by India’s growing fashion industry has witnessed the emergence of fast fashion market in recent years. Fast Fashion products including trendy clothes, accessories and footwear at affordable prices have gained immense popularity among youth and millennial population in the country. Fast fashion products allow customers to stay on-trend in line with latest styles at competitive prices. The ever-changing designs and affordable rates have made fast fashion a consumer preference for updating wardrobes quickly and frequently.
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. Secondly, the increasing penetration of e-commerce platforms and rising digitalization has further facilitated the expansion and growth of key fast fashion brands in India. Some of the key online shopping sites in India include Myntra, Jabong, Ajio and Amazon Fashion. Thirdly, increasing global footprint of international fast fashion brands through new store openings coupled with collaborations with domestic Indian brands will drive further growth of the fast fashion market across urban as well as emerging tier II and tier III cities.
Market Drivers
The fast fashion market in India is witnessing steep growth owing to the rising disposable incomes of millennials and increasing urbanization in the country. India has one of the youngest populations globally with around 650 million population under the age of 25 years. This rapid increase in the young and millennial population with rising spends on apparel and fashion presents a massive opportunity for growth of fast fashion brands and retailers. Moreover, easy access to latest designs and trends, affordable pricing and quick turnaround are a few key attributes of fast fashion resonating well with the preferences of young Indian consumers.
PEST Analysis
Political: The government offers various incentives and subsidies to fast fashion brands looking to set up manufacturing units in India. It also focuses on developing infrastructure like roads, ports, railways etc to improve logistics.
Economic: The growing middle class and high disposable income is driving demand for affordable fashion in India. Lower manufacturing and labor costs also attract global fast fashion brands to source from India.
Social: Young population actively follows western trends on social media. They prefer trends, fits and styles from international markets. Emphasis on looking fashionable at affordable prices.
Technological: Fast fashion brands utilize technologies like virtual/augmented reality for design, 3D printing for sampling, AI/ML for demand forecasting and supply chain management. Online channels see high growth.
Geographical Concentration In Terms Of Value
The metros and tier 1 cities account for the majority of the market in terms of value considering the high disposable income and adoption of trends. Mumbai, Delhi, Bengaluru, Hyderabad and Kolkata exhibit high demand for fast fashion. However tier 2 cities like Ahmedabad, Jaipur, Lucknow, Chandigarh are emerging rapidly with rising incomes and exposure to global trends through internet/media. The market is expanding to smaller towns with opening of high street exclusive brand stores.
Fastest Growing Region
The southern region of India comprising of states like Telangana, Andhra Pradesh, Tamil Nadu, and Karnataka has been witnessing strongest growth rates. Cities like Chennai, Coimbatore, Vizag are seeing higher incomes and willingness to spend on fashion compared to other regions. Additionally there is emerging focus of global fast fashion brands to first establish presence through flagship stores, online channels in this region to leverage growth opportunities. Tier 2 cities in south are growing at over 20% annually providing fresh stimulus to the industry.
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’s growth between 2024 and 2031.
:- Accurate calculation of the size of the India Fast Fashion 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 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 vendors
FAQ’s
Q.1 What are the main factors influencing the India Fast Fashion?
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 companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the India Fast Fashion’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: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
