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Global Fast Fashion Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report - Segmented By Type (Adults Wear, Teens Wear, Kids Wear), Application (Men, Women, Children), And Region (North America, Europe, APAC, Latin America, Middle East And Africa) – Industry Analysis From 2024 To 2029

Published: March, 2023
ID: 12891
Pages: 175
Formats: report pdf report excel report power bi report ppt

Global Fast Fashion Market Size (2024 to 2029)

As per our analysis report, the global fast fashion market is expected to reach USD 1414.50 million by 2029 from USD 1140.51 million in 2024, growing at a compound annual growth rate (CAGR) of 4.4 % during the forecast timeline.

The garment industry's business approach of duplicating current catwalk trends as well as elevated styles, mass-producing them at minimal cost, and getting them to retail outlets rapidly while demand is strong is known as fast fashion. Quick fashion is also a generic word for the things produced under the fast fashion business model. The Fast Fashion Market is made up of sales of stylish apparel and commodities, as well as related services. Fast fashion refers to things that are swiftly converted from the catwalk to the store to stay up with the newest trends. Fast fashion clothes collections are favored in the most current fashion trends presented during Fashion Week. Fast fashion is described as the provision of the most recent catwalk trends at a low cost of manufacture and minimal upkeep, making them available to the general population. To put it differently, quick fashion relates to the capability to capture the latest fashion trends and distribute them to the general audience in the very same length of time as fast food.

Global Fast Fashion Market Drivers:

Virtual/augmented reality is used by both online and offline sellers in the Fast Fashion Market. Virtual or augmented reality is employed in the Fast Fashion Market to fill the gap between offline and online channels. Customers may try on clothing or make-up to see how it appears on them by utilizing virtual reality cameras or mirrors embedded into their phones with these technologies. Applications such as Dressing Room, for instance, employ augmented reality to let customers try on clothes on a virtual avatar. Virtual/augmented reality is enhancing the in-store experience, which is propelling the fast fashion market.

The growing need of the young population for inexpensive apparel is fuelling the growth rate of the fast fashion market. Clothing that is unique, fashionable, and affordable appeals to the youth audience. Fashion designers are focusing on providing contemporary outfits based on the latest fashion trends presented at Fashion Week. The growing young population's need for inexpensive, quick fashion apparel fuelled the growth of the fast fashion market. The spread of fast fashion has been increasing due to these factors.

Global Fast Fashion Market Restraints:

The restricting factors include poor working conditions, poor wages, extra hours, abuse, and mistreatment, which are common in big fast fashion firms, all contributing to inefficiency. As a result, most individuals will avoid working in the fashion industry. As a result, the Fast Fashion Market's expansion is impeded by low salaries and terrible working conditions.

Impact of COVID-19 on the global fast fashion market:

The initial lockdown rules had a significant influence on the fashion sector, with many individuals remaining at home and several establishments being forced to close. Customers' purchase decisions and shop and fashion company revenues were impacted because of this, particularly with customers who did not attend events. Due to concerns about the spread of the coronavirus, the fashion garment manufacturing business is seeing a drop in expenditure and low customer confidence. Investors are staying away from fresh investments in the industry because of poor consumer demand. Focus on the development and launch of web stores to increase customer accessibility and convenience and focus on expanding the business and operational presence through strategic agreements and plans to expand. Fast fashion companies help boost the business presence within the e-commerce segment through investment opportunities and initiatives undertaken to advance sophisticated technical solutions that incorporate retail stores as well as the online marketplace or platform.

REPORT COVERAGE: 

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

4.4%

Segments Covered

By Type, Application, And Region

Various Analyses Covered

Global, Regional and Country Level Analysis; Segment-Level Analysis; DROC; PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Zara (Inditex), H&M Group, Fast Retailing (Uniqlo), Gap, Forever 21, L Brands, Mango, Esprit, Primark and New Look

  

This research report on the global fast fashion market has been segmented and sub-segmented based on type, application, and region.

Global Fast Fashion Market - By Type:

  • Adults Wear
  • Teens Wear
  • Kids Wear

Based on type, the adult wear segment is expected to lead the market during the forecast period owing to the rising adoption of cheap clothing that follows the latest fashion trends and increased fashion awareness among young people. Mostly, Females in this age bracket are more likely than just about any other age bracket to shop at fast-fashion businesses.

Global Fast Fashion Market - By Application:

  • Men
  • Women
  • Children

The women segment is estimated to hold the dominating share of global fast fashion during the forecast period and is also expected to grow at the highest CAGR. Women do shop for a good amount of clothing, and this is one of the reasons that the market is getting hyped.

Global Fast Fashion Market – By Region:

  • North America 
  • Europe 
  • Asia Pacific 
  • Latin America 
  • Middle East and Africa 

The North American region holds the largest share of the global fast fashion market. The world's young population was and is expected to expand by 7.9%, reaching millions in the upcoming years. Clothing that is original, stylish, and economical appeals to the youth demographic. As a result, garment manufacturers are concentrating on delivering trendy clothes according to the latest fashion trends shown at Fashion Week. The rapid fashion sector was encouraged by the expanding young population's penchant for inexpensive, rapid, fashionable clothing.

The Europe region holds the second-largest share in the global fast fashion market. This region has got most of the biggest fast fashion manufacturers and designers of all time. Countries like Italy, France, the United Kingdom, and many countries are into fashion, and companies from around the world get their style and patterns from the European region.

The Asia Pacific region also holds a significant share of the global fast fashion market as the manufacturing industries and textiles come from this region. Countries like China, Vietnam, India, and Malaysia are helping in the growth and development of the global fast fashion market in this APAC region.

KEY MARKET PLAYERS:

Companies that are playing a major role in the global fast fashion market include Zara (Inditex), H&M Group, Fast Retailing (Uniqlo), Gap, Forever 21, L Brands, Mango, Esprit, Primark and New Look.

RECENT HAPPENINGS IN THE MARKET

  • In February 2021, Mango debuts a new retail look that strives to capture the brand's passion and youthfulness. Warm tones and neutral color bases predominate in this new idea, which is influenced by Mediterranean culture and style and is coupled with traditional, artisanal, sustainable, and natural materials such as pottery, tufa, wood, marble, esparto grass, and leather. The brand's main goals are sustainability, energy efficiency, and architectural interaction with the environment. As a result, it has created an evolutionary idea that intends to include advancements in these areas: the stores currently feature energy-efficient lighting and climate management, as well as a design that combines sustainable materials like natural paint.

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FAQ's

1. What factors are driving the growth of the fast fashion market?

The fast fashion market is experiencing significant growth due to several factors including changing consumer preferences towards affordable and trendy clothing, advancements in technology allowing for quicker production cycles, and the rise of e-commerce platforms enabling easy access to fast fashion brands.

2. What are some sustainable practices being adopted by fast fashion brands?

Some fast fashion brands are implementing sustainable practices such as using eco-friendly materials, reducing waste through recycling and upcycling initiatives, and improving supply chain transparency. Additionally, some brands are focusing on creating timeless pieces that are designed to last longer and transcend seasonal trends.

3. What is the future outlook for the fast fashion market?

The future of the fast fashion market is likely to be shaped by increasing consumer demand for sustainability and ethical practices. Fast fashion brands will need to adapt to these changing preferences by implementing more sustainable business models, embracing innovation, and fostering transparency throughout their supply chains.

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