In its report on the ethical fashion market, the Business Research Company, a market research and economic intelligence company, looks at this awareness of the fashion industry.
Crops such as cotton, linen and hemp, for example, require a lot of water. Up to 20,000 litres of water are needed to produce a single kilo of cotton. To protect these crops, some farmers use a lot of pesticides and herbicides that end up in the environment and pollute it. There are many examples of environmentally damaging manufacturing processes in the sector. With fingers pointed at these environmentally unfriendly practices, the fashion industry is becoming more aware and turning to environmentally friendly materials, which is contributing to the growth of the ethical fashion market.
Eight per cent growth rate
As a result, the size of the global ethical fashion market is expected to grow from $7.57 billion (€7.12 billion) in 2022 to $8.17 billion (€7.68 billion) in 2023, with a compound annual growth rate of 8.0 per cent. By 2027, the global ethical fashion market is expected to reach $11.12 billion or €10.45 billion.
This ethical fashion market is segmented by type. There is fair trade, animal cruelty free, environmentally friendly, charity brands; by product: organic, man-made, regenerated, recycled, natural; by gender of the end user: men, women, children.
In 2022, Asia-Pacific was the region with the largest ethical fashion market. Western Europe was the second largest. For this report, Business Research Company analysed the market in Asia Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
To be found on Fashion United
Read more about the study by Business Research