Nov 02, 2021, 15:30 ET
DUBLIN, Nov. 2, 2021 /PRNewswire/ -- The "Fast Fashion Global Market Opportunities and Strategies to 2030: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global fast fashion market reached a value of nearly $68,634.9 million in 2020, having decreased at a compound annual growth rate (CAGR) of -3.0% since 2015. The market is expected to grow from $68,634.9 million in 2020 to $163,468.5 million in 2025 at a rate of 19.0%. The market is then expected to grow at a CAGR of 5.3% from 2025 and reach $211,909.7 million in 2030.
Growth in the historic period resulted from a rise in foreign direct investments, emerging markets growth, growth in media development, and technology developments.
Factors that negatively affected growth in the historic period were lack of resources, reductions in free trade, and increasing inventory levels. Going forward, increasing adoption of trendy clothes by the growing youth population, increasing penetration of social media, growing demand for sportswear and performance wear, and low-cost production will drive the growth.
Factors that could hinder the growth of the fast fashion market in the future include increasing transparency of poor working conditions, negative environmental impact, counterfeit products, limited cotton production, and the impact of COVID-19.
The fast fashion market is segmented by gender into males and females clothing. The female market was the largest segment of the fast fashion market segmented by type, accounting for 60.3% of the total in 2020. Going forward, the female segment is expected to be the fastest-growing segment in the fast fashion market, at a CAGR of 20.3% during 2020-2025.
The fast fashion market is also segmented by age into adult wear, teens wear, and kidswear. The adult market was the largest segment of the fast fashion market segmented by age, accounting for 85.9% of the total in 2020. Going forward, the teens wear segment is expected to be the fastest-growing segment in the fast fashion market, at a CAGR of 23.6% during 2020-2025.
The fast fashion market is also segmented by type into pants, shirts, dresses & skirts, coats, and other apparel. The other apparel market was the largest segment of the fast fashion market segmented by type, accounting for 33.9% of the total in 2020. Going forward, the dresses & skirts segment is expected to be the fastest growing segment in the fast fashion market, at a CAGR of 23.8% during 2020-2025.
The Asia Pacific was the largest region in the global fast fashion market, accounting for 29.7% of the total in 2020. It was followed by North America, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the fast fashion market will be South America, and the Middle East, where growth will be at CAGRs of 32.4% and 28.9% respectively. These will be followed by Africa, and Eastern Europe where the markets are expected to grow at CAGRs of 25.2% and 23.0% respectively.
The global fast fashion market is fairly fragmented, with large number of small players in the market. The top ten competitors in the market made up 29.13% of the total market in 2020. Major players in the market include Inditex (Zara SA), H&M Group, Fast Retailing (Uniqlo), The Gap, Inc., and ASOS Plc.
The top opportunities in the fast fashion market segmented by gender will arise in the female market segment, which will gain $63,037.7 million of global annual sales by 2025. The top opportunities in the fast fashion market segmented by age will arise in the adult wear segment, which will gain $77,659.3 million of global annual sales by 2025.
The top opportunities in the fast fashion market segmented by type will arise in the other apparel segment, which will gain $32,312.2 million of global annual sales by 2025. The fast fashion market size will gain the most in China at $17,401.8 million.
Market-trend-based strategies for the fast fashion market 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.
To take advantage of the opportunities, the report recommends the fast fashion companies to enhance their business presence in the e-commerce sector through investments and initiatives taken towards the development of advanced technological solutions to integrate physical stores and the online marketplace or platform, focus on the development and launch of webstores to increase the accessibility and convenience towards the customer, focus on expanding its business and operational presence through strategic agreements and plans to expand and establish stores and manufacturing facilities in developing regions, and companies can also focus on growth via strategic acquisitions.
Fast Fashion Market Trends And Strategies
- Virtual And Augmented Reality (VR)
- Use Of Blockchain Technology
- New Ownership Models
- Use Of The Internet Of Things (IoT)
- Artificial Intelligence In Designing Clothing
- 3D Printing
- Increased Demand For Man-Made Fibers
Impact Of COVID-19 On The Fast Fashion Market
- Decrease In Demand
- The Shift Towards Sustainability
- Spur In Online Purchasing Of Apparels
- Supply Chain Disruption
- Cancelled Orders and Store Closures
- Decline in Consumer Spending on Fashion Apparels
- Inditex (Zara SA)
- H&M Group
- Fast Retailing (Uniqlo)
- The Gap, Inc.
- ASOS Plc
- Urban Outfitters
For more information about this report visit https://www.researchandmarkets.com/r/pj73o5
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets
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