Global Market Check: Today and Beyond
Research and Markets released a report in February 2023 that sheds light on the current ethical fashion global market, as well as a look ahead. Here are some key findings.
Value
The Latest
The ethical fashion global market reached a total value of nearly $7,548.2 million in 2022, having grown at a compound annual growth rate (CAGR) of 6.5% since 2017.
Looking Ahead
The market is expected to grow from $7,548.2 million in 2022 to $11,122.2 million in 2027 at a rate 8.1%. The market is then expected to grow at a CAGR of 8.6% from 2027 and reach $16,819.0 million in 2032.
Product
The Latest
Four product segments make up the ethical fashion market ─ organic, man-made/regenerated, recycled and natural. The man-made/regenerated was the largest segment of the ethical fashion market by product type, accounting for 50.9% of the total in 2022.
Looking Ahead
The organic market is expected to be the fastest growing segment in the ethical fashion market segmented by end-user, at a CAGR of 16.4% during 2022-2027.
Type
The Latest
The four type segments that make up the ethical fashion market are fair trade, animal cruelty free, eco-friendly and charitable brands. The animal cruelty free was the largest segment of the ethical fashion market by type, accounting for 43.3% of the total in 2022.
Looking Ahead
The eco-friendly market is expected to be the fastest growing segment in the ethical fashion market segmented by application, at a CAGR of 10.6% during 2022-2027.
End User
The Latest
The ethical fashion market is also segmented by end user into men, women, and kids. The women segment was the largest segment of the ethical fashion market by end-user, accounting for 52.4% of the total in 2022.
Looking Ahead
The men’s market is expected to be the fastest growing segment in the ethical fashion market segmented by material, at a CAGR of 8.3% during 2022-2027.
Region
The Latest
Asia Pacific was the largest region in the ethical fashion market, accounting for 33.0% of the total in 2022. It was followed by Western Europe, and then the other regions.
Looking Ahead
The fastest-growing regions in the ethical fashion market will be Eastern Europe and South America, where growth will be at CAGRs of 12.5% and 10.3% respectively. These will be followed by Asia Pacific and Africa, where the markets are expected to grow at CAGRs of 10.1% and 10.0% respectively.
Top 10 Competitors
The global ethical fashion market is fragmented, with a large number of players. The ethical fashion category is also characterized by low barriers to entry and brands targeted at specific consumer segments. Here are the top 10 competitors in the market, which made up to 12.79% of the total market in 2021.
1. Eileen Fisher Inc. 2.98% of the market
2. LVMH Moët Hennessy Louis Vuitton 2.63%
3. Levi Strauss & Co. 1.66%
4. H&M Concious (H&M Group) 1.65%
5. Reformation 1.34%
6. Everlane 0.89%
7. Tentree 0.58%
8. Patagonia, Inc. 0.45%
9. Wear Pact, LLC 0.30%
10. United By Blue 0.30%
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