Fast Fashion Market
Industry
- Automobile and Transportation
- Chemicals and Materials
- Consumer Goods
- Energy and Power
- Electronics and Semiconductor
- Food and Beverages
- Machinery and Equipment
- Pharma and Healthcare
- Service and Software
- Others
- Packaging
- ICT
- Technology
- Medical Devices and Consumables
- Agriculture
- Medical Care
- Aerospace and Defense
Fast Fashion Market Size, Share & Analysis By Gender (Male, Female), By End-Users (Adults, Teens, Kids), By Distribution Channels (Independent Retailers, Online Stores, Brand Stores), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and Growth Forecast To 2032
Report ID: RV43560 | Published: Mar 2024 | Historical Period: 2018-2022 | Pages: 198 | Price: $3260| Industry: Service and Software
Fast Fashion Market Overview 2024:
The global fast fashion market size was USD 95 billion in 2023 and is expected to register a steady revenue CAGR of 7.2% during the forecast period. This growth can be significantly driven by factors such as rising trends in fast fashion among the younger generations, increasing number of companies in the fast fashion industry, and high penetration of social media and online purchases.
Fast fashion is a trending business model that involves the mass production of low-cost clothing, mimicking popular styles and trends. The concept of fast fashion was first introduced in a 1989 New Times article describing Zara’s first US opening which stated that the company would provide a costume in 15 days including, the taken to develop a design from concept to consumer.
Apart from Zara, Shein, H&M, Urban Outfitters, Victoria’s Secret, and Old Navy are some other fast fashion brands popular across the globe. These brands swiftly translate runway trends into mass-produced clothing available for sale in stores or online.
Fast fashion clothing is available in a variety of clothing styles, colors, and sizes, catering to diverse consumer preferences. Fast fashion is rapidly gaining popularity, especially among the younger generations due to exposure to the internet and social media.
However, fast fashion trends generate more waste, carbon emissions, and high usage of water sources. The production costs involved in fast fashion are also high. Though it relies on cheap labor, the overall production costs are more due to high raw material prices and stricter environmental regulations.
Graphical Overview:
Key Takeaways:
Growing Demand for Trendy Clothes Among Younger Generation
Young people are more likely to follow the latest trends and are willing to buy new clothes more often. Thus, growing demand for trendy clothes at affordable prices can drive global market growth during the forecast period. Other factors such as globalization of fast fashion brands, high preference for fast fashion due to frequent discounts and sales, and growing consumer awareness about environmental and ethical issues in the fashion industry are expected to boost overall market growth between 2024 and 2032.
Negative Environmental Impact and Ethical Concerns
Fast fashion uses excessive water and results in pollution and high textile waste. This is a key factor expected to hamper overall sales of the fast fashion market during the forecast period. Other factors such as rising concerns about quality, supply chain distributions, and numerous brands vying for consumer attention are expected to restrain global market growth going ahead.
Market Opportunities:
Though fast fashion is highly popular, it causes negative environmental and ethical impacts. To cater to this, companies in the market can invest in sustainable fast fashion, involving recycled materials, organic cotton, and transparent manufacturing processes. Moreover, they can focus on providing rental and subscription services.
Gender Outlook:
Based on gender, the global market is segmented into male and female. The female segment is expected to account for a significantly larger revenue share in the global market during the forecast period. Factors such as higher tendency to follow fashion trends among women than men, wide availability of clothing options for women, rising social media influence, and high investment rate in fast fashion in women due to more seasonal and occasional needs compared to men are expected to drive segment revenue growth during the forecast period.
Distribution Channel Outlook:
The global market is segmented into independent retailers, online stores, and brand stores. The online stores segment is expected to register a rapid revenue CAGR over the forecast period owing to rising online sales, rising availability of fast fashion clothes by several brands on e-commerce platforms, and high preference for online shopping due to 24/7 availability, personalized recommendations, hassle-free payments, and returns.
Regional Outlook:
The North American market is expected to account for the largest revenue share during the forecast period owing to growing demand for trendy and affordable clothing, high popularity of fast fashion due to more social media exposure, and presence of leading brands. Other factors such as higher fast fashion expenditures, rising investments in R&D activities, and growing consumer awareness regarding sustainable fast fashion are expected to drive North America market growth between 2024 and 2032.
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2023 |
| Historical Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Segments Covered | Gender, End-Users, Distribution Channels, and Region |
| By Gender | Male, Female |
| By End Users | Adults, Teens, Kids |
| By Distribution Channels | Independent Retailers, Online Stores, Brand Stores |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info | •Value Chain Analysis •Pricing Analysis •Regional Outlook •Market Trends •Market Share Analysis •Competition Analysis •Technological Advancements |
| Key Players | The Gap, Inc., Primark Limited, New Look Retailers Limited, Forever21 Inc., UNIQLO Co., Ltd., Boohoo Group Plc, Fashion Nova, LLC, Industria de Diseño Textil, S.A., H&M Hennes & Mauritz AB, Asos Plc. |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
Competitive Landscape:
The global fast fashion market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, and are adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- The Gap, Inc.
- Primark Limited
- New Look Retailers Limited
- Forever21 Inc.
- UNIQLO Co., Ltd.
- Boohoo Group Plc
- Fashion Nova, LLC
- Industria de Diseño Textil, S.A.
- H&M Hennes & Mauritz AB
- Asos Plc.
The global fast fashion market has been segmented based on gender, end-use, distribution channel, and region:
By Gender:
- Male
- Female
By End Users:
- Adults
- Teens
- Kids
By Distribution Channels:
- Independent Retailers
- Online Stores
- Brand Stores
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions!
- The Gap, Inc.
- Primark Limited
- New Look Retailers Limited
- Forever21 Inc.
- UNIQLO Co., Ltd.
- Boohoo Group Plc
- Fashion Nova, LLC
- Industria de Diseño Textil, S.A.
- H&M Hennes & Mauritz AB
- Asos Plc.
To Learn More About This Report
Our Clients
