A new report from Grand View Research forecasts that worldwide, the eco fibre market will reach $69.0 billion by 2025. The report profiles industry leaders, such as Aditya Birlas Grasim Industries.
Expansion is expected to occur at a CAGR of more than 9.2 per cent, thanks to a combination of factors.
The key forces expected to drive this growth include the rise of online fashion retail, a continued worldwide trend toward increased disposable income, and the ongoing creation of high-quality, innovative fabrics.
Traditionally, one factor limiting growth has been the labour-intensive value chain. Labour costs have played a key role across the value chain, from farming to fabric processing.
Now, however, manufacturers are adopting new approaches. The industry is becoming more automated and technological, with economies of scale supporting mechanisation over manual labour.
At the same time, eco fibres are gaining popularity for high-end, fashionable apparel and designer garments.
There is a much greater variety of eco fibre textiles to choose from: absorbent, antimicrobial, hypoallergenic, UV-resistant, insulating, and highly breathable fabrics are all available.
Although it has sometimes been difficult to achieve a coherent, simple definition of eco fibres, they are generally understood to be natural rather than synthetic. There is also a general expectation that they are produced using materials and processes that make an effort at sustainability.
The Grand View report found that regenerated eco fibres, such as viscose rayon, are by far the largest category of eco fibres. They accounted for 52.7 per cent of all market revenue in 2018.
The key reason for this, according to the reports authors, has to do with the sustainability commitments made by manufacturers. Companies like Aditya Birlas Grasim Industries have put more of an emphasis on sustainably disposing of textile and industrial waste for the purpose of minimising human and environmental impacts.
Grasims parent company is Aditya Birla, an India-based multi-national corporate titan with a commitment to sustainability.
Company chairman Kumar Mangalam Birla has expressed his belief that Aditya Birla must adhere to their values even if the price is slower economic growth. As a division of Aditya Birla, Grasim also adheres to these values. Sustainability, for Grasim, goes beyond protecting the environment.
Grasim embraces a proactive, innovative approach to processes and technology so that the company can safeguard the health, safety, and economic wellbeing of the surrounding communities and the environment.
These efforts have paid off. The company has achieved more than a 50 per cent reduction in water consumption. It even has a plant that is the lowest consumer of water globally. The company uses innovative closed-loop fibre manufacturing, which allows it to reuse water and materials rather than wasting them. The result is four USDA-certified Biobased products, including Birla Viscose, Birla Modal, Birla Excel and Birla Spunshades.
The Asia Pacific region already accounts for a large share of the eco fibre market – 32.4 per cent in 2018, with more expected. The market is expected to grow rapidly in the United States as well.
Judging by the efforts of Grasim, the growth will continue to be green.
This article has not been edited by Fibre2Fashion staff and is re-published with permission from synzenbe.com