Circular fashion refers to clothing rental, resale, repair, donation and recycling of used clothing items. It helps in reducing waste and emissions in the textile industry.Adoption of circular practices in the fashion industry ensures sustainability of natural resources and reduces pollution. Clothing rental and resale platforms have gained popularity as they provide an affordable way to explore new looks without much investment.

The global Circular Fashion Market is estimated to be valued at US$ 7.02 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Growing environmental concerns among consumers has increased the demand for sustainable and eco-friendly clothing options. The opportunity for circular fashion lies in educating consumers about various clothing collection and donation programs. Establishing take-back schemes to collect used garments from customers and recycling or upcycling them presents a major market opportunity. Brands can collaborate with NGOs and local communities to set up such initiatives which will help divert waste from landfills while enhancing their sustainability credentials. Promoting circular business models at a larger scale can help address pollution caused by fast fashion.

Porter's Analysis
Threat of new entrants: The global circular fashion market requires substantial investment which poses a barrier to the entry for new players. Bargaining power of buyers: The presence of numerous manufacturers supplying various apparel and footwear design to individual buyers increases their bargaining power. Bargaining power of suppliers: Manufacturer's dependence on suppliers of fabric and raw materials results in moderate level of bargaining power with suppliers. Threat of new substitutes: Emerging sustainable fashion alternatives provide potential substitution threat. Competitive rivalry: Intense competition exists among existing players to gain market share through innovative products and services.

SWOT Analysis
Strength: Growing awareness about sustainable fashion and demand for eco-friendly apparel. Weakness: High costs associated with product recovery, repair and remarketing. Opportunity: Scope to expand into untapped emerging markets. Threats: Changing consumer preferences and stringent government regulations.

Key Takeaways
The Global Circular Fashion Market Size is expected to witness high growth during the forecast period supported by rising preference for sustainable clothing options and increasing focus on circular economy principles. The market in Europe currently dominates aided by strict imposition of laws related to waste management and presence of leading eco-conscious brands. Key players operating in the global circular fashion market are Fender Musical Instruments Corporation, Gibson Brands, Ernie Ball Inc., GHS Strings, C. F. Martin & Company Inc., Dunlop Manufacturing, Inc., Dean Markley USA, Inc., Kistron Co., Ltd., Rotosound Manufacturing Ltd., and DR Handmade Strings. Regional analysis related content comprises Asia Pacific is the fastest growing market for circular fashion attributed to large population, improving economic conditions and increasing environmental concerns in major countries like India and China. Key players operating in the global circular fashion market are Fender Musical Instruments Corporation, Gibson Brands, Ernie Ball Inc., GHS Strings, C. F. Martin & Company Inc., Dunlop Manufacturing, Inc., Dean Markley USA, Inc., Kistron Co., Ltd., Rotosound Manufacturing Ltd., and DR Handmade Strings.

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