Denim Market Research Report by Demand, Brand Strategy, Key Factors, Consumer Attention, Gross Margin, Sales Strategy and Segmentation by Type (Loose Fit, Slim Fit, Others), by Consumer Group (Male, Female), by Distribution Channel (Store-Based, Non-Store Based), and Region Global Industry Forecast to 2023
Market Research Future (MRFR) reveals that the Global Denim Market is projected to touch the valuation of USD 128,643.1 million by 2023. Also, the market is expected to achieve a CAGR of 4.60% during the forecast period (2018-2023).
Growth Boosters and key Barriers
E-marketplace and e-commerce are essential aspects that have transformed the fashion industry, which includes the denim market in recent years. With the rise in shopping from home to selecting favored brands as well as product comparisons, the availability of products on the digital platform is the latest trend within the worldwide market. The world over, e-commerce portals provide a significant boost to the sale of denim apparels, ranging from denim casual wear to distinctive variants of denim dresses. Online platforms have emerged as a popular distribution channel for denim companies, as the market is inundated with customized denim products developed according to the customer’s requirements of color and size.
Apart from this, the prevalence of western fashion and western life style has given way to casualization of clothing around the world. This factor has led to a hike in the adoption rate of casual fashion apparels such as denims, shirts, dresses, casual shirts and tees. Besides, the change in perception of formal wear in organizations owing to casualization, is accelerating the demand for denim products at a global level.
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Another significant trend piercing through the market is the increasing use of polyester in denim products. Despite the mixed opinions of fashion experts with respect to blending polyester in denim, manufacturers like Arvind Limited and Raymond Ltd. perceive polyester to be one of the best fibers as it offers durability and is resistant to abrasion. These factors are bound to stimulate market growth in the subsequent years.
Key Industry Participants
The key companies in the worldwide denim market include AG Adriano Goldschmied Inc. (U.S.), Levi Strauss & Co. (U.S.), PVH Corp. (U.S.), Uniqlo Co. Ltd (Japan), American Eagle Outfitters Inc. (U.S.), Gildan Activewear Inc. (Canada), Inditex (Spain), Citizen of Humanity LLC (U.S.), Hennes & Mauritz AB (Sweden), VF Corporation (U.S.), to name a few.
June 2019 Wrangler, along with Texas Tech University (TTU) and Tejidos Royo is developing a foam-dyed, water-free process to get rid of the waste produced from the conventional dyeing processes for denim.
The global market for denim has been segmented based on Type, consumer group, and distribution channel.
With context to Type, the denim market covers loose fit, slim fit, and others. Among these, the loose fit denim segment is responsible for share of up to 34.8% of the market and is believed to have further expansion at a moderate rate. Meanwhile, the dominance of the slim fit denim segment can be established with the increasing preference for skinny fit apparels among consumers.
Depending on the Consumer Group, the denim market has been considered for male and female. Out of these, the female segment covers the biggest share of the market as the demand for luxury as well as premium denim is mounting based on the rising per capita disposable income of the female populace.
The various Distribution Channels within the global denim market are store-based and non-store based. The consumer preference towards store-based channels is substantial as it provides them with a one-stop shopping experience.
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The denim market is split into the key regions of Europe, Asia Pacific, North America, and Rest-of-the-World (RoW).
North America is a highly attractive market for denim for manufacturers, occupying a share of almost 34.7% of the total market. The market growth will be moderate soon as a result of the expanding product portfolio by esteemed manufacturers. Also, with the rising focus on promotional activities by these players for creating awareness among consumers will lead the region to scale higher in the global market.
Europe, with a major share in the global market, thrives on the back of technological upgrades and advancements of latest products. The boost in the adoption level of distressed denim combined with discount offerings further adds to the strength of the regional market.
Asia Pacific is touted to be a highly profitable region for the denim manufacturers as evident by the expanding middle-class income population and mass urbanization. In addition, the growing per capita disposable income levels will have a direct impact on the sales of denim in the region, positively influencing the market growth in the years ahead.
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