Clothing Recycling Market Casts a Spell with 10.9% CAGR Growth by...

Clothing Recycling Market Casts a Spell with 10.9% CAGR Growth by 2033

Posted 2024-03-12 07:10:15

The clothing recycling market is forecast to expand at 10.9% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 6,491.0 million in 2023.

The clothing recycling industry is projected to observe a seismic shift in the upcoming years. The rising quotient of the eco-conscious and discernible population is uplifting the market trajectory. To promote sustainability, clothing recycling manufacturers aim to resolve the issue of depleting raw materials like wool, silk, etc., substantial industrial discharge from textile mills, and waste incineration.

High production of polyester and synthetic fabrics for fast fashion yields extreme levels of GHG emissions. Consequently, creating a dire need for recycled fabrics on a global scale.

Many recycling firms are introducing informative campaigns about textile recycling, coupled with door-to-door pickup programs to collect old and worn-out garments. Thus, promoting awareness about clothing recycling. In addition, these firms are further embracing distinctive strategies to pick up post-consumer clothing garments by installing cloth bins in public spaces like parks, walkways, shopping malls, and other commonly frequented areas.

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Advancing technology and equipping processing units with newly upgraded automation processes are expected to further stimulate market growth. The European Commission-led eco-innovation initiative called Textile for Textile (T4T) is a good case in point. This initiative has introduced near-infrared (NIR)-spectroscopy technology to execute automated sorting applications in the recycled textile sector.
The advent of eco-clothes that are composed of recycled fabrics, plastics, and other raw materials is also catering to the market growth of clothing recycling. Companies are making decisive and concerted efforts in the direction of sustainability to make circularity a new standard in the fashion and apparel industry.

Garments’ new future involves using recycled materials that can be recycled more than once.

Top Highlights from the FMI’s Analysis of the Clothing Recycling Market:

Demand for clothing recycling in Europe is overriding that of other regions. The region acquired a 25.7% market share in 2022.
North America is following in the tracks of Europe, following behind with almost 2%. In 2022, North America captured 23.9% share of the overall market.
The United States acquired 19.4% of the overall market share in the historical period.
The German market gained 6.5% of the global market in 2022.
The Japanese market acquired 4.3% of the global market in 2022.
India is projected to observe explosive growth in the forecast period, expanding at a CAGR of 14.6%.
China is expected to register a CAGR of 12.4% in the forecast period.
The United Kingdom is estimated to pace at a CAGR of 9.4% over the estimated time-period.
By clothing type, the polyester segment is projected to gain more than 35.4% value share over the forecast period.
In 2022, the apparel segment gained a 29.5% market share.

Keeping up with the New Innovations in Clothing Recycling Industry:

In March 2023, Re/DRESS, an entirely recycled/ upcycled textile fashion brand, was introduced in Dhaka. Thought innovation and development of fashion products by Re/DRESS happen in Bangladesh. The brand offers a unisex collection made of breathable, soft knit, and woven textiles made of almost 100% recycled plastic bottles and cotton waste. As a social enterprise, it promotes responsible fashion.
In May 2022, Shein, a global e-retailer of fashion, lifestyle, and beauty products, unveiled evoluSHEIN, which is a recycled clothing line. Underpinned by responsibly-sourced materials and inclusive sizing, the latest line is proving itself as an affordable option for customers practicing deliberate and eco-conscious shopping. The debut of evoluSHEIN observed recycled polyester, made of plastic waste, as a key feature. Customers further support Vital Voices, a leading NGO that financially supports women leaders, by shopping for evoluSHEIN clothing.
In April 2023, Zara, a Spanish retail clothing chain, partnered with Circ, which is a fashion technology firm that upcycles textile waste. The aim of this partnership, as revealed by these firms, is to offer a recycled textile women’s capsule collection. The recycled textile is sourced from polycotton textile waste. The collection is presently distributed in 11 markets.
In January 2022, Rent the Runway introduced a project to reprocess fast fashion garments. The program is part of their anti-fast fashion campaign popularized as “Fast Fashion Free”. For this initiative, the company aimed its resources to gather “unwearable” and cast-off fast fashion products and recycle them in January. The recycled clothing is expected to be transformed into an insulation material for new buildings and houses.

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