Sustainable Apparel Market Is Projected To Grow at a CAGR of 9.3% to reach US$ 27.2 million by 2033: Fact.MR Report

Rockville , Dec. 11, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Sustainable Apparel Market is heading towards reaching a US value of $27.2 Mn by late 2033 while rising at a CAGR of 9.3%.

Sustainable apparel refers to clothing produced and consumed in ways that minimize harm to the environment and prioritize ethical practices. Unlike conventional alternatives, sustainable fashion uses eco-friendly materials like organic cotton and reduces the use of harmful chemicals, aiming to lower its environmental impact. Ethical manufacturing practices ensure fair wages, safe working conditions, and the elimination of child labor. Sustainable fashion embraces circular practices, promoting recycling and upcycling to reduce textile waste. With a focus on high-quality materials, craftsmanship, and transparent supply chains, sustainable apparel aims to extend product lifespans and minimize carbon footprints.

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The advancement of the market is mainly powered by increasing consumer awareness and demand for environmentally and socially responsible clothing. As consumers become more conscious of the environmental impact and ethical practices within the fashion industry, there is a growing preference for sustainable materials, transparent supply chains, and fair labor practices.

The fast fashion model, characterized by rapid production cycles and quick turnover of styles, poses a challenge to the adoption of sustainable practices as it often prioritizes speed and cost efficiency over environmental and social considerations. Another issue arises with scaling sustainable practices due to the limited scalability of certain eco-friendly technologies and materials for mass production.

Key Takeaways:

• The sustainable apparel market in the UK is expected to grow at a CAGR of 9.3% from 2023 to 2033 due to a rise in consumer’s focus on the environmental impact of the fashion industry. Also, government regulations are encouraging sustainable practices.
• Growing awareness of vegan leather boosts funding for plant-based leather companies, and a ban on animal-derived leather drives market expansion. The cruelty-free leather segment is anticipated to experience a CAGR of 9.0% from 2023 to 2033, reaching a valuation of US $17.7 million in 2033.
• While still in its early stages, the market for environmentally friendly clothing is steadily growing in India. Manufacturers employ advanced manufacturing techniques to produce clothes with minimal environmental impact.
  

A surge in consumer demand for ethical and eco-friendly fashion, corporate commitments to sustainability as part of corporate responsibility goals, and regulatory emphasis on sustainable practices within the industry are a few factors that are driving the business- Says FACTMR Expert

Top Fortune Companies Profiled In This Report

• Finisterre
• Patagonia
• Pact Clothing
• Everlane
• Able
• Tentree
• Boden
• Kotn

Market Competition

Prominent participants in this competitive market are leaning towards incorporating sustainable solutions to minimize their carbon footprints and actively contribute to the circular economy.

In November 2023, the Sustainable Apparel Coalition (SAC) collaborated with Worldly to introduce version 4.0 of the Higg Facility Environmental Module (FEM) tool. This release signifies a significant advancement in sustainability reporting, addressing crucial environmental concerns and industry benchmarks.

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Winning strategies

In this sector, a winning strategy involves leading players teaming up with fashion rental and resale platforms. This allows them to enter the growing market for pre-owned sustainable fashion, giving consumers more environmentally friendly choices.

Creating limited edition or capsule collections with a strong emphasis on sustainability and exclusivity helps brands generate buzz and appeal to consumers seeking unique, eco-friendly fashion statements.

A successful approach in the industry involves the development of persuasive marketing campaigns that emphasize a brand's dedication to sustainability. By highlighting the positive effects of their products, brands can create a favorable image and attract environmentally conscious consumers.

Explore More Related Studies Published by Fact.MR Research: 

Sports Apparel Market: The sportswear market was valued at US$ 207 billion in FY 2023. Moreover, growth is anticipated to pick up speed at an astounding 6.9% CAGR during the assessment period of 2023–2033 and reach US$ 400 billion.

Women’s Apparel Market: Global demand for women’s apparel is estimated at a market value of US$ 863 billion in 2023 and is forecasted to climb to US$ 1,280 billion by 2033-end, expanding at 4% CAGR over the next ten years (2023 to 2033).

Apparel Accessories Market: The Apparel Accessories landscape is slated to reach a valuation of US$ 24 Billion By 2032.

About Fact.MR :

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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12/11/2023 22:00

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