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14/08/2020

Ethical Fashion Market to Reach globally $8.25 Billion by 2023

The "Ethical Fashion Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.

Ethical Fashion Global Market Report 2020-30: COVID-19 Growth and Change”

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

It places the market within the context of the wider ethical fashion market, and compares it with other markets.

The global Ethical Fashion market is expected to decline from $6.35 billion in 2019 and to $6.14 billion in 2020 at a compound annual growth rate (CAGR) of -3.24%.

The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it.

The market is then expected to recover and reach $8.25 billion in 2023 at CAGR of 10.33%.

Asia-Pacific was the largest region in the esports market in 2019. North America is expected to be the fastest growing region in the forecast period. Major players in the Ethical Fashion market are Christian Dior SE, H&M AB, NIKE Inc, Adidas AG, Pact, Tentree, Everlane, and Eileen Fisher.

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 liters 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 environment, people are shifting towards environment friendly materials, and this factor is contributing to the growth of ethical fashion market. 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 apparels industry.

Ethical fashion is becoming increasingly popular globally, however the high cost for cloth is hampering the growth of 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.

Report Scope The market characteristics section of the report defines and explains the market.

The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.

Market segmentations break down market into sub markets.

The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.

It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets. Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.

The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers. The ethical fashion market section of the report gives context. It compares the ethical fashion market with other segments of the ethical fashion market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, ethical fashion indicators comparison.

Source and Full Article: https://www.businesswire.com/news/home/20200619005202/en/Global-Ethical-Fashion-Market-Reach-8.25-Billion

 

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