ID: MRFR/CR/5669-CR | 108 Pages | Author: Snehal Singh | February 2021
The denim market is projected to register a CAGR of 6.67% from 2022 to 2030. Denim is a fabric manufactured from cotton, making it heavy and coarse in appearance. Denim was manufactured for office clothes before significantly gaining popularity as a fabric used in various clothing forms. Denim is a necessary and stylish staple in any wardrobe now. The denim market size is expected to reach approximately USD 108.32 million by 2030. Denim clothing production is a lucrative industry. Urbanization is growing, and denim shirts are becoming more popular, two major reasons that are anticipated to drive the market's expansion throughout the projected period. It is also projected that the rising popularity of flexible denim jeans made by fusing cotton with synthetic material would accelerate the expansion of the denim industry. The government's increased efforts to improve product manufacturing are also predicted to bolster the market for denim growth. On the other hand, the rise in the popularity of inexpensive wool clothing is predicted to restrain the market's expansion over the forecast period. Additionally, the raw materials are readily available, and denim clothing is continuing to advance, opening up additional expansion opportunities.
COVID-19 had a negative effect on the market for denim. Due to the lockdown, all businesses were forced to close, except those that provided essential services. This affected both clothing manufacturers and retailers as the supply and distribution of clothing products were disrupted. When the government instituted lockdown measures to stop the spread of COVID-19 and sealed international borders, the main market for denim was lost, which disrupted trade supplies of clothing materials. Export and import operations have been negatively impacted by the unprecedented COVID-19 pandemic, which has also resulted in restrictions on the movement of raw materials used to make denim jeans.
Denim Market Dynamics
Growing customer demand for casual wearable products like skirts and jeans made of denim fabric is anticipated to propel market expansion. The demand for opulent and extremely fashionable denim products is mostly driven by the rising quality young generation and their preferences for branded and premium wearables. Additionally, the growing inclination of the world's population for online clothing purchasing will probably fuel online sales of denim clothing, which in turn will fuel market expansion. Various Pumice stones have typically been soaked in potassium permanganate or sodium hypochlorite to create the well-known washed-down or worn effect of denim jeans. The color is eliminated when these stones are tumbled against the texture.
Denim jeans continue to be in high demand among the young population because of their ease of wear, comfort, and durability. In the upcoming years, it is expected that the growing demand for denim clothing will accelerate the market's expansion. Both renowned fashion houses and cutting-edge bespoke tailors are always updating denim. Nowadays it's effectively moved beyond its roots in labor clothing and the fabric itself. Currently on store shelves and targeted at the affluent niche market are fashion-forward types of denim, including ring denim, stretch denim, and two-ply denim. Although white denim is always in style, colored jeans are the newest trend.
Increasing demand for affordable wool clothing, the availability of alternatives on the market, variations in the cost of raw materials, and shifting consumer preferences are all predicted to restrain the market growth during the forecast above period. Additionally, the growing popularity of loose-fitting clothing, the voluntary adoption of simple lifestyles, particularly in the outfit segment, and social barriers for women, particularly in Middle Eastern nations like Dubai, Saudi Arabia, and other countries, are likely to restrain the rise of the market for denim.
The premium jeans market is also driven by denim-related accessories like bags and shoes and key market players' social media marketing campaigns. The impact of social media platforms is also predicted to propel market growth. Additionally, the growth in the denim jeans market is predicted to be significantly hampered by the growing textile market across the globe.
Distribution Channel Insights
The denim market segmentation, based on distribution channels, is online and offline. The denim market growth was prominently high under the offline category in 2021 due to the increase in specialized shops and fashion clothing stores and the availability of high-quality, reasonably priced products that draw more customers. Additionally, customers choose to visit branded stores and make in-store purchases. According to data from the 2021 Denim Survey conducted by CCI & Cotton Incorporated among 1,000 consumers in the U.K. between the ages of 18 and 60, 50% of U.K. consumers intend to buy denim jeans in stores.
End User Insights
The denim market segmentation, based on end user, is divided into men, women, and children. The men's segment had a dominant share in 2021 due to the market for men's clothing's rising acceptance of patched and studded jeans. Denim jeans have changed and are now more widely accepted among men around the world. They have continued to be essential pieces of clothing for physical labor. Straight-leg, tapered-leg, slim-fit, and skinny jeans are the most popular men's denim jeans types, with straight-leg, slim-fit, and skinny jeans selling significantly better.
Global Denim Market Share, by Region, 2021 (%)
Denim Market Overview, By Region
By region, the denim market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
North America was the most extensive market for denim share in 2021 due to the availability of well-known international brands and their ongoing invention of stylish denim collections in response to changing consumer tastes for colored denim trousers. To increase sales, well-known American apparel companies like Levi Strauss & Co., Wrangler, VF Corp., and others team up with sports figures and influencers to create motivational denim jeans lines for both men and women. Such endeavors by North American clothing companies will draw customers and increase demand for denim jeans.
Asia-Pacific is anticipated to encounter the fastest growth rate during the forecast period because international corporations rapidly expand in China, Japan, and other Asian nations. By renovating current stores and introducing new in-store services at numerous sites throughout the East Asia-Pacific (EAP) region, Levi Strauss & Co. launched an aggressive expansion strategy in April 2022. Additionally, the business intends to open more than 100 outlets in Thailand by 2022. Due to low labor costs and easy access to raw materials, well-known brands like Levi Strauss & Co., V.F. Corp., U.S. Polo Assn., H&M Hennes & Mauritz AB, and others emphasize growing their manufacturing bases and retail footprints. Furthermore, the high rate of youth adoption of western clothing is propelling the demand for denim jeans in Asia-Pacific markets.
Denim Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The key market participants generally pursue new market categories. In manufacturing, specialized robots programmed for a particular work environment are generally preferable to denim. For instance, in March 2022, To conserve water during the production process, H&M Hennes & Mauritz AB created a new denim line named "capsule collection" in partnership with suppliers who employ recycling water technologies. High-waist straight jeans, low-waist flares, dungarees, skinny jeans, miniskirts, and denim shirts are among the items in the collection, which draws inspiration from the late 1990s and Y2K.
Prominent players in the denim market research include Levi Strauss & Co.; V.F. Corp.; The Gap, Inc.; H&M Hennes & Mauritz AB; Kering S.A.; Pepe Jeans S.L.; PVH Corp.; Bestseller A/S; U.S. Polo Assn., among others.
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Denim Market Forecast & Size:
To identify and estimate the market size for the denim market report segmented by distribution channel and end-use by value (in US dollars). Also, to understand the consumption/ demand created by consumers of the denim market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the denim market growth
Market Influencing Factors:
To find out the factors which are affecting the denim market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||USD 108.32 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Distribution Channel and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Levi Strauss & Co.; V.F. Corp.; The Gap, Inc.; H&M Hennes & Mauritz AB; Kering S.A.; Pepe Jeans S.L.; PVH Corp.; Bestseller A/S; U.S. Polo Assn., among others.|
|Key Market Opportunities||Variety of denim products and promotional strategies on the social media platforms|
|Key Market Drivers||The growing popularity of denim clothing promotes market expansion.|
The denim market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~6.67% over the next 10 years, according to denim market research.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 108.32 million by 2030.
Levi Strauss & Co.; V.F. Corp.; The Gap, Inc.; H&M Hennes & Mauritz AB; Kering S.A.; Pepe Jeans S.L.; PVH Corp.; Bestseller A/S; U.S. Polo Assn., among others are the major companies operating in the market.
Key Questions Answered
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