Global ethical fashion market value 2022-2027

Ethical fashion is hard to define as there are numerous criteria and interpretations of what makes a company ethical. In this statistic, it is defined as fair trade, sustainable, with no abuse or exploitation during any stage of the supply chain. The value of the ethical fashion market is estimated to increase by over three billion U.S. dollars from 2021 to 2025, when it is projected to reach a value of approximately 10 billion dollars.

Sustainable fashion

Sustainable fashion is a large part of ethical fashion. The environmental impact of the fashion industry is huge, releasing over a gigaton of carbon dioxide equivalents annually, which is only forecast to increase over time, reaching over 1.5 gigatons by 2029. Consumers are aware of this issue. In 2021, almost three-fifths of consumers worldwide said that sustainability was at least slightly important to them when purchasing apparel.

Vegan fashion

The environmental benefits of vegan fashion are contentious, as replacements are often made using chemicals and synthetics which are extremely damaging for the environment. However, many people would say that vegan fashion is a necessary part of ethical fashion to avoid the abuse and exploitation of animals. Therefore, there are many companies researching ways of making so called “next-generation materials” which are both environmentally and animal-friendly using new technologies, such as plant derivatives.