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Drivers and Restraints
The expansion of the Global Denim Market is primarily bound to many macroeconomic and microeconomic factors. For instance, shifting perception associated with executive or work wear has resulted in a significant elevation in the demand for bottom wear products. Growing demand for denim jeans products has compelled the brand owners as well as the manufacturers to introduce a wide range of denim jeans, which cater to the requirements of the official wear. Manufacturers are progressively adopting the fiber technology which enables them to offer denim jeans products for the activewear and athleisure, apart from the workwear and casual wear. Thus, burgeoning demand for denim jeans products is further anticipated to bolster the global Denim Market in the coming years.
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However, the introduction of yoga pants along with various activewear could pose a threat to the ongoing growth of the Denim Market. But this can be touted as a healthy competition, as the demand for denim jeans will not experience a downfall. This fact is backed by the elevated product demand among the youth as denim is a tough and durable material, in addition to being stylish and fashionable.
Segmentation:
The Global Denim Market is segmented on the basis of Type, Consumer and Distribution Channel.
By Type, the market is segmented into the mass market, standard and premium.
The Consumer-Based demographic segments in the global market include men, women, and children.
Depending on the Distribution Channel, the Market is segmented into specialty stores, supermarkets & hypermarkets, department stores, exclusive stores and online.
Industry Update
November 2018 – Levi Strauss & Co. is striving to raise USD 600 million to USD 800 million in an initial public offering (IPO). The company along with Goldman Sachs Group Inc. and JPMorgan Chase & Co. is planning to go public in the first quarter of 2019. The company aims to be worth more than USD 5 billion, focusing on strengthening its position in the Denim Market globally.
Key Players
The H&M Hennes & Mauritz, Levi Strauss & Co., PVH Corp, VF Corporation, Kering, Besteller A/S, Pepe Jeans S.L., Gap Inc., U.S. Polo Assn. are among few of the leading companies in the global Denim Market.
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Regional Outlook
Based on region, the global market for denim jeans is segmented into Europe, North America, Asia Pacific, Latin America and the Rest-of-the-World (RoW).
Globally, North America accounted for more than 30% share of the total generating revenue in the year 2016, clinching the position of the top region in the global market.
Whereas, the Asia Pacific region is making similar strides, with the trade pundits predicting that the region will grow at a significant CAGR over the forecast period. This growth is backed by factors like the massive surge in digitization within the apparel industry coupled with significant advancement in new denim knitting technologies.
Moreover, the Europe market for denim jeans is set to expand at a steady rate on account of the growing male customers looking for convenient and comfortable wear. In addition, the availability of various fits and cuts aims to satisfy different types of customers, which will further accelerate the sales of denim jeans in the Europe region in the coming years.
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