Fast fashion market is valued at $1002.3 million in 2021 and is projected to grow to $1,401.5 million by 2027, growing at a CAGR of 4.4%
HYDERABAD, TELANGANA, INDIA, Nov. 24, 2022 /EINPresswire.com/ — The fast fashion market is valued at US$1002.3 million in 2021 and is projected to grow to US$1,401.5 million by 2027, with a growing CAGR of 4.4% over the next six years.
Fast fashion is an approach to the design, creation and marketing of fashion that aims to make fashion trends available quickly and cheaply. Many shoppers find Primark an irresistible range of trendy clothes at amazingly low prices. Fast fashion describes clothing designs that move quickly from the runway to the stores to capitalize on trends. From a consumer perspective, fast fashion consists of three main components: cheap, trendy and disposable. The fast fashion industry plays a huge role in the global economy. It employs 300 million people around the world.
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The main factors that have significantly increased the demand for the fast fashion market. Increasing acceptance of affordable clothing by the growing young population is fueling the market’s revenues. The rising media developments towards more fast fashion spending, a growing young population and the expansion of emerging markets are driving the market growth. The growing demand for trendy and stylish clothing combined with the rising consumer disposable income per capita is the main factor driving the market growth. The increasing innovations in supply chain management are driving the market growth.
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Poor pay and poor working conditions are the main factors inhibiting market growth.
Fast Fashion Market by Type:
Based on the type:
The adult wear segment was recorded as the largest market in the fast fashion market in 2022 and is expected to grow at a considerable rate over the forecast period.
Fast Fashion Market – by Application:
Based on the application:
Women held the largest share of the fast fashion market in 2022 and it is expected to grow significantly over the forecast period.
Fast Fashion market by distribution channel:
Based on the market:
The online segment held the largest market share in the fast fashion market in 2022 and is expected to grow at a considerable rate over the forecast period.
North America is the fastest growing region in the fast fashion market and is expected to grow at a considerable rate during the forecast period. North America has high availability in countries like the US and Canada. The reason for this dominance of the region is the growth and popularity of the fast fashion market and the increasing trend towards fast clothing and second-hand shopping among youth are factors that are likely to lead to growth in the region’s market. The growing demand for stylish and original clothing is driving the market growth of the region. The US is the largest market supporting the growth of fast fashion. The fast fashion market in the region has witnessed rapid growth which has resulted in global market growth.
Asia Pacific is expected to grow lucratively in the fast fashion market.
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Latest Industry Developments:
In February 2021, Mango launched a new store image designed to reflect the spirit and freshness of the brand. This new concept is heavily influenced by Mediterranean culture and style, in which warm tones and neutral color bases predominate, combined with traditional, artisan, sustainable and natural materials such as ceramics, tuff, wood, marble, esparto and leather.
In March 2021, in the Fall/Winter ’20 season, Mango launched Active, a new clothing collection designed for the practice of different sports. The collection was a great success as it perfectly adapted to the growing need for more comfortable clothing for home and sports.
In October 2020, Mango launched Active, a capsule collection of comfortable garments for the practice of various sports related to physical and mental well-being, such as yoga, dance, meditation or Pilates, among others. The brand is therefore oriented towards fitness clothing, one of the most popular trends at the moment. The Active collection includes all types of sportswear including leggings, shorts, tops, long sleeve crop tops, bodies and sweatshirts.
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