Denim is a rugged cotton twill textile wherein the weft passes under two or more warp threads. This fabric is used to prepare various products such as jeans, shirts, jackets, and bags. The fabric is mainly known for its durability and comfort.
The denim segment has always been a leading component of the global fashion industry and the market is expected to witness substantial growth during the forecast period of 2018 to 2023. Rapid urbanization and increasing per capita disposable incomes are resulting in an increased demand for denim apparel. Frequent innovations in products and a booming organized retail sector are also expected to fuel the growth of the global denim market. However, the counterfeiting of products is likely to hinder market growth.
The growth of the organized retail sector, especially in tier-2 and tier-3 cities across the globe, is aiding the growth of the global denim market. This includes various retail chains such as supermarkets/hypermarkets and specialty stores, among others.
The global denim market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world. North America is an attractive market for denim manufacturers. The region is expected to account for 34.7% of the market share in 2018 and is projected to expand at a moderate growth rate during the forecast period of 2018 to 2023. The expanding product portfolios of key manufacturers is a significant factor for the growth of the market in North America. Innovations in the colors and design of denim are also expected to positively impact the growth of the regional market.
Europe accounted for a major share of the global denim market in 2017 and the regional market is expected to remain dominant during the forecast period. The growth of the denim market can be attributed to the development of new products along with technological upgradations.
Asia-Pacific is considered to be a lucrative destination for denim manufacturers. The region accounted for approximately 22.1% of the total market share in 2017. The market in Asia-Pacific is projected to register the highest growth rate of 5.11% during the forecast period. The growth of the denim market in Asia-Pacific is expected to be driven by rapid urbanization and a growing middle-income population.
The rest of the world consists of South America, the Middle East, and Africa. The market is estimated to reach USD 9,429.5 million by the end of 2023 at a substantial growth rate of 4.80%. South America is expected to be the largest market in the region during the forecast period of 2018 to 2023.
The global denim market has also been segmented on the basis of type, consumer group, and distribution channel.
On the basis of type the global denim market has been divided into loose fit, slim fit, and others. In 2018, the slim fit segment is expected to account for the majority of the market share and is projected to reach USD 62,268.0 million by 2023 at the highest CAGR of 4.80%.
Based on consumer group, the global denim market has been classified as male and female. The female segment is expected to hold the larger market share of 55.3% in 2018 and is projected to reach USD 70,602.3 million by the end of 2023. The male denim segment is expected to register the higher growth rate of 4.77% during the forecast period.
By distribution channel, the market has been segmented into store-based and non-store-based. The store-based segment is expected to be larger as it offers consumers an in-person experience. However, the non-store-based segment is expected to register the higher CAGR of 5.30%.
The leading market players in the global denim market are PVH Corp (US), Inditex (Industria de Diseño Textil SA) (Spain), Hennes & Mauritz AB (H&M) (Sweden), Levi Strauss & Co. (US), VF Corporation (US), American Eagle Outfitters, Inc. (US), Gildan Activewear, Inc. (US), AG Adriano Goldschmied, Inc. (US), Uniqlo Co. Ltd (US), and Citizen of Humanity LLC (US).
• Denim manufacturers
• Cotton manufacturers
• Button industry
• Linen manufacturers
• Retailers and wholesalers
• E-commerce companies
• Traders, importers, and exporters
• Key manufacturers are emphasizing mergers & acquisitions and product launches to enhance sales volume in developed and developing economies.
• Brands are deploying an omnichannel strategy to provide a seamless shopping experience and be available on multiple platforms across both online and offline channels to increase visibility. Many apparel manufacturers are embracing the omnichannel strategy to appeal to tech-savvy customers and increase their reach.
Global Denim Market Research Report—Forecast till 2023:
As per MRFR analysis, the global denim market is estimated to reach USD 1,28,643.1 million by the end of 2023 at a CAGR of 4.60% during the forecast period.
The report also offers a regional analysis:
• North America
o Rest of Europe
o Australia & New Zealand
o Rest of Asia-Pacific
• Rest of the World
o South America
o Middle East