Overview and Scope
Fast fashion refers to a strategy for the design, development, and marketing of apparel designs that place an emphasis on giving consumers access to fashion trends quickly and affordably. Fast fashion means garments that move quickly from the catwalk to the stores to meet new trends. Fast fashion clothing collections are supported by the foremost recent fashion trends presented at Fashion Week.
Sizing and Forecast
The fast fashion market size has grown rapidly in recent years. It will grow from $122.98 billion in 2023 to $142.06 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to rise in foreign direct investments, emerging markets growth, growth in media development, technology developments and urbanization.
The fast fashion market size is expected to see strong growth in the next few years. It will grow to $197.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increasing adoption of trendy clothes by the growing youth population, increasing penetration of social media, growing demand for sportswear and performance wear, low-cost production and increasing penetration of organized retail in developing economies. Major trends in the forecast period include using virtual reality and augmented reality (vr/ar), use of blockchain technology in the market, artificial intelligence in designing clothing, using the internet of things (iot), new ownership models, 3d printing, and increased demand for manmade fibers.
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Segmentation & Regional Insights
The fast fashion market covered in this report is segmented –
1) By Gender: Men’s Wear, and Women’s Wear
2) By Age: Adult Wear, Teen Wear, and Kids Wear
Western Europe was the largest region in the fast fashion market in 2023. Asia-Pacific was the second largest region in the global fast fashion market share. The regions covered in the fast fashion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing adoption of affordable clothes by the rising youth population drove the fast fashion market. According to United Nations estimates of the world’s youth population, it is projected to grow by 7.9% to 1.3 million by 2030. The youth population is attracted to unique, trendy, and affordable clothes. The apparel manufacturing companies are therefore focusing on bringing fashion clothes from the most recent fashion trends presented in Fashion Week. The growing preference for affordable fast-fashion clothes by the increasing youth population boosted the fast-fashion market.
Key Industry Players
Major companies operating in the fast fashion market report are Inditex (Zara), H&M Group, The Gap, Inc., Fast Retailing (Uniqlo), Associated British Foods plc (Primark), ASOS Plc, Urban Outfitters, Mango, New Look, Esprit, C&A, Forever 21, Esprit Holdings Limited, Gap Inc., Cotton On Group, Topshop, Bershka, Levi Strauss & Co, United Arrows Ltd., Allen Solly, Future Lifestyle Fashions, Jack Wills, Boohoo Group, Debenhams, Topshop, MoroZoni, Colin’s, Diesel, Wrangler, Rifle, Gloria Jeans, LPP SA., Aeropostale, American Eagle Outfitters, Abercrombie & Fitch, Ralph Lauren, Old Navy, Nike, Calvin Klein, Zumiez, Converse, Hollister, Houpa, Adidas, Puma, WinCraft, Gildan Activewear, Chanel, Reinaldo Lourenço, Colcci, Havaianas, Zadea Group, Osman Jamjoom Group, Next
The fast fashion market report table of contents includes:
1. Executive Summary
2. Fast Fashion Market Characteristics
3. Fast Fashion Market Trends And Strategies
4. Fast Fashion Market – Macro Economic Scenario
5. Global Fast Fashion Market Size and Growth
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32. Global Fast Fashion Market Competitive Benchmarking
33. Global Fast Fashion Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fast Fashion Market
35. Fast Fashion Market Future Outlook and Potential Analysis
36. Appendix
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