by India’s fast fashion market is riding high on the personalization trend amid growing demand for unique and latest designs.
The fast fashion industry refers to design and manufacturing of clothing trends in a speedy and affordable manner to meet rapidly changing consumer preferences. Fast fashion brands aim to make the latest global fashion trends accessible to the masses within a couple of weeks of being showcased on the ramps. They produce affordable clothing in response to the most recent fashion trends. The fast fashion business model focuses on high volume, low-cost production and quick turnaround to mass-produce copies of recent trends. Some key advantages include offering latest designs at affordable prices to meet consumer demands, ability to rapidly copy runway trends, and producing wide range of products under one roof. Growth in disposable income and rising fashion consciousness among Indian consumers has boosted demand for fast fashion products.
The Global India Fast Fashion Market Size Is Estimated To Be Valued At US$ 9.90 Bn In 2024 And Is Expected To Exhibit A CAGR Of 16% Over The Forecast Period 2024-2031.
Key Takeaways
Key players operating in the India fast fashion market are H&M, Zara, Forever 21, Mango, Topshop, Uniqlo, Marks & Spencer, Gap, Next, Vero Moda, Only, Max Fashion, Pantaloons, Westside, Fabindia, Global Desi, And, Biba, W, Aurelia. Key players focus on offering wide range of products at affordable prices and rapid launches of new collections every few weeks to keep customers interested.
The fast fashion industry has been witnessing rising demand owing to growth in young population, increasing brand consciousness, and rising disposable incomes in India. Rising internet and smartphone penetration has further bolstered the online sales of fast fashion products.
Several global fast fashion giants are expanding their footprint in India through online platforms as well as physical stores. Domestic players are also amplifying their presence across the country to cater to the growing demand from tier I, II and III cities. E-commerce giants are collaborating with fashion brands to expand their fast fashion products portfolio.
Market Key Trends
One of the major trends witnessed in India’s fast fashion market is increasing focus on personalization. Fast fashion brands are introducing personalized clothing lines, accessories, made-to-order options to offer customized products to young customers who prefer unique designs. Options like print-on-demand, customized fabrics, customized fitting are gaining popularity. This allows customers to design pieces according to their liking while receiving benefits of fast fashion like latest trends, quick delivery and affordable rates. The trend is expected to further accelerate as customers are willing to pay extra for personalized clothing and personalized shopping experiences.
Porter’s Analysis
Threat of new entrants: High capital requirements and economies of scale make entry difficult in the fast fashion industry in India. Bargaining power of buyers: Large retail chains and e-commerce platforms have significant bargaining power over brands and designers. Bargaining power of suppliers: Well established fabric suppliers, accessory suppliers and logistic companies ensure reliable supply of raw materials at competitive prices. Threat of new substitutes: Alternate trends/genres in fashion are a constant threat that may reduce demand. Competitive rivalry: Intense competition exists among major global and local players to gain market share through competitive pricing and unique designs.
Geographical Regions
The western region of India accounts for the largest share in value terms of the Indian fast fashion market currently, led by states of Maharashtra and Gujarat. The high disposable incomes of consumers in major cities like Mumbai, Pune, Ahmedabad and Surat support premium spends on trendy apparel and accessories.
The southern region of India is expected to emerge as the fastest growing region for the fast fashion market during the forecast period. States of Tamil Nadu, Karnataka, Telangana and Kerala are witnessing rapidly increasing fashion consciousness among the young population, aided by rising incomes and expanding retail and online shopping infrastructure. Tier 2 and tier 3 cities in these states present significant untapped growth potential for fast fashion brands.
What are the key data covered in this India Fast Fashion Market report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the India Fast Fashion Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the India Fast Fashion Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- India Fast Fashion Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of India Fast Fashion Market vendors
FAQ’s
Q.1 What are the main factors influencing the India Fast Fashion market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top India Fast Fashion Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the India Fast Fashion market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
