psalexa

Denim Market to Generate Revenue Worth $79.2 Billion by 2023

  • Published: October 2018

The global denim market was valued at $56.1 billion in 2017 and projected to surpass $79.2 billion by 2023, at a CAGR of 5.8% between 2018 and 2023.

The jeans category held the largest revenue share in the market in 2017, and it is expected to continue holding the largest share during the forecast period. This is due to the increasing demand for this casualwear product globally, primarily among the younger population.

Fusion of Denim in Traditional Wear and Workwear a Major Market Trend

Denimwear is been increasingly adopted as workwear (business casuals), with the increasing trend of casualization in the corporate set-up. Men and women are rapidly carrying denim jackets with formal pants, or carrying denim jeans as formal wear. Companies are including denim products as a part of their regular work culture, in order to promote uniformity and a relaxed work environment. Further, with the modernization and changing preferences of women, denim fusion in traditional wear is becoming a major denim market trend.

Improving Organized Retail and Introduction of Innovative Solutions are Driving the Market

The expansion of organized retail across the globe is driving the denim industry. Depending on the texture, comfort, style, and wash, the price of the denim products differs. Denim wearables for consumers with varied needs and budgets, from cheap to luxury denim products, are now available in the market. Moreover, the denim market is exhibiting constant innovations with new designs, washes, cuts, and embellishments, which are keeping consumers interested. Additionally, yarn manufacturers are introducing innovative solutions and new varieties of denims, including those made from blended cotton yarn and biodegradable yarn, which is made of wood pulp, to offer consumers softness, comfort, and physical flexibility.

Segmentation Analysis of Denim Market

Denim Market

  • The premium segment is expected to be fastest growing category during the forecast period. This can be attributed to the growing Westernization, rising number of high-net-worth individuals, and rising number of upper-middle-class people across the globe.
  • Specialty stores held the largest share in the denim market in 2017, due to the fact that this distribution channel offers several brands under one roof and also feature attractive pricing.

Geographical Analysis of Denim Market

Together, North America and APAC are expected to account for around 64.0% share in the global denim market by 2023. This can be mainly attributed to the rising disposable income, increasing acceptance of casualwear in the workplace, , growing retail sector, and increasing demand for denimwear by working women.

Within APAC, the denim market in India is expected to grow the fastest during the forecast period. This can be ascribed to the increasing acceptance of denim as regular wear, escalating demand for denim products by children and women in rural areas, and expanding organized retail sector in the country.

Among the several Middle Eastern countries, Turkey held the largest share in the denim market in 2017. The increasing use and production of denim products in the country, coupled with high-volume exports to countries such as Tunisia, Morocco, Italy, and Bangladesh, are the major factors driving the growth of the Turkish market.

Competitive Landscape of Denim Market

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

In September 2018, H & M Hennes & Mauritz AB launched its autumn/winter recycled collection, which includes fabrics such as recycled cashmere, a velvet made from recycled polyester as well as the leftover ECONYL from previous collections. The collection includes a black coat with waist-high side slits and a collar, which is made from a recycled bend of wool, and all-over sequined flower jacket made of yarn obtained from recycled polyethylene terephthalate (PET) bottles.

>>>>>>