Fast Fashion Market Size, Share, Industry Analysis, Trends, Growth, Forecasts, 2030

Fast Fashion Industry Prospective:

The global fast fashion market size was worth around USD 60.50 billion in 2022 and is predicted to grow to around USD 179.50 billion by 2030 with a compound annual growth rate (CAGR) of roughly 14.56% between 2023 and 2030.

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Fast Fashion Market: Overview

Fast fashion is a relatively new trend in the global fashion industry. It deals with transactions related to inexpensive and popular clothing items that are quickly replaced with the latest designs and patterns. Products in the fast fashion industry are produced in bulk and in quick succession to satisfy consumer demands. The fundamental concept driving the fast fashion industry is the introduction of the most recent styles in the commercial market as quickly as possible.

Unlike sustainable or slow fashion, which deals with the production of long-lasting clothing items, fast fashion is quickly replaced with new trends thus leading to over-consumerism. Companies operating in the fast fashion industry promote the idea that repeating clothes should be avoided thus encouraging consumers to continuously spend on new clothing products. The emergence of the e-commerce sector has further fueled the industry growth rate as access to fast fashion has increased significantly.

Key Insights:

• As per the analysis shared by our research analyst, the global fast fashion market is estimated to grow annually at a CAGR of around 14.56% over the forecast period (2023-2030)
• In terms of revenue, the global fast fashion market size was valued at around USD 60.50 billion in 2022 and is projected to reach USD 179.50 billion, by 2030.
• The fast fashion market is projected to grow at a significant rate due to the increasing number of buyers
• Based on end-user segmentation, women were predicted to show maximum market share in the year 2022
• Based on distribution channel segmentation, online was the leading segment in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Fast Fashion Market: Growth Drivers

An increasing number of buyers globally drives market growth rate

The global fast fashion market is projected to grow owing to the increasing number of buyers worldwide. Fast fashion products are cheaper as compared to slow fashion items. Since the cost is exceptionally low, more buyers can afford fast-fashion clothing at frequent intervals. In addition to this, the growing influence of social media has resulted in an increasing trend of consumers refraining from repeating clothing items. The fear of becoming irrelevant is a leading reason for an increasing consumption of fat fashion products.

On the other hand, slow-fashion items are expensive. They cannot be afforded by everyone which leads to people with limited income or consumers who do not want to splurge on clothing products choosing fast fashion to avoid spending more. The rising world population strength in addition to the growing disposable income and higher consumer awareness have led to higher demand in the fast fashion industry.

Growing proliferation of online sales channel will push market growth to new heights

The online sales industry was the leading contributor to the increased number of consumers in the fast fashion industry. These platforms brought clothes closer to the buyers. Additionally, online platforms offer several benefits that match the requirements of modern buyers with time constraints. For instance, ease of refund or replacement policies, door-step delivery, customer notification during each step of the supply chain, and enhanced customer service are all some of the benefits of buying through online mediums. E-commerce giants such as Amazon and Alibaba with hold over the international supply chain of fashion as well as brand-owned websites are considered the leading revenue-generators.

For instance, Zara, a leading company operating in the fast fashion industry, witnessed a growth of 68.3% between 2019 and 2020 as online sales surged during the COVID-19-induced lockdown. Fast fashion companies are increasingly collaborating with e-commerce giants to leverage the consumer base of online sales platforms. In August 2023, Forever 2021, a fast fashion retailer, announced a partnership with Shein, an online fast fashion company. Both firms are expected to benefit from the partnership as Shein enjoys the loyalty of around 150 million customers.

Fast Fashion Market: Restraints

Severe environmental impact of fashion could restrict market expansion

The global fashion industry is projected to be restricted owing to the growing awareness about the environmental impact of fashion. As per the latest research-based reports, the fast fashion industry contributes to nearly 10.1% of all yearly carbon emissions. The industry is one of the largest environmental polluters exceeding pollution caused by the maritime industry as well.

By 2030, harmful emissions by the fashion industry are expected to reach over 50%. Consumers are becoming increasingly aware of the impact of buying choices leading to more consumers restricting fast fashion purchases. Additionally, the market companies are also facing limitations imposed by environmental regulatory bodies. Fast fashion is also being accused of promoting an emerging trend called ‘Ultra-fast fashion’ which could be more detrimental to the global climate.

