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 Global
Ethical Fashion Market is expected to decline from USD 6.35billion in
2019 and to USD 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 USD 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 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 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 environment, people are shifting towards
environment friendly materials, and this factor is contributing to the growth
of ethical fashion market.
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Ken Research
Ankur Gupta, Head Marketing &
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