A leading provider of market research and competitive intelligence, FACTMR, forecasts substantial growth in global sustainable apparel market, projecting a Compound Annual Growth Rate (CAGR) of 9.3 per cent. The market is anticipated to reach an impressive value of $27.2 million by the year 2033.
This growth is primarily attributed to increasing awareness among consumers regarding sustainability issues and a rising demand for environmentally conscious clothing options. Consumers are now placing greater emphasis on the environmental impact and ethical practices within the fashion industry. This shift in mindset is driving a preference for sustainable materials, transparent supply chains, and fair labor practices.
The report states, the sustainable apparel market in the UK is expected to experience a robust 9.3 per cent CAGR between 2023 and 2033. British consumers are continuing to prioritize the industry's environmental footprint, signaling a sustained focus on sustainability.
Furthermore, the market for cruelty-free leather is poised to grow at a commendable CAGR of 9.0 per cent from 2023 to 2033, reaching a projected value of $17.7 million in 2033.
In India, the market for eco-friendly clothing is on an upward trajectory, with manufacturers adopting advanced production techniques. There is a notable trend among manufacturers in this segment to integrate sustainable solutions into their production processes, aiming to minimize the carbon footprint associated with clothing production.
In a significant stride toward sustainability reporting, the Sustainable Apparel Coalition has collaborated with Worldly to unveil version 4.0 of the Higg Facility Environmental Module (FEM) tool. This latest iteration is designed to address critical environmental concerns and assist the coalition in achieving new industry benchmarks, marking a noteworthy advancement in sustainability reporting within the apparel industry.
