Denim Market by Product (Jeans, Jackets & Shirts, Dresses), by Segment (Mass Market, Standard, Premium), by Consumer Type (Men, Women, Children), by Distribution Channel (Specialty Stores, Department Stores, Hypermarkets & Supermarkets, Online, Exclusive Stores), by Geography (U.S., Canada, Germany, France, U.K., Italy, Spain, Netherlands, Russia, Belgium, China, Japan, India, Philippines, South Korea, Australia, Pakistan, New Zealand, Thailand, Malaysia, Vietnam, Brazil, Mexico, Turkey, U.A.E., Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013 – 2023

Denim Market Overview

The global denim market was valued at $56,178.1 million in 2017 and is forecasted to witness a CAGR of 5.8% during 2018–2023. Changing Asian retail clothing industry and growing global e-commerce industry buoyed the overall denim market.

On the basis of product, the denim market has been categorized into jeans, jackets and shirts, dresses, and others, wherein others include tops and shorts. Of these, the market for jeans is expected to continue holding the largest revenue share, during the forecast period. This is attributed to high demand for distressed and casual-wear globally, especially among the young populace.

GLOBAL DENIM MARKET, BY PRODUCT, $M (2013 – 2023)

On the basis of segment, the denim market has been categorized into mass market, standard, and premium. Globally, mass market segment held largest revenue share in 2017, as majority of the populace prefer high quality clothes at reasonable price. Customers demand for cost-effective denim wear in addition to comfort is also boosting the market growth. However, with growing westernization, mounting upper middle-class population throughout the globe and rising number of high net worth individuals (HNWI), the demand for premium denim market is expected to witness fastest growth, during the forecast period.

On the basis of consumer type, the denim market has been segmented into men, women, and children. Of these, men category is expected to continue holding the largest market share, during the forecast period, owing to heavy demand for casual-wear and rugged-material clothing by men across the globe. Denim-wear has proved to be the go-to clothing for men, who are widely adopting denim clothing for various purposes, from casual-wear to work-wear and party-wear.

Denim Market Dynamics

Trends

The penetration of western fashion and western life style has accelerated the casualization of clothing across the globe. It has boosted the adoption of casual fashion apparels like denims, dresses, shirts, tees, and casual shirts among working as well as non-working-class group. Also, the changing perception of executive wear in corporates due to casualization, is driving the demand for denim products, globally. The change in perception has led to acceptance of denim including jeans as business casual attire for the working class.

Another key trend observed in the market is the use of polyester in denim products. Despite there being a mixed opinion of fashion industry experts about blending polyester in denim when it comes down to the nitty-gritty of manufacturing a garment, manufacturers such as Raymond Ltd. and Arvind Limited are observing polyester as one of the best fibers to use as it provides durability and is abrasion-resistant.

Drivers

The concepts of e-marketplace and e-commerce have completely revolutionized the fashion industry including denim market, in the past few years. With the convenience of shopping from home to choosing favored brands and product comparisons, the presence of clothing on digital platform is itself a new trend in the global market. Globally, e-commerce portals have boosted the sale of denim apparels, right from special variants of denim dresses to denim casual wear. Online mode has emerged as a preferred distribution channel for denim vendors, as the channel enable vendors to provide customized denim products as per the customer’s requirements of size and color.

The Asian retail clothing industry witnessed incredible growth in the recent years. The increasing technology developments, changing demographics and increasing foreign direct investments (FDIs) have been the key driving factors for the clothing industry in the region. Moreover, relaxation in export/import laws by various governments have boosted the inflow and outflow of fabrics and other clothing related accessories to a greater extent. This has also increased the sale of denim-based products in the last few years.

Restraints

Emergence of yoga pants as new blue jeans is hindering the growth of denim market, globally. Sporty and young section of the society is fearlessly, strutting yoga pants everywhere, all day as their leg covering choice, and has gained momentum in the recent past. Its increasing popularity is creating a hurdle in the growth of denim market. Moreover, many women today consider their traditional long blue/black yoga pants as an essence of casual dressing and an activewear option. Yoga pants being staple of a new fashion category of the sports class, have been gradually branded with Athleisure, creating a hinderance to the mass adoption of denim among sports/workout enthusiasts.

Opportunities

Asia is witnessing significant demographic changes with the advancement and innovations in technologies across industry verticals. With this change, China is also increasingly focusing on innovations in cloth manufacturing. The country is currently a significant global supplier of denim, and it also exports them majorly to the U.S. and Europe markets. Through this, China is setting the stage for APAC to emerge as a growing supplier of denim cloth worldwide.

Global Denim Market Competitive Landscape

Global denim market is highly competitive, where the top four players accounted for highest market revenue in 2017. There are large numbers of global, regional and country-specific players making the market highly fragmented. The companies are not only focusing on the sales of jeans, the major part of denim revenues, but also for other categories including shirts, jackets, shorts and dresses.

Some of the key players operating in the denim market are Levi Strauss & Co., The Gap Inc., VF Corporation, H & M Hennes & Mauritz AB, PVH Corp, Kering, Pepe Jeans S.L., Bestseller A/S, U.S. Polo Assn.