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Fast Fashion Global Market Report 2024 To 2033 | Inditex (Zara), H&M Group, The Gap, Inc., Fast Retailing (Uniqlo), Associated British Foods plc (Primark), ASOS Plc
Fast Fashion Market Share
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According to The Business Research Company's, The fast fashion market size has grown rapidly in recent years. It will grow from $122.98 billion in 2023 to $142.06 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to rise in foreign direct investments, emerging markets growth, growth in media development, technology developments and urbanization.
The fast fashion market size is expected to see strong growth in the next few years. It will grow to $197.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increasing adoption of trendy clothes by the growing youth population, increasing penetration of social media, growing demand for sportswear and performance wear, low-cost production and increasing penetration of organized retail in developing economies. Major trends in the forecast period 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.
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Market Drivers and Trends:
Increasing adoption of affordable clothes by the rising youth population drove 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. The apparel manufacturing companies are therefore focusing 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 boosted the fast-fashion market.
Virtual and augmented reality are being used by online and offline retailers in the fast fashion market. The use of virtual or augmented reality in the fast fashion market is to fill the gap between online and offline channels. These technologies enable the customer to try the product and see how it looks when they try the clothes or make-up on them by using virtual reality mirrors or cameras on their smartphones. For instance, applications such as Dressing Room are using augmented reality technology to enable shoppers to try outfits on an avatar. Virtual and augmented reality enhance the in-store experience, and this is driving the market for fast fashion.
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Major Key Players of the Market:
Nestlé S.A., PepsiCo, The Kraft Heinz Company, General Mills, Inc., Danone S.A, United Natural Foods, Inc, Arla Foods, The Hain Celestial Group, Organic Valley, Vyas Bio Life Sciences Private Limited, Krungthep Trading Co., Ltd, Bw Binyuy Holdings (Pty) Ltd, Solitude Global Impex, Nutra Healthcare, Curemax Pharma, STDM Food & Beverages Private Limited, Titan Biotech Ltd, Wuxi Biologics, FOODCHEM, Sun Green Group, Alfa Laval, Shandong Yuxin Soybean Protein Co, Hipp Gmbh & Co Vertrieb KG, Alnatura Produktions- Und Handels Gmbh, Rewe Markt Gmbh, Aldi Einkauf Gmbh & Co Ohg, Royal Forest Company, Grass LLC, Individual Entrepreneur (Ie) Maslov D.V, Nuttys LLC, Foodimport LLC, Siberian Ecological Products LLC, Coca-Cola HBC, Chechenskiye Mineralniye Vody LLC, Barinoff Drinks, Austria Juice, Laurul SA, Amy's Kitchen, Whole Foods, Impossible Food, Gardein, Ripple Foods, Smartsweets, Fody Food, Sustainable Produce Urban Delivery, Mother Raw, Lufa Farms, Suja Life, Keurig Dr Pepper, Organic Soda Pops, Uncle Matt's Organic Inc, GURU, Bimbo Group, Illy, Ingredion, Mars Incorporated, Starbucks, RCL Foods Ltd, Astral Foods, Kauai, Ooka, NWK, Natural Herbs And Spices, Daiya Foods Inc, Earth's Own Food Company Inc, Panos Brands Llc, Eden Foods Inc, Freedom Foods Group Ltd, Blue Diamond Growers Inc, Sunopta Inc, Archer Daniels Midland Company
Fast Fashion Market 2024 Key Insights:
• The fast fashion market size is expected to see strong growth in the next few years. It will grow to $197.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Increasing Adoption Of Affordable Fashion By Young Population To Drive Market Growth
• Virtual And Augmented Reality Bridging The Online-Offline Gap
• Western Europe was the largest region in the fast fashion market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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