The Fast Fashion Market Is Expected To Reach $133 Billion By 2026, Driven By The Rise Of The Organized Retail Industry
The Business Research Company's fast fashion market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Sept. 21, 2022 /PRNewswire/ -- The growth in the fast fashion market is expected to be driven by the increasing organized retail industry in developing economies. Organized retail provides companies with an openly competitive environment to foster strong business operations and spur innovations that increases efficiency and reliability. For the companies in the fast fashion market, organized retail provides well-established distribution channels to increase the product reach to a wider customer base. Healthy economic growth, changing demographic profile, and growing consumerism, are expected to augment the further growth of the retail industry, especially in developing countries. Thus, growing retail in developing countries is expected to provide global marketing opportunities for products and augment the growth of the fast fashion market during the forecast period.
The global fast fashion market size is expected to grow from $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 is expected to grow to $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 customer sentiment around the product. It helps in trend forecasting which helps back up the intuition and creativity of the design team by anticipating what style will work or fail. For example, In March 2022, San Francisco-based, Stitch Fix that delivers clothing to customers with the help of online stylists is working with AI. Stitch Fix is now designing garments created by algorithms that identify trends and styles missing in the inventory based on the combinations of the consumer's selections of their favorite colors, patterns, and textiles that are picked 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 was worth $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 apparels are produced by developed Western European countries, such as Italy, UK, France, and Germany. The presence of a large retail industry also supported the consumption of fashion apparel in the region. The high demand for fast fashion in the region is supported by presence of big European clothing retailers Inditex SA and Hennes & Mauritz AB, expecting high demand for fast fashion as consumers try to return to some semblance of normality.
Inditex (Zara SA) Held The Largest Share In The Fast Fashion Market
Inditex (Zara SA) was the largest competitor in the fast fashion market in 2021, with a 7.61% share of the market. Inditex (Zara SA)'s growth strategy is focused on enhancing its business presence in e-commerce sector through investments and initiatives towards development of advanced technological solutions to integrate the physical stores and the online marketplace or platform. For instance, in June 2020, Inditex announced its plans to invest $1 billion over the next three years to boost its online shopping platform to integrate the system with physical stores and deployment of advanced technological solutions.
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