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The Ethical Fashion Market Is Expected To Grow At An 8% Rate, Driven By The Growing Adoption Of Ethical Apparel Fabrics As Per The Business Research Company’s Ethical Fashion Global Market Report 2023
LONDON, Jan. 10, 2023 (GLOBE NEWSWIRE) — The Business Research Company’s research on the ethical fashion market identifies the growing awareness of the adverse effects of the textile industry on the environment as a major driver that’s 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 ethical fashion market growth.
The global ethical fashion market size 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global ethical fashion market size is expected to grow to $11.12 billion in 2027 at a CAGR of 8.0%.
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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.
The global ethical fashion market is segmented by type into fair trade, animal cruelty free, ecofriendly, charitable brands; by product into organic, manmade/regenerated, recycled, natural; by end-user sex into men, women, kids.
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Major players in the ethical fashion market are Christian Dior SE, H&M AB, NIKE Inc., Adidas AG, Pact, Tentree, Everlane and Eileen Fisher.
Asia-Pacific was the largest region in the ethical fashion market in 2022. Western Europe was the second largest region in the global ethical fashion market. The regions covered in the global ethical fashion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Ethical Fashion Market Global Report 2023 by The Business Research Company provides insights on the ethical fashion market size, ethical fashion market segments, ethical fashion market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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