.2. Global Ethical Fashion Market, Segmentation By Product, Historic And Forecast, 2017 – 2022, 2027F, 2032F, Value ($ Million)
9.3. Global Ethical Fashion Market, Segmentation By End-User, Historic And Forecast, 2017 – 2022, 2027F, 2032F, Value ($ Million)
10. Ethical Fashion Market, Regional and Country Analysis
10.1. Global Ethical Fashion Market, By Region, Historic and Forecast, 2017 – 2022, 2027F, 2032F, Value ($ Million)
10.2. Global Ethical Fashion Market, By Country, Historic and Forecast, 2017 – 2022, 2027F, 2032F, Value ($ Million)
For more information about this report visit https://www.researchandmarkets.com/r/8svpbt
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