The global fast fashion market size was USD 106.42 Bn in 2022 and is likely to reach USD 392.32 Bn by 2031, expanding at a CAGR of 15.6% during 2023–2031. Emerging economies, increasing standard of living associated with rising disposable income, and the increasing consumer spending on fast fashion apparel are boosting the global fast fashion market.
Fast Fashion can be defined as low-priced, stylish, and trendy clothing that moves quickly from design to retail stores. It is a term used to describe a highly profitable and exploitative business model that samples the ideas from catwalk or celebrity culture trends.
Fast fashion is a high fashion design that is mass-produced at less priced and low maintenance cost. However, fast fashion can highly benefit an economy by allowing fashion industries to expand their businesses, increase their production capacity, and allow consumers to increase their spending on various appeals.
Fast Fashion Market Trends, Drivers, Restraints, and Opportunities
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The demand for fast fashion products among consumers associated with the growing social media influences is boosting the market.
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Rising young population and increasing demand for unique, affordable, and trendy clothing by the young population are driving the market.
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Increasing demand for stylish clothing and reduction in the production time by the manufacturers are fueling the market.
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Rising complexities in inventory management and the growing demand for volatile and perishable products are hindering the market.
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Lack of resources, imitation of original products, and false prices stated by the manufacturers are restricting the market.
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The availability of counterfeit products and poor working conditions in underdeveloped and developing countries are hampering the market.
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The growth in the media and entertainment industry and shift from media-centric marketing to spatial marketing increases the demand for fast fashion. Thus, creating opportunities in the market.
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Growing adoption of virtual and augmented reality-based cameras and mirrors by retailers for enabling their customers to try and see the products by using their smartphones. Hence, generating opportunities in the market.
Scope of Fast Fashion Market Report
The report on the global fast fashion industry analysis includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Fast Fashion Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Pants, Shirts, Dresses & Skirts, Coats, and Others), Distribution Channels (Online and Offline [Supermarket/Hypermarket, Specialty Stores, Convenience Stores, Departmental Stores, and Others], End-users (Men, Women, and Children)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players covered in the Report
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ASOS, Charlotte Russe, CottonOn & Co, Esprit Retail B.V. & Co. KG, F21, FAST RETAILING CO., LTD, HM Group, MANGO, New Look Retailers Limited, PRIMARK STORES LIMITED, Pull&Bear, River Island, THE GAP, INC, Victoria's Secret & Co. Company, and Zara
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Fast Fashion Market Segment Insights
Type Segment Analysis
In terms of types, the global fast fashion industry analysis is segmented into pants, shirts, dresses & skirts, coats, and others.
The dresses & skirts segment is expected to hold a significant market share during the forecast period, due to the growing adoption of western culture among young women.
The other segment is projected to grow during the forecast period, attributed to the changing consumer's preference towards the adoption of affordable, trendy, and stylish fast-fashion clothing and accessories, which is anticipated to propel the segment during the forecast period.
Distribution Channel Segment Analysis
On the basis of distribution channels, the global fast fashion industry analysis is segregated into online and offline.
The offline segment is further sub-segmented into supermarket/hypermarket, specialty stores, convenience stores, departmental stores, and others. The online segment is expected to hold a significant share of the market during the forecast period attributed to consumer preference, shopping convenience, and trust in online purchasing.
End-users Segment Analysis
Based on end-users, the fast fashion market share is segregated into men, women, and children.
The women segment constituted a significant market share in 2020 and is projected to expand at a rapid rate during the forecast period. The growth in the women segment is attributed to the growing adoption of western clothing among women.
Moreover, the rising growth in the fashion industry is driving the market. The high amount of social media influences raises the concern related to physical appearance or looks among women. These factors are anticipated to propel the segment during the forecast period.
The growth in the online segment is attributed to the growing number of e-commerce websites and the rising population of young working consumers leading to hectic schedules. These consumers prefer online shopping to save their time, which is expected to boost the segment during the forecast period.
Regional Analysis
In terms of regions, the global fast fashion market share is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia Pacific constituted a significant share of the market in 2020, due to the growing young population and increasing adoption of affordable fashion appeals among consumers.
The market in the Asia Pacific is projected to expand at a significant CAGR during the forecast period, due to the huge potential for the manufacture of fast fashion clothing to acquire and compete in the market.
Moreover, the rising focus by manufacturing companies to bring fashion clothing and trends present in the market. However, the growing adoption of fashion appeals in countries like India, China, Japan, and Australia is propelling the market in Asia Pacific.
Segments
Types
- Pants
- Shirts
- Dresses & Skirts
- Coats
- Others
Distribution Channels
- Online
- Offline
- Supermarket/Hypermarket
- Specialty Stores
- Convenience Stores
- Departmental Stores
- Others
End-users
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
- ASOS
- Charlotte Russe
- CottonOn & Co
- Esprit Retail B.V. & Co. KG
- F21
- FAST RETAILING CO., LTD
- HM Group
- MANGO
- New Look Retailers Limited
- PRIMARK STORES LIMITED
- Pull&Bear
- River Island
- THE GAP, INC
- Victoria's Secret & Co. Company
- Zara
Competitive Landscape
Key players in the global fast fashion market share include ASOS, Charlotte Russe, CottonOn & Co, Esprit Retail B.V. & Co. KG, F21, FAST RETAILING CO., LTD, HM Group, MANGO, New Look Retailers Limited, PRIMARK STORES LIMITED, Pull&Bear, River Island, THE GAP, INC, Victoria's Secret & Co. Company, and Zara.
These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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