Global Fast Fashion Market Report 2021
DUBLIN, November 2, 2021 / PRNewswire / – The “Global market opportunities and strategies for fast fashion up to 2030: COVID-19 growth and change” Report was added to ResearchAndMarkets.com to offer.
The global fast fashion market reached a value of almost $ 68,634.9 million in 2020 after declining at a compound annual growth rate (CAGR) of -3.0% since 2015. The market is expected to be 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 and reach a CAGR of 5.3% from 2025 $ 211,909.7 million in 2030.
The growth in the historical period resulted from an increase in foreign direct investment, growth in emerging markets, growth in media development and technological developments.
Factors that negatively affected growth over the historical period were resource shortages, a decline in free trade and rising inventories. In the future, the increasing acceptance of trendy clothing by the growing youth population, the increasing spread of social media, the growing demand for sportswear and performance clothing as well as low-cost production will drive growth.
Factors that could hamper the growth of the fast fashion market in the future include the increasing transparency of poor working conditions, negative environmental impact, counterfeit products, limited cotton production and the effects of COVID-19.
The fast fashion market is divided into men’s and women’s clothing based on gender. The female market was the largest segment of the fast fashion market broken down by type, accounting for 60.3% of the total in 2020. In the future, it is expected that the female segment in a CAGR. the fastest growing segment in the fast fashion market is of 20.3% in the period 2020-2025.
The fast fashion market is also divided into adult, teenage, and children’s clothing based on age. The adult market was the largest segment of the fast fashion market, segmented by age, at 85.9% of the 2020 total. In the future, the teens apparel segment is expected to be the fastest growing segment in the fast fashion market with a CAGR of 23.6% in the 2020-2025 period.
The fast fashion market is also divided into pants, shirts, dresses and skirts, coats and other clothing items by type. The other clothing market was the largest segment of the fast fashion market with a share of 33.9% of the total volume in 2020. In the future, the dresses & skirts segment is expected to be the fastest growing segment in the fast fashion market, with a CAGR of 23.8% in 2020-2025.
the Asia Pacific was the largest region in the global fast fashion market with a share of 29.7% in 2020. It followed North America, Western Europe, and then the other regions. In the future, the fastest growing regions will be in the fast fashion market South America, and the middle Eastwhere growth in CAGRs will be 32.4% and 28.9% respectively. These will follow Africa, and Eastern Europe where markets are expected to grow at CAGRs of 25.2% and 23.0% respectively.
The global fast fashion market is quite fragmented, with a large number of small players in the market. The top ten competitors in the market accounted for 29.13% of the total market in 2020. Key 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 gender-segmented fast fashion market arise in the female market segment, which is growing $ 63,037.7 million of global annual sales up to 2025. The top opportunities in the fast fashion market, which is segmented by age, arise in the adultwear segment, which is set to grow $ 77,659.3 million of global annual sales by 2025.
The top opportunities in the fast fashion market, segmented by type, arise in the other clothing segment, which will win $ 32,312.2 million of worldwide annual sales by 2025. The size of the fast fashion market will increase the most China at $ 17,401.8 million.
The market trend-based strategies for the fast fashion market include the use of virtual reality and augmented reality (VR / AR), use of blockchain technology in the market, artificial intelligence in the design of clothing, use of the Internet of Things (IoT) , new ownership models, 3D printing and increased demand for man-made fibers.
To take advantage of the opportunities, the report recommends that fast fashion companies improve their business presence in the e-commerce sector through investments and initiatives to develop advanced technological solutions to integrate physical stores and the online marketplace or platform Development and introduction of web shops to increase accessibility and convenience for customers, focus on expanding their business and operational presence through strategic agreements, and plans to expand and establish shops and production facilities in developing regions, and companies can too on growth through strategic acquisitions.
Trends and strategies for the fast fashion market
Virtual and Augmented Reality (VR)
Use of blockchain technology
New ownership models
Use of the Internet of Things (IoT)
Artificial intelligence in the design of clothing
Increased demand for man-made fibers
Effects of COVID-19 on the fast fashion market
Decline in demand
The change to sustainability
An incentive to buy clothing online
Disruption of the supply chain
Canceled orders and store closures
Decline in consumer spending on fashion clothing
Inditex (Zara SA)
Fast Retail (Uniqlo)
The Gap, Inc.
For more information on this report, see https://www.researchandmarkets.com/r/pj73o5
Research and Markets
Laura wood, Senior manager
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SOURCE Research and Markets