Global Fast Fashion Market is projected to reach USD 167.50 billion by 2030
As per the latest report published by Kings Research, the global Fast Fashion Market was valued at USD 93.66 billion in 2022 and is projected to reach USD 167.50 billion by 2030, growing at a CAGR of 7.7% from 2023 to 2030.
The rapid expansion of online shopping has contributed to the growth of the fast fashion industry, which has a notorious environmental footprint. Major fast fashion retailers, such as H&M and Zara, have taken advantage of online shopping trends to tap into a wider customer base, fostering a culture of quick and disposable fashion. This trend has led to significant social and environmental negative externalities, including increased carbon emissions, textile waste, and the exploitation of garment workers in overseas markets. It is vital to recognize the impact of fast fashion and support more sustainable alternatives.
Fast fashion brands prioritize quick design-to-market turnaround, enabling them to capitalize on trends while they're still relevant. The industry's trend cycle has sped up significantly, with new collections introduced frequently to meet rising consumer demand for the latest and unique styles. The fashion industry's focus on trends has contributed to the growth of fast fashion, which aims to provide trendy clothing options at affordable prices, mainly for youngsters.
- Based on gender, the adults wear segment is expected to grow at a rapid CAGR of 8.8% during the forecast period
- Based on application, the women segment generated the largest revenue of USD 56.5 billion in 2022
- Based on distribution channel, the offline segment generated the highest revenue of USD 53.8 billion in 2022
- Based on, Asia-Pacific is projected to record a significant growth rate during the forecast period
Zara Partnership with Circ for the Conversion into New Fibres
April 2023: Zara, a brand of Inditex, is teaming up with Circ, a fashion tech company that converts textile waste into new fibers, to release an unprecedented collection of women's clothing crafted from recycled polycotton waste. With this launch, Zara is making a noteworthy contribution to the fashion industry's quest for circularity.
Zara has Expanded their Geographical Presence in Madrid
September 2022: Zara Home launched its first for&from store in Madrid, which is part of a larger initiative involving 15 different Inditex stores. The goal behind this initiative is to employ individuals with differing abilities in society and the workplace with funding of USD 8.2 million.
ESPIRIT Launched New Collection by Collaboration with HRX
January 2022 (Partnership): ESPRIT launched the Archive Re-Issue Capsule collection in collaboration with HBX, a leading online platform in the Asian market.
Rising Demand for Textile Business Production Industry to Propel Market Growth
The presence of a well-established textile production industry and significant spending on clothing and fashion in the area have supported the business growth. Western European countries, such as Italy, the UK, France, and Germany, produce high-end luxury clothing, and the region's fashion consumption is further facilitated by a well-established retail industry. The fast fashion market has been further propelled by the increasing demand for affordable clothing among teenagers who seek trendy and unique styles. These aforementioned driving factors are expected to offer lucrative growth opportunities during the forecast period.
Increasing Deployment of Virtual and Augmented Reality (AR) Technologies to be a Vital Trend
The fast fashion market has been incorporating virtual and augmented reality (VR and AR) technology to enhance user experience and boost sales. AR technology offers customers the opportunity to experience products virtually right from the comfort of their homes, helping them to understand how they would look in clothing items without physically trying them on. Several brands such as Zara have experimented with AR in their stores, placing AR displays to enhance their clothing experience. Both high-street and luxury fashion brands have implemented AR to drive sales and enhance customer engagement. It has emerged as one of the top technology trends reshaping the fashion industry. As technology continues to evolve, the integration of AR and other virtual experiences into fast fashion may become increasingly prevalent.
North America is the Second Largest Dominating Region in the Market Acquiring a CAGR of 7.02% in 2022
The fast fashion market has gained popularity in North America due to several aiding factors including the rise of online shopping, coupled with a growing demand for unique and affordable clothing among young people. Fast fashion brands have also benefited from a sizable textile production market. For instance, in April 2023, Authentic Brands Group announced the acquisition of Boardriders, which oversees sports and lifestyle brands Billabong, Quiksilver, and DC Shoes to expand its geographical presence across the globe.
Market Players Concentrating on Innovative Product Launches to Drive Market Development
The global fast fashion industry is fragmented with key players such as Authentic Brands Group LLC, COFRA Holding AG, Cotton On, Esprit Holdings, FAST RETAILING CO., LTD., Future Group, H&M Group, Inditex, New Look Retailers Limited, River Island, THE GAP, INC., Victoria's Secret. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.