May 29, 2024
India Fast Fashion Market

The Growing Popularity of Online Shopping Advances India’s Fast Fashion Market

The fast fashion industry in India has seen rapid growth in recent years driven by the growing popularity of online shopping. Fast fashion refers to low-cost clothing collections that become unavailable quickly and are replaced with new product lines within a short time span. It allows consumers to be up to date with the latest trends at affordable prices. Fast fashion brands in India offer a wide variety of apparel, footwear, and accessories for men and women on trendy designs and styles. The products come with innovative features like stretchable fabric, moisture-wicking material, and quick-drying technologies making them comfortable to wear. This has increased their demand among the young population who want to stay updated with changing trends without spending much.

The India Fast Fashion Market is estimated to be valued at US$ 9.90 billion in 2024 and is expected to exhibit a CAGR of 16.5% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market key trends:

One of the key trends driving growth in the India fast fashion market is the increasing popularity of online shopping. There has been a substantial increase in the number of internet and smartphone users in India over the past few years. This has encouraged many fast fashion brands to strengthen their presence on online shopping platforms and websites. Online shopping offers benefits like convenience, large product varieties, easy return policies, cash on delivery options, and doorstep delivery which have attracted more consumers to buy apparel through digital means. It has especially appealed to the young working population who want hassle-free shopping without spending time visiting brick-and-mortar stores. Growing penetration of internet and e-commerce is expected to continue boosting sales of fast fashion products through online channels in India.

Porter’s Analysis

Threat of New Entrants: The fast fashion industry in India is growing at a fast pace attracting several new domestic and international brands. However, established brands have strong brand reputation and economies of scale which create entry barriers for new entrants.

Bargaining Power of Buyers: Buyers have high bargaining power due to the availability of a large number of substitutable product options from different brands at competitive prices. Buyers can easily switch between brands based on product designs and pricing.

Bargaining Power of Suppliers: Textile suppliers have moderate bargaining power due to the availability of a wide range of fabric suppliers. However, established brands prefer to work with a set of trusted suppliers to ensure timely delivery of fabrics.

Threat of New Substitutes: Fast fashion competes with affordable clothing from various domestic and international retailers. Innovation in fabric and frequent collection changes help fast fashion brands to stay ahead of the competition.

Competitive Rivalry
: The Indian fast fashion market is highly competitive with the presence of several domestic and brands. Brands focus on frequent collection changes, affordable pricing, and omnichannel presence to attract customers and gain market share.

Key Takeaways

The India Fast Fashion Market Size is expected to witness high growth over the forecast period supported by rising disposable income, expansion of organized retail, and increasing brand consciousness among millennials and Gen Z. The India Fast Fashion Market is estimated to be valued at US$ 9.90 billion in 2024 and is expected to exhibit a CAGR of 16.5% over the forecast period 2023 to 2030.

North India currently dominates the India fast fashion market buoyed by higher discretionary spending. States like Delhi NCR, Punjab, Haryana, Chandigarh, and Uttar Pradesh account for over 35% of the market share. Meanwhile, West and South India are also exhibiting strong growth potentials supported by rapid urbanization.

Key Players
operating in the India fast fashion market are Only, Max Fashion, GAP, Next, Vero Moda, Pantaloons, Westside, Fabindia, Desi, AND, Biba, W, Aurelia, H&M, Zara, Forever 21, Mango, Topshop, Uniqlo, Marks & Spencer. They focus on frequent merchandising, affordable prices without compromising on quality, and omnichannel distribution to capture a larger market share.

Objectives of the Report:

1) Investigate and forecast the value and volume of the India fast fashion market.

2) Estimate market shares for major India fast fashion segments.

3) To demonstrate how the market for India fast fashion is evolving in various parts of the world.

4) Research and analyze micro markets in terms of their contributions to the India fast fashion market, as well as their prospects and individual growth patterns.

5) To provide precise and useful information on the factors influencing the rise of India fast fashion.

6) To provide an in-depth analysis of key business strategies used by major companies in the India fast fashion market, such as R&D, collaborations, agreements, partnerships, acquisitions, mergers, new product launches, and acquisitions, mergers, and acquisitions.

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