Denim Market Share | Growth Opportunities and Forecast 2023

Denim is immensely popular across the world and has no rival.  The popularity of denim material knows no bound. Leave alone the clothing, but denim accessories such as belts, bags, and shoes too perceive a vast demand.  For some, denim is one of the most fashionable and a must-have wardrobe item, for some its sturdy working clothes, and some think it symbolizes disobedience. No matter what, denim has become a fashion quotient and style symbol. Denims are available in a wide variety of shades.

The rising consumer preference also attributes to comfort, low maintenance, and durability that denim materials offer. Needless to say, denim is a vigorously growing industry and the most lucrative businesses across the globe. Subsequently, the denim market garners tremendous traction worldwide. According to Market Research Future (MRFR), the global Denim Market Share is expected to reach USD 128,643.1 MN by 2023, registering 4.60% CAGR during the forecast period (2018-2023).

Popularity and preference are the key factors cumulatively contributing to market growth. With rising technology upgrades, denim has evolved dramatically. Many advanced manufacturing techniques and technology-based versions of denim were seen in the market lately. While antiviral/ antimicrobial technology is profusely being used in the textile industry for healthcare textile and clothing requirements, tech-denim is gaining prominence recently.

Subsequently, industry players have started investing considerable time, efforts, and funds to put together a range of sustainable fabrics with antimicrobial properties.  Denim with chlorine coated surfaces not only kills but also destroys microbes at a faster rate to avoid the transmission. Resultantly, it is expected that chlorine coated denim materials would garner immense attention during the unprecedented COVID 19 eras.

The denim sector has been adopting new digital tools for online retail and integrating more comfort-stretch technology into fabrics for some time. However, coronavirus impacts have forced the industry to come to terms with an unfamiliar retail landscape, accelerating existing retail trends. The pandemic has sped up the online evolution in the industry. The distribution closely connected to eCommerce platforms is thriving. As long as manufacturers deliver on consumers' demand for comfort and performance, the denim industry stands a fair chance to join the casual apparel rebound.

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Global Denim Market – Segments

The report is segmented into four dynamics;

By Type                         : Loose Fit & Slim Fit., and others.

By Consumer Group    : Male and Female.

By Distribution Channel        : Store-Based and Non-Store Based.

By Regions                     :  Americas, Europe, Asia Pacific, and Rest-of-the-World.

Global Denim Market – Regional Analysis

North America dominates the global denim market. The region is considered an attractive space for manufacturers, holding 34.7% of the overall market share. The largest share of the market attributes to the presence of notable industry players and a large consumer base. The North American Denim market is expected to retain its leading position throughout the review period.

Europe stands second in the global denim market. The market is driven by the strong presence of denim production facilities and well-established fashion industries. The European denim market is projected to grow at a significant rate of CAGR during the forecasted period.

The Asia Pacific region is an attractive market for denim clothing.  While the region remains a reputed market for western manufacturers, there are many local manufacturers. Regional players pose fierce competition for western players by increasingly launching innovative denim materials.  Moreover, denim clothing and accessories are immensely popular among demographics, which impact market growth positively.

While China is the largest producer of denim materials, India is the largest consumer market for denim. The popularity of denim products is quite high in India. Besides, India is one of the largest fashion and media & entertainment industries globally and thus a hub for denim.  With the rising per capita disposable incomes and consumer base, denim sales would keep accelerating in this region.

Global Denim Market – Competitive Analysis

Highly competitive, the global denim market appears well-established due to the presence of several key players. The market looks fragmented, with a plethora of similar offerings available locally as well as internationally. To gain a substantial share in the market, players incorporate strategic initiatives such as mergers & acquisitions, expansion, and product/technology launch. 

Manufacturers use social media platforms to run promotional activities and to create awareness among the consumers about a new product launch. They partner with e-commerce platforms to strengthen their network and increase sales. 

Major Players: 

Players leading the global denim market include Inditex (Spain), American Eagle Outfitters Inc. (U.S.), Levi Strauss & Co. (U.S.), Uniqlo Co. Ltd (Japan), Hennes & Mauritz AB (Sweden), PVH Corp. (U.S.), Gildan Activewear Inc. (Canada), Citizen of Humanity LLC (U.S.), AG Adriano Goldschmied Inc. (U.S.), and VF Corporation (U.S.), among others. 

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Industry/Innovation/Related News

June 24, 2020 ----- KG Denim Ltd. (India), a primer denim and apparel fabric manufacturer, launched its new denim -BioRefresh, developed with rechargeable chlorinated-finished smart technology. The new denim's antimicrobial and antiviral power is renewed with every bleach wash, during normal laundry processes. Developed in-house, finish smart technology enables the fabric to repeatedly absorb chlorine from commonly available detergents to disinfect the fabric and remain effective up to 80 washes. The chlorine on the surface of the fabric has found non-harmful, passing the skin sensitivity tests.

Note: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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