Page 17 - September-October-2020

16 17
World textile chemicals 45 fashion brands

market to hit $31.3 Billion promise to be

worth by 2027 forest protector

On World Rainforest Day, 45 brands, including
The global textile chemicals market is projected to segment, the CAGR for this segment is revised to Walmart-owned ASDA/George, Ralph Lauren,
reach a net worth of USD31.3 billion by 2027. 2.7% for the next 7-year period. The US market is Sainsbury’s, Morrisons, Bestseller, Ivy & Oak, Masai,
According to an analysis report of the industry, the estimated at $7.1 billion, while China is forecast to Fiber X Finland, Nanushka, and Ted Baker—which
industry, which currently stands at $26.2 billion, will grow at 4.8% CAGR. together represent $100 billion in annual
reach $31 billion by 2027 if growth trends continue revenue—have launched CanopyStyle policies to
to grow on their current trajectories. The Textile Chemicals market in the US alone is transform the viscose supply chain and protect the
estimated at $7.1 billion in the year 2020. China is world’s forests.
Natural, one of the 5,000 segments analysed in the projected to reach a market size of $6.2 billion by
report, is projected to record 2.4% CAGR and reach 2027, trailing a CAGR of 4.8% from 2020 to 2027. "Their commitments lend significant additional
$10 billion over the next 7 years. After an early Other geographic markets are forecast to grow at a purchasing power to CanopyStyle and the collective
analysis of the on-going global pandemic, its slower rate with Japan projected to grow at 0.6%, effort to catalyse commercial production of Next
implications on businesses, the economic crisis Canada at 1.9%, and Germany at approximately Generation alternatives and eliminate the use of
caused by it, and the growth in the synthetic 1.2% CAGR, to name a few. ancient and endangered forests in clothing,"
CanopyStyle said.

“George at ASDA is working to ensure we protect the
world's forests and our collective climate through
China’s dominance in textile and committing to only sourcing viscose fibres from
sustainable sources for all our clothing and home
apparel sourcing down, but still not out textile products," said Melanie Wilson, Senior Director
of Sustainable Sourcing and Quality at George. “We
are thrilled to be part of the CanopyStyle initiative to
help save the world’s ancient and endangered forests,
Although China continues to lead the global factor is that following the Coronavirus outbreak, and look forward to collaborating and scaling up the
sourcing market, the dramatic dominance is companies shifted their preference from reshor- implementation of innovative solutions for textile
lesser than previous years, a new survey by ing to near-shoring. sourcing.”
Hong Kong-based supply chain compliance
solutions provider QIMA has found. The consistent regional competitor for China is Keeping forests standing is crucial to minimizing the
Vietnam, with 40% of European participants likelihood of future pandemics, and meeting critical
According to the survey 55% of respondents grading Vietnam as their top sourcing region. climate and biodiversity targets set by the world’s
reported Chinese suppliers accounted for over Following closely are India and Bangladesh. scientists. Today’s commitments will reduce the
half of their buying volumes in the first half of Taiwan too enjoyed overwhelming support as a growing pressure on forests for viscose sourcing, and
2020. The report, ‘Evolution of Global Sourcing in top sourcing region for US-based companies. In will speed the implementation of Next Generation
2020,’ analyses the changes in the global supply the strain of near-sourcing, US-based compa- Solutions, such as making viscose from recycled
nies are increasingly opting for Latin and South
chains in the wake of the Covid-19 pandemic, American sourcing destinations. Meanwhile, textiles or microbial cellulose grown on food waste.
drawing on input from more than 200 businesses European companies are increasingly opting for More than 150 million trees are cut down each year to
across a variety of consumer products. Turkey as their sourcing destination of choice produce popular textiles like rayon and viscose.
with 30% of respondents placing Turkey in the
The trend was most noticeable in textiles, top three sourcing destinations of preference. “What better way to celebrate World Rainforest Day
footwear, and apparel businesses. Respondents than by announcing that CanopyStyle has a critical
with more than 50% sourcing from China US-based businesses are most likely to diversify mass of 259 brands united to eliminate ancient and
dropped from 72% in the first half of 2019 to 46% sourcing, with 95% US respondents hinting at endangered forests from their supply chain,” said
in the corresponding time frame this year. One such patterns of thought. Nicole Rycroft, Canopy’s Founder and Executive
Director.

September/October 2020 August/September 2020