April 22, 2024
Europe Fast Fashion Market
Ict

Europe Fast Fashion Market is Witnessed Exponential Growth Driven by Sustainable

Production As European consumers are demanding more sustainable and affordable clothing, Europe fast fashion market has grown exponentially over the past few years. Fast fashion products such as affordable apparel, accessories, and footwear are designed and manufactured quickly in response to the latest trends showcased on ramps and runways. With an increasing focus on reducing waste and adopting circular business models, key fast fashion brands like H&M, Zara, and Primark have invested in sustainable production.

The Global Europe Fast Fashion Market is estimated to be valued at US$ 48.34 Mn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2030.

Key Takeaways

Key players: Key players operating in the Europe fast fashion market include H&M, Zara, Primark, C&A and New Look. H&M remains the leading player with presence across multiple European countries.

Growing demand: Rising disposable incomes and presence of tech-savvy millennial population have fueled the demand for fast fashion in major European markets like UK, Germany, France and Italy. Affordability and rapid changes associated with fast fashion brands fulfill the on-trend clothing needs of young consumers.

Global expansion: Leading European fast fashion brands are expanding their global footprint through online channels and company-owned stores. Zara has expanded aggressively in North America and Asia to cater to rising demand beyond the European region.

Market key trends

The growing emphasis on sustainability in the fashion industry has emerged as a key trend in the Europe Fast Fashion Market Demand ┬áspace. Major fashion brands are investing in recycled fabrics, renewable energies, water reduction techniques and take-back programs to reduce environmental impact. H&M’s ambition to use only recycled or sustainably sourced materials by 2030 is transforming the supply chain globally.

Porter’s Analysis

Threat of new entrants: High capital requirements and established brand value of existing players make entry difficult for new players.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and price sensitivity of target customers.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute sourcing options and bargaining power of retail brands.

Threat of new substitutes: Threat of substitution is moderate as fast fashion appeals to fashion-conscious customer segment looking for latest trends at affordable prices.

Competitive rivalry: Intense competition exists among existing brands to cater to changing consumer preferences and capture market share.

Geographical Regions

Western Europe accounts for the largest share in the Europe fast fashion market currently, led by countries like UK, Germany, France and Italy. Presence of major retail brands and higher disposable incomes contribute to its concentration in this region.

Central and Eastern Europe is witnessing the fastest growth due to improving economies, rising populaces and catch-up with latest fashion trends prevalent in the Western part of the region. Countries like Poland, Hungary, Czech Republic offer lucrative opportunities for fast fashion brands.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it