Fast Fashion Market: Opportunities

Developing green products with longer shelf life could aid in market expansion

The global fast fashion market is projected to come across more growth opportunities as several companies are now investing in manufacturing greener clothing products that have a longer shelf life. Large corporations are investing in using recycled materials as raw materials for new products thus working toward improving brand value in the commercial industry. Inditex, a Spanish multinational company and the biggest fast fashion business in the world, recently announced that it is aiming to use sustainable or 100% recycled polyester by 2025.

In 2022, another fast fashion giant under the brand name H&M produced three-fourths of its clothing products using recycled polyester. Such strategies are expected to work in the favor of the fast fashion companies.

Expansion into emerging markets will deliver optimal results during the projection period

The global fast fashion industry can generate high revenue as the companies continue to invest in emerging markets. Nations that are registering steady growth in economic power hold tremendous growth opportunities. The consumer group is registering a shift in lifestyle and consumer trends. Fast fashion can allow customers in emerging countries to fulfill their demands at reasonable prices. In November 2021, Zara announced the launch of its first concept store in South Africa with advanced digital features. The store is spread across 2,700m2.

Fast Fashion Market: Challenges

Extreme competition within the market will create growth challenges

The global fast fashion market will be challenged by the intense competition emerging within the market. Several players are currently catering to the same group of audience which has led to extreme price wars between companies manufacturing fast fashion. In addition to this, the market is known to inhibit creativity as it does not promote individuality and all buyers are wearing similar types of clothes. The intense internal competition could lead to growth challenges in the coming years.

Fast Fashion Market: Segmentation

The global fast fashion market is segmented based on end-user, distribution channel, and region.

Based on end-user, the global market segments are children, women, men, unisex, and others. In 2022, the highest growth was observed in the women segment. However, it is crucial to note that demand for all types of fast fashion products is growing rapidly. The growing number of female buyers in addition to the increasing trend of impulse shopping are leading reasons for segmental growth. Additionally, the fast fashion industry is dominated by women in terms of the employee workforce. Around 80% of all workers in the sector are women.

Based on distribution channel, the global market divisions are offline, online, and others. In 2022, the online segment was the fastest-growing segment and the same trend is expected in the future. The exponentially rising number of online buyers facilitated by the increased access to digital technology and increasing penetration of shopping through social media platforms are segmental growth drivers. For instance, Shein lists more than 590,000 products at any given time on its website, as reported by BBC.

Fast Fashion Market: Report Scope

Fast Fashion Market: Regional Analysis

Asia-Pacific to dominate market growth rate during the projection period

The global fast fashion market will be dominated by Asia-Pacific during the forecast period. China is the world’s largest supplier and manufacturer of fast fashion products. The country has an extensive production line with the availability of large-scale manufacturing facilities employing millions of workers. The country is highly infamous for its sweatshop working culture. More than 60% of the world’s fast fashion production originates from China. The country is a key exporter in the fast fashion industry however, it also enjoys a large regional market. Around 18% of the world’s population lives in China.

Additionally, it is also home to some of the largest fast-fashion retailers including companies that work on online sales models. In November 2023, Shein informed its investors that it is expecting investments as high as USD 80 to USD 90 billion shortly. However, the market is also receiving backlash from other countries since the country is being accused of adopting a dumping strategy by selling clothing products at extremely low prices.

Fast Fashion Market: Competitive Analysis

The global fast fashion market is led by players like:

• H&M (Hennes & Mauritz)
• Zara (Inditex)
• Topshop (Arcadia Group)
• Forever 21
• Boohoo
• Uniqlo (Fast Retailing)
• Fashion Nova
• Primark
• Pull & Bear (Inditex)
• Mango
• Shein
• ASOS
• Bershka (Inditex)
• Gap
• Charlotte Russe
• Missguided
• New Look
• Express
• River Island
• PrettyLittleThing

The global fast fashion market is segmented as follows:

By End-User

• Children
• Women
• Men
• Unisex
• Others

By Distribution Channel

• Offline
• Online
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa