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 fabrics and fibers that are produced from post-consumer or post-industrial waste materials. They provide environmental benefits through resource conservation and reduced pollution. Recycled textiles help reduce pressures on virgin resource extraction and address the huge challenge of textile waste generated globally each year.
Market key trends:
One of the major trends in the recycled textile market is the rising preference of consumers towards sustainable products. There is a growing demand for eco-friendly apparel and other textile products made from recycled materials. Various campaigns promoting sustainable fashion coupled with increasing environmental concerns among people have driven this trend. Companies offering recycled textiles are able to leverage this trend and expand their market share. Strict government regulations regarding recycling waste materials have also provided a fillip to the demand for recycled textiles.
Market key trends:
One of the major trends in the recycled textile market is cradle-to-cradle designing, where clothes and textiles are designed for recyclability and reuse from the beginning. Many companies are now incorporating recycled materials while designing apparel and home textiles to make them eco-friendly. The overall demand for sustainable fashion is driving more recycling initiatives from textile manufacturers, brands and retailers.
SWOT Analysis
Strengths: High demand for eco-friendly products due to increasing awareness around waste generation and climate change. Recycled textiles offer cost savings compared to virgin materials.
Weaknesses: Lower quality of recycled fibers compared to virgin materials which may impact end-product quality. Complex recycling process requires considerable infrastructure and investments.
Opportunities: Growth in production of recycled fibers like recycled cotton and polyester could boost market revenues. Rising need for corporate sustainability targets present opportunities for recycled textile brands.
Threats: Availability of cheap virgin alternatives reduction in landfill usage and shift towards circular economy. Stringent quality standards from brands may restrict supplies.
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 concerns around plastic pollution and rising sustainability initiatives.
The Asia Pacific region dominates the global recycled textile market, with China emerging as the leading producer and consumer. India is also among the fast-growing markets, supported by initiatives like the National Textile Policy 2020 focused on sustainability and resource efficiency.
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, Kirklees Wools. Companies are investing in advanced recycling technologies and setting up collaborations with brands for closed-loop recycling programs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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