A recent study promotes more investment and generates scale in an increasing field of sustainability, a new report identifies and values the potential of the circular fashion market.
According to a recent study by a group of high-profile industry and academic specialists, the potential value of fashion’s circular economy could be as much as $5 trillion.
The idea of a circular fashion industry is a fast-growing movement to reuse and recycle all materials, in a “circular model” to reduce waste and pollution and regenerate the environment. This rethink of the basics of how the industry works is gaining momentum among brands of sustainable fashion.
Nowadays the potential market size has been estimated in the Circular Fashion Report, observed by a group of industry and academics including PwC, continual consultancy Anthesis, Rödl & Partner law firm, Startupbootcamp, ESSEC Business School, Wageningen University & Research, and circular fashion blockchain provider Lablaco.
The industries have only just begun exploring its capacity for product reuse and recycling, say sustainability experts. A large amount of product finishs in landfill but can quickly be resealed. Potentially transforming are improved recycling systems. The circular fashion report promotes and digitalizes an approach that is product-focused and not consumer-centered. The aim is for corporations, customers, and the global community to make mode traceable, transparent and sustainable.
The market size consists of the current $3 trillion global fashion industry, including the $6 billion markets for virtual dressing rooms, the $16 billion market for 3D printing, and the $40 billion markets for eco-fiber, as well as the second-hand sector, including resale and apparel modifications.