Forecast of the fast fashion apparel market size worldwide from 2021 to 2027

The value of the fast fashion market worldwide was estimated to be worth over 106 billion U.S. dollars in 2022. This was forecast to rise considerably in the following years. In 2027, the global market value of fast fashion was forecast to reach a value of approximately 185 billion U.S. dollars.

H&M and Zara

Two of the major brands in the fast fashion industry are H&M and Zara. These two brands have jostled for position as the market leader in recent years, with the title for highest brand value changing hands on several occasions. In 2022, Zara came out on top, with a value of approximately 15 billion U.S. dollars. Zara is owned by the Spanish company Inditex, which also operates brands such as Bershka and Pull&Bear.

Shein making gains in the U.S.

However, these two brands have faced increased competition from online retailers, one of the most notable being Shein, the Chinese fast fashion company. Shein saw its share of the fast fashion market in the United States more than double from March 2020 to 2022, claiming the largest portion of the market. This came at the expense of brands such as H&M, which lost a 10 percent share.