With a compound annual growth rate (CAGR) of 22.9%, the size of the global sustainable fashion market is projected to grow from its 2023 valuation of US$ 7.80 billion to US$ 33.05 billion by 2030.
The rising awareness of fast fashion-related environmental and social issues among consumers is fueling the growth of the global sustainable fashion market. Customers are searching more and more for clothing and fashion brands that practice sustainability and ethics.
Strict government rules governing factory working conditions and limitations on the use of particular materials are another important motivator. Fashion brands and retailers are being compelled by regulations to invest more in sustainable practices.
The increasing demand from consumers for clothing that is ethical and environmentally friendly has resulted in a notable growth of the global sustainable fashion market in recent times. As more people become conscious of the negative effects fast fashion has on the environment and society, they start to favor companies that use sustainable materials and adhere to ethical manufacturing practices. Particularly the younger generation wants to purchase goods from businesses that reduce pollution and are open about their supply chain. More than 70% of millennials are willing to pay more for responsibly made, sustainable products, according to several surveys. Growing mainstream adoption and the availability of more reasonably priced sustainable fashion options only serve to increase demand.
The increasing demand from consumers for clothing that is ethical and environmentally friendly has resulted in a notable growth of the global sustainable fashion market in recent times. As more people become conscious of the negative effects fast fashion has on the environment and society, they start to favor companies that use sustainable materials and adhere to ethical manufacturing practices. Particularly the younger generation wants to purchase goods from businesses that reduce pollution and are open about their supply chain. More than 70% of millennials are willing to pay more for responsibly made, sustainable products, according to several surveys. Growing mainstream adoption and the availability of more reasonably priced sustainable fashion options only serve to increase demand.