Pune, India, May 30, 2019 (GLOBE NEWSWIRE) -- Out of all the fabrics available, denim is the most recognizable in the present era. From being the work clothes of miners during the Gold Rush, it has become the iconic pair of trousers worn by all genders. The evolution of manufacturing the fabric has culminated in seventeen types of denim, with selvage denim heralding the title of being the most expensive. The denim market report on Wise Guy Reports (WGR) encompasses trends and opportunities which may be vital in getting a pulse on the current consumer demand.
Market Scope
The global denim market is expected to exhibit a stable growth at 4.60% CAGR from 2018 to 2023 (forecast period) to touch a valuation of USD 1,28,643.1 million. Rapid urbanization coupled with the development of cities is likely to augur well for the market owing to the migration of consumers. Innovations in denim apparel in relation to size, shape, and color are likely to entice customers in purchasing the apparel.
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The organization of the retail sector, which has culminated in malls and shopping complexes, has made it easier for the denim market to flourish. Denim makers have collaborated with retail stores for selling their merchandise. But the establishment of self-owned stores to get a closer insight into customer shopping patterns is likely to result in high footfall.
Celebrity endorsements are paving the way for the denim market to thrive successfully and reach new consumer demographics. Celebrities can act as the face of denim products and use social media channels for reaching out to their fan base. For instance, Pepe Jeans decided to crown Dua Lipa as their brand ambassador owing to her musical prowess and her latest hit pertaining to women.
But the slew of spurious products can threaten its growth.
Segmental Analysis
The global denim market is segmented on the basis of type, consumer group, and distribution channel.
On the basis of type the global denim market is segmented into loose fit, slim fit, and others. Among them, the slim fit segment is predicted to reach a value of USD 62,268.0 million by 2023 at a CAGR of 4.80% during the assessment period.
Women to be the Dominating Demographic for Denim
Based on consumer group, the market focuses on two segments - male and female. The female segment held 55.3% market share in 2018 and is projected to reach USD 70,602.3 million by the end of 2023. This can be attributed to inclination towards athleisure apparel which has led to denim manufacturers go out of their comfort zone to compete with other fabrics. The male segment is projected to generate revenue at 4.77% CAGR during the forecast period. Heavy demand for casual and rugged wear by men globally is projected to bode well for the denim market.
Store-based Channel – the Trusted Medium
By distribution channel, the market has been segmented into store-based and non-store-based. The store-based segment is expected to be the largest segment till 2023 owing to preference of personalized experiences by consumers. On the flip side, the non-store-based segment is expected to register a CAGR of 5.30% over the assessment period due to the penetration of ecommerce stores.
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Regional Analysis
The global denim market has been segmented, by region, into North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).
North America is an attractive market for denim manufacturers. The region is expected to account for 34.7% of the market share in 2018. The regional prospects can broaden due to the expanding product portfolios of key manufacturers. Innovations in the colors and design of denim are also expected to positively impact the growth of the regional market.
Europe accounted for a considerable market share in 2017. The regional growth of the denim market can be attributed to the development of new products along with technological upgradations.
Asia-Pacific held close to 22.1% of the total market share in 2017. The market in Asia-Pacific is projected to register the highest growth rate of 5.11% during the forecