Global Denim market Analysis:
Originally for the working class, denims were created for a comfortable rough-n-tough wear. Created for kids, men and women alike, the market for denim is majorly for casual wear and rugged material clothing. Sporty and younger sections of the society are increasingly looking into the denim market. Its wide adaptation has increased its categorization into jeans, jackets, skirts, dresses and others. The market for jeans is supposed to be the largest revenue generating with 75% market share. Of course, all this is also further categorized into a mass market, a standard and a premium market.
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Valued at US$ 10580 million in 2016 and it is expected to reach 11980 million by 2021, Expected to grow by a CAGR of 5.8% by 2021. The Asian Retail Clothing industry has witnessed immense growth in the recent years. North America has been a huge market for this industry, accounting for about 30% revenue of the global denim market.
Growing technology, outsourcing, and extensive foreign investments has put Asia Pacific on the global map. China’s focus on the fashion industry has also led it to become a big market for denim. It’s a global supplier for denim to the US and Europe. India, also, is the fourth fastest growing retailing market in the world. Overall, the APAC region is expected to grow at a CAGR of 10% by 2023. The import export laws have also boosted the global market.
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The mass market held the largest revenue, because of its economic prices. And with the e-commerce sales going up in the denim sector, firms are moving towards mass customization. Some of the key players are Hennes & Mauritz AB, Levi Strauss & Co., The Gap Inc., VF Corporation PVH Corp, Kering, Pepe Jeans S.L., Bestseller A/S, and U.S. Polo Assn. All of them usually own speciality stores all over the world that account for about 23% of the market share.
Growing westernization across the world, rising disposable income, and demand for the denim market because of its comfort has led to its growth in the recent years. A new trend that has caught up is the use of polyester in denims. Firms like Raymond Limited and Arvind Limited are using this technique to increase the durability and abrasion resistance. Growing innovation in this industry, rigorous branding, attractive pricing, raw material and labour costs, appropriate disposal of plastics and worn clothes etc are all of concern to this industry and despite everything, the market is established enough to grow in the coming years.
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