RECYCLED TEXTILE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Recycled Textile Market Size and Trends

The Recycled Textile Market size is expected to reach US$ 8.32 billion by 2030, from US$ 5.61 billion in 2023, growing at a CAGR of 5.8% during the forecast period. Recycled textiles are fabrics manufactured from reclaimed and recycled clothing, fibers, and waste materials such as PET bottles. They provide an eco-friendly alternative to virgin fibers for use in clothing, home furnishings, automotive parts, and various industrial applications. Key drivers of the recycled textile market include growing environmental awareness, government regulations, advancements in recycling technologies, and increasing consumer demand for sustainable fashion.

Recycled Textile Market Trends

• Circular Economy Concepts: The circular economy concept is a major trend shaping the recycled textiles market. Brands are increasingly adopting circular systems to maximize the utilization of textile waste and enable closed-loop recycling. Implementing circularity in design and production reduces textile waste generation. Recyclability and biodegradability are becoming important considerations. Cradle-to-cradle production, where products are endlessly recyclable, is also gaining prominence.
• Implementation of Take-back Schemes: Many brands have implemented take-back and clothing collection schemes to obtain textile waste for recycling. This provides a consistent source of recyclable material. Partnerships with charities and take-back programs at stores allow brands to collect used clothing from consumers. The collected garments are then recycled by the brands into new products. Such initiatives are becoming an integral part of fashion sustainability strategies. In 2020, H&M launched a recycling project called "Looop" that aimed to transform unwanted garments into new fashion items. The project was the world's first in-store recycling system and used a garment-to-garment recycling system that incentivized customers to recycle their old clothes.
• Recycled Textiles in Home Furnishings: Using recycled textiles in home furnishings and interior fabrics is rising as a key trend. Consumers want their home textiles like curtains, upholstery, blankets, etc. also to have sustainability credentials. Recycled fibers like recycled cotton, polyester, and wool are being increasingly used by home furnishing companies to offer eco-friendly fabrics. This trend provides an additional growth avenue for recycled textiles.