Dublin, Dec. 17, 2020 (GLOBE NEWSWIRE) -- The "Ethical Fashion Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global Ethical Fashion market is expected to decline from $6.35billion 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%.
The ethical fashion market consists of revenues generated by the establishments that are primarily engaged in designing, production, retail, and purchasing of ethical fashion apparels. Ethical fashion is about designing and manufacturing clothes that care for people and communities while minimizing the impact on the environment. It focuses on both the social and environmental impact of fashion, and to improve the working conditions of laborers.
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.
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 a current trend in apparels industry.
The ethical fashion market covered in this report is segmented by type into fair trade; animal cruelty-free; eco friendly; charitable brands. It is also segmented by product into organic; manmade/regenerated; recycled; natural and by end-user into men; women; kids.
Ethical fashion is becoming increasingly popular globally, however the high cost for cloth is hampering the growth of the 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.
In August 2019, Nike, Inc. is an American multinational corporation that acquired Boston-based predictive analytics company Celect for an undisclosed amount. With the acquisition of Celect, Nike greatly accelerates digital advantage by adding a platform developed by world-class data scientists. Celect is a cloud-based predictive analytics platform, helping retailers optimize inventories through data-driven decisions.
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 the environment, people are shifting towards environment friendly materials, and this factor is contributing to the growth of ethical fashion market.
1) By Type: Fair trade; Animal cruelty-free; Eco friendly; Charitable brands
2) By Product: Organic; Manmade/regenerated; Recycled; Natural
3) By End-user: Men; Women; Kids
Companies Mentioned: Christian Dior SE; H&M AB; NIKE Inc; Adidas AG; Pact
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: Country and regional historic and forecast data, market share of competitors, market segments.
For more information about this report visit https://www.researchandmarkets.com/r/baywp5
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