Global Fast Fashion Market Size 2024, Forecast To 2033
11 Mar, 2024
The fast fashion market has undergone rapid growth in recent years, progressing from $122.98 billion in 2023 to $142.06 billion in 2024, marking a compound annual growth rate (CAGR) of 15.5%. This growth in the historical period is attributed to the rise in foreign direct investments, the growth of emerging markets, advancements in media development, technology developments, and urbanization. Looking forward to 2028, the market is anticipated to experience strong growth, reaching $197.05 billion with a CAGR of 8.5%. The forecasted growth in the coming years can be linked to the increasing adoption of trendy clothes by the growing youth population, the expanding penetration of social media, a growing demand for sportswear and performance wear, low-cost production, and an increase in the penetration of organized retail in developing economies. Key trends during this period encompass the use of virtual reality and augmented reality (VR/AR), the utilization of blockchain technology in the market, the integration of artificial intelligence in designing clothing, the use of the internet of things (IoT), new ownership models, 3D printing, and an increased demand for man-made fibers.
Global Fast Fashion Market Key Driver
The increasing adoption of affordable clothes by the rising youth population is driving 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, prompting apparel manufacturing companies to focus 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 has significantly boosted the fast-fashion market. As of 2028, the market continues to benefit from this trend, reflecting the sustained growth in demand for fast-fashion clothing among the youth, in alignment with the 2028 market size.
Get A Free Sample Of The Global Fast Fashion Market ReportGlobal Fast Fashion Market Segments
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
By Geography:The regions covered in the fast fashion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
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
Major Fast Fashion Industry Players
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
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Fast Fashion Market Overview
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.
Fast Fashion Global Market Report 2023 provides data on the global fast fashion market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The fast fashion market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.