Sustainable Fashion is Fastest Growing Segment Fueling the Growth of Recycled Textile Market11/22/2023 The global Recycled Textile Market is estimated to be valued at US$ 5.61 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Recycled textiles are post-consumer or pre-consumer wasted textile materials that are collected and processed for reuse. Recycled fibers are cost effective and environment friendly alternatives to virgin fibers. They help reduce environmental pollution associated with textile production. Market key trends: One of the key trends in the recycled textile market is growing demand for sustainable fashion. Young consumers today are more aware about the environmental impact of fast fashion and are looking for apparel made using recycled or upcycled materials. They want to buy from brands that are committed to sustainability and circular economy. This has led many top fashion brands to include recycled textiles in their collections and promote their sustainable credentials. Segment Analysis The global recycled textile market is segmented by product type into recycled cotton, recycled wool, recycled polyester, and others. Among these, the recycled cotton segment held the largest market share of around 30% in 2022. This is because cotton production is highly intensive in terms of water consumption. Recycled cotton provides an eco-friendly alternative and reduces water consumption. Key Takeaways The global Recycled Textile Market Share is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing sustainability concerns. The global recycled textile market size for 2023 is US$ 5.61 Bn. Regional analysis- Europe dominated the global recycled textile market in 2022. This is attributed to stringent environment-friendly policies and growing textile recycling infrastructure in the region. Asia Pacific is expected to be the fastest growing market over the forecast period, owing to rapid industrialization and strong economic growth in countries such as China and India. Key players operating in the recycled textile market are Unifi, Martex Fiber, I:CO, Renewcell, Lone Star Textiles, Retex Textiles, Leigh Fibers, Prokotex, Santanderina Group, and Kirklees Wools. Unifi and Martex Fiber lead in terms of revenue share owing to their early mover advantage and strong production capabilities. Other players focus on technological innovations to remain relevant in the market. Read More, https://www.insightprobing.com/recycled-textile-market-trends-size-and-share-analysis/
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