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Market Insights
The global denim market, according to Market Research Future (MRFR), is estimated to attain a total valuation of USD 111.75 billion during the forecast period, 2023-2032.
Shifting consumer likes on the basis of social and brand trust factors and technology is set to create lucrative opportunities in the global denim market. Process digitization and optimization and streamlined inbound logistics are some of the factors that have impacted the production of the denim products
The denim market has received huge support in the fashion industry worldwide as young people become extremely fashion conscious, spending on branded nails increases. The growing preference of young people for denim is one of the most important factors for the growth of the market. In addition, rising per capita income supports the market. Denim is much preferred because of its durability, comfortable nature, and low maintenance cost. They are available in formal and casual wear and in a wide variety of shades. These factors strongly influenced market growth during the period evaluated.
On the side, the market growth might be restrained owing to new trade tensions, political barriers, and market uncertainties.
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Market Leaders
The leading giants of present in the apparel industry and key manufacturers of denim include Inditex, PVH Corp, Gildan Activewear, Inc., Uniqlo Co. Ltd, Hennes & Mauritz AB, VF Corporation, AG Adriano Goldschmied Inc., Citizen of Humanity LL, and Inditex, Levi Strauss & Co. Market Players embracing more on automation in a move to lead in market positioning are anticipated
Market Segmentation
The global denim market is segmented by type, consumer group, and distribution channel.
The type segment is segregated into slim fit and loose fit. The slim fit type of denim is said to remain dominant over the estimated period due to the increasing consumer preference for tight clothing following the trend. The other segment includes runners, trimmed denim, straight cut denim, loose denim, high waist denim, boots, and others.
The consumer group segment of the global denim market is bifurcated segmented into men and women. Of these, the female segment has the largest market share owing consumers follow styling ideas and develop fashion inspiration through social media and magazines. Demand for luxury and high-quality denim is accelerating, led by the female population due to increasing spending capabilities.
The global denim market is also divided by distribution channel as stored-based and non-store based. Of these, consumer preference for in-store channels is high due to the unique shopping experience accessible to consumers. While store-based distribution channels include convenience stores, supermarkets/hypermarkets. The non-store-based distribution segment include e-commerce platforms where consumers can visit and purchase through various online sites.
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Regional insights
North America is an attractive region among manufacturers and can be attributed to the growing portfolio of denim products from leading manufacturers. Innovation in color shades a design and is another factor contributing to the growth of the market. In addition, major manufacturers focus on promotional activities to inform consumers about new product launches.
The European market is considered an important part of the global market due to the development of the latest products and technology upgrades in this region. Consumers in this region prefer to wear denim more than other regions, which further contributes to market growth.
The Asia Pacific region is a lucrative region for denim manufacturers worldwide and is expected to grow exponentially. With the growth of the middle-class population and mass urbanization, the market in this region is considered expanding. In addition, the growing per capita disposable income has led to a rise in denim sales in this region.
Recent Industry Updates
Banana Republic’s parent company announced new sustainability goals for the Banana Republic that comprise 100% sourcing cotton by 2030, declining water impacts and deploying most eco-friendly manufacturing methods.
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