DUBLIN--(BUSINESS WIRE)--The "Ethical Fashion Global Market Opportunities and Strategies to 2030: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
Ethical Fashion Market Global Opportunities and Strategies to 2030: COVID-19 Growth and Change provides the strategists, marketers and senior management with the critical information they need to assess the global ethical fashion market.
The ethical fashion market consists of sales of apparels by entities (organizations, sole traders or partnerships) that are primarily engaged in designing, production, retail, and purchasing of ethical fashion apparels. 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.
The global ethical fashion market reached a value of nearly $6,345.3 million in 2019, having increased at a compound annual growth rate (CAGR) of 8.7% since 2015. The market is expected to grow from $6,345.3 million in 2019 to $8,246.1 million 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. The market is expected to grow from $8,246.1 million in 2023 to $9,808.5 million in 2025 at a CAGR of 9.1%. The market is expected to grow and reach $15,173.7 billion in 2030 with a CAGR of 9.1%.
Growth in the historic period resulted from emerging markets growth and rise in foreign direct investments. This growth was restricted by high costs of ethical fashion.
Going forward, rising awareness, social media, growth of e-commerce and government initiatives are expected to drive the market. Lack of standardization, reduction in free trade and impact of COVID-19 are major factors that could hinder the growth of the ethical fashion market in the future.
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 54.5% of the total market in 2019. Going forward, organic segment is expected to be the fastest growing segment in the ethical fashion market, at a CAGR of 16.2%.
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 43.9% of the total market in 2019. Going forward, the eco-friendly segment is expected to be the fastest growing segment in the ethical fashion market, at a CAGR of 11.6%.
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 54.3% of the total market in 2019. Going forward, the men segment is expected to be the fastest growing segment in the ethical fashion market, at a CAGR of 10.2%.
Asia Pacific was the largest region in the global ethical fashion market, accounting for 32.7% of the total in 2019. It was followed by the Western Europe, North America 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 11.9% and 11.4% respectively. These will be followed by Asia Pacific and Africa, where the markets are expected to register CAGRs of 11.3% and 11.0% respectively.
The ethical fashion market is highly fragmented, with a large number of small players in the market. Major players in the market include Reformation, Everlane, Tentree, Alternative Apparel, Inc. (Hanes Brands), Eileen Fisher Inc., and H&M Conscious (Hennes & Mauritz AB)
The top opportunities in the ethical fashion market segmented by product will arise in the organic segment, which will gain $686.3 million of global annual sales by 2023. The top opportunities in the ethical fashion market segmented by type will arise in the eco-friendly segment, which will gain $840.1 million of global annual sales by 2023. The top opportunities in the ethical fashion market segmented by end-user will arise in the mens segment, which will gain $954.1 million of global annual sales by 2023. The ethical fashion market size will gain the most in the China at $367.1 million.
Companies Mentioned
- Eileen Fisher
- Reformation
- H&M Conscious (Hennes & Mauritz AB)
- Levi Strauss & Co.
- Alternative Apparel, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/3tjbou
