According to a new report by a group of prominent industry and academic experts, the potential value of fashion’s circular economy could be as high as $5 trillion.
The circular design follows the idea of the circular fashion industry is a fast-growing trend to reuse and recycle all products, reducing waste and pollution while also regenerating the environment, and allowing the brand sustainability of those involved to increase. This rethinking of the industry’s fundamentals is growing rapidly among sustainable fashion brands.
The potential market size has now been estimated in the Circular Fashion Report, which was compiled by a group of industry and academics including PwC, sustainable consultancy Anthesis, Rödl & Partner law firm, Startupbootcamp, ESSEC Business School, Wageningen University & Research, and Circular Fashion.
The fashion industry is under intense pressure to increase fashion sustainability and reduce carbon emissions and waste, not least see from a new generation of environmentally conscious consumers. This has given new impetus to the circularity argument.
According to sustainability experts, the industry has only recently begun to explore its potential for product reuse and recycling. A large amount of fashion products are discarded but are easily resalable. Improved recycling technologies have the potential to be game-changers. The Circular Fashion Report advocates for a product-centric, rather than a consumer-centric, approach to fashion, as well as digitization.
The goal is to make fashion more traceable, transparent, and to improve fashion sustainability for businesses, consumers, and the planet as a whole.
The market value includes the existing $3 trillion global fashion economy, which includes the $6 billion virtual fitting room market, the $16 billion 3D-printing market, and the $40 billion eco-fibre market, as well as the second-hand clothing sector, which includes clothing resale and alterations.
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Until next time.
The Amazing Borw Team