The Business Research Company Fast Fashion Market research report highlights key drivers, trends, and growth opportunities in the market.
LONDON, September 21, 2022 /PRNewswire/ — The growth of the fast fashion market is expected to be fueled by the increasingly organized retail industry in developing countries. Organized retail offers companies an open competitive environment to foster strong business operations and drive innovation that increases efficiency and reliability. For companies in the fast fashion market, organized retail offers well-established distribution channels to increase product reach to a broader customer base. Healthy economic growth, a changing demographic profile and growing consumer behavior are expected to fuel further growth in the retail industry, particularly in developing countries. Hence, growing retail trade in developing countries is expected to provide global marketing opportunities for products and amplifies the growth of fast fashion market over the forecast period.
The size of the global fast fashion market is expected to keep growing $91.23 billion in 2021 to $99.23 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The fast fashion market should continue to grow $133.43 billion in 2026 at a CAGR of 7.7%.
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Fast fashion companies are investing in artificial intelligence and machine learning
Fast fashion companies are investing in artificial intelligence (AI) and machine learning to predict themes in trending patterns, silhouettes, colors, styles and consumer sentiment around the product. It aids in trend forecasting which aids the design team’s intuition and creativity by anticipating which style will work or fail. For example in March 2022, san francisco-based Stitch Fix, which uses online stylists to deliver clothes to customers, works with AI. Stitch Fix now designs garments created by algorithms that identify trends and styles missing from inventory based on consumer choice combinations of their favorite colors, patterns and textiles selected by AI systems.
Western Europe was the largest region in the fast fashion market
Western Europe was the largest region in the fast fashion market and it paid off $26,741.1 million in 2021. The fast fashion market is supported by the presence of a well-developed textile production industry and high spending on apparel and fashion in the region. High-end luxury clothing is manufactured by developed Western European countries, such as ItalyGreat Britain, Franceand Germany. The presence of a large retail trade also supported the consumption of fashion apparel in the region. The high demand for fast fashion in the region is supported by the presence of major European clothing retailers Inditex SA and Hennes & Mauritz AB, who anticipate high demand for fast fashion as consumers seek to return to some semblance of normalcy.
Inditex (Zara SA) held the largest share of the fast fashion market
Inditex (Zara SA) was the largest competitor in the fast fashion market in 2021 with a market share of 7.61%. Inditex’s (Zara SA) growth strategy focuses on strengthening its business presence in the e-commerce sector through investments and initiatives to develop advanced technological solutions to integrate the physical stores and the online marketplace or online platform. For example in June 2020Inditex announced its investment plans 1 billion dollars In the next three years, the online shopping platform will be expanded to integrate the system with physical stores and use advanced technological solutions.
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