Asia Fast Fashion Market Size to Surpass Around US$ 155.01 Billion 2030, Recording a CAGR of 7.8%

CMI

CMI

Fast fashion refers to inexpensive clothing collections that mimic current luxury fashion trends. It is mass-produced to meet rapidly changing trends to satisfy the growing middle class population in Asia.

Burlingame, Feb. 22, 2024 (GLOBE NEWSWIRE) — CoherentMI published a report, titled, Asia Fast Fashion Market was valued at US$ 91.63 Billion in the year 2023 and is anticipated to reach US$ 155.01 Billion by 2030, at a CAGR of 7.8% during the forecast period 2023-2030.

Market Dynamics:

Rising Disposable Income: With the increasing disposable income of individuals in Asian countries, the demand for fashion apparel has witnessed significant growth. Consumers are willing to spend more on trendy and fashionable clothing, which has propelled the growth of the fast fashion market in Asia. The easy availability of affordable fashion clothing has also contributed to the market’s growth.

Changing Fashion Trends: Fashion trends in Asia are constantly evolving, and consumers are always looking for the latest styles and designs. Fast fashion brands offer a wide range of clothing options that are in line with the current fashion trends. Moreover, these brands quickly respond to the changing preferences of consumers, ensuring that they always have access to the latest fashion apparel. This flexibility and adaptability have made fast fashion a popular choice among Asian consumers.

Asia Fast Fashion Market Report Coverage:

Report Coverage

Details

Study Period

2023 – 2030

Base Year of Estimation

2022

 

CAGR

7.8%

 

Largest Market

Asia

Market Concentration

High

Major Players

Uniqlo, H & M, Zara, Mango, Forever 21 and Among Others.

Segments Covered

By Product Type, By End User, By Price Range, By Age Group, By Distribution Channel

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Growth Drivers

• Rising disposable incomes and growing middle-class population
• Influence of social media and digital marketing
• Demand from millennials and generation Z
• Growth of the e-commerce industry

Restraints & Challenges

• Oversupply and decreasing profit margins
• High inventory and operational costs
• Sustainability issues

Key Market Takeaways:

  • Asia Fast Fashion Market Size is anticipated to witness a CAGR of 7.8% during the forecast period 2023-2030, owing to the growing demand for trendy and affordable fashion options among consumers in the region.

  • Based on product type, the top wear segment is expected to hold a dominant position, owing to its popularity among consumers.

  • By end user, men are expected to dominate the market, driven by their increasing fashion consciousness and willingness to experiment with different styles.

  • In terms of price range, the medium segment is expected to hold a dominant position, as consumers in Asia prefer affordable yet stylish options.

  • The young adults segment is expected to dominate the market by age group, as they have a fashion-forward mindset and high disposable income.

  • The online distribution channel is expected to hold a dominant position over the forecast period, due to its convenience and wide range of options.

  • Key players operating in the Asia Fast Fashion market include New Look, River Island, Matalan, Vero Moda, Only, Jack & Jones, Stradivarius, Bershka, Pull & Bear, Uniqlo, H&M, Zara, Mango, Forever 21, Topshop, Marks & Spencer, GAP, C&A, Benetton, and Esprit. These players have a strong presence in the market and offer a wide range of trendy and affordable fashion options.

Market Trends:

E-commerce Boom: The rapid growth of e-commerce platforms in Asia has significantly impacted the fast fashion market. Online retailers provide convenience, competitive pricing, and a wide range of options to consumers, attracting them towards online shopping. Fast fashion brands have capitalized on this trend by expanding their online presence, offering exclusive online collections, and enhancing their e-commerce capabilities.

Sustainable Fashion: With increasing awareness about the environmental impact of the fashion industry, there has been a growing emphasis on sustainable fashion in Asia. Consumers are now more conscious about the ethical and environmental aspects of their clothing choices. Fast fashion brands are incorporating sustainable practices by using eco-friendly materials, reducing waste, and promoting fair trade practices. This shift towards sustainable fashion has garnered attention and support from environmentally conscious consumers, driving the growth of sustainable fast fashion brands in Asia.

Recent Developments:

  • In March 2022, H&M (shopping destination for fashion, home, beauty, kids’ clothes and more) launched a new sustainable fashion line made from recycled polyester and organic cotton. The collection is aimed at young and environmentally conscious consumers.

  • In January 2021, Uniqlo unveiled its new UTme! personalization service that allows customers to customize t-shirts with their own designs and text. This provides a unique fast fashion experience.

Read the complete market research report, “Asia Fast Fashion Market, By Product Type, By End User, By Price Range, By Age Group, By Distribution Channel, and other Segment Forecast 2023-2030“, Published by CoherentMI.

Market Opportunities:

Growing Demand for Fast Fashion in Asia

The Asia Fast Fashion market is poised for significant growth during the forecast period, driven by the increasing demand for fast fashion in the region. With a market size of $91.63 billion in 2023 and a CAGR of 7.8%, the market is expected to reach new heights.

The dominant segment in the Fast Fashion market by product type is top wear. This segment is anticipated to hold a dominant position in the forecast period due to its popularity among consumers. The availability of a wide range of trendy and affordable tops makes it a preferred choice for fashion-conscious individuals.

For end users, men are expected to dominate the market. This can be attributed to the increasing fashion consciousness among men and their willingness to experiment with different styles. The availability of trendy and affordable options in the fast fashion market has attracted a significant male consumer base.

In terms of price range, the medium segment is expected to hold a dominant position. Consumers in Asia prefer fast fashion products that are affordable yet stylish. The medium segment offers a balance between price and quality, making it the most preferred choice among consumers.

The young adults segment is expected to dominate the market by age group. This can be attributed to the fashion-forward mindset of young adults and their high disposable income, which allows them to indulge in frequent purchases of fast fashion products.

The online distribution channel is expected to dominate the market. The convenience of online shopping, along with attractive discounts and a wide range of options, has increased its popularity among consumers. However, offline channels such as company-owned stores and multi-brand stores still hold a significant share in the market.

Asia Fast Fashion Market Segmentation:

  • By Product Type

    • Top Wear

    • Bottom Wear

    • Dresses

    • Jumpsuits

    • Coats

    • Jackets

    • Others (lingerie, swimwear, accessories, etc.)

  • By End User

    • Men

    • Women

    • Kids

    • Unisex

    • Plus Size

    • Petite

    • Others (maternity, tall, big & tall, etc.)

  • By Price Range

  • By Age Group

    • Infants

    • Toddlers

    • Kids

    • Teens

    • Young Adults

    • Adults

    • Senior Citizens

  • By Distribution Channel

    • Online

    • Offline

    • Company Owned Stores

    • Multi-Brand Stores

    • Department Stores

    • Supermarkets/Hypermarkets

    • Others (TV, catalog, etc.)

Purchase this exclusive report here: https://www.coherentmi.com/industry-reports/asia-fast-fashion-market/buyNow

Top Questions Answered in this Report (FAQs):

  1. What factors are impeding the growth of the Asia Fast Fashion Market?

  2. What are the primary drivers fueling the growth of the Asia Fast Fashion Market?

  3. Which segment dominates as the leading component in the Asia Fast Fashion Market?

  4. Who are the key players actively participating in the Asia Fast Fashion Market?

  5. Which region is expected to take the lead in the Asia Fast Fashion Market?

  6. What is the projected CAGR of the Asia Fast Fashion Market?

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At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today’s rapidly changing business landscape.

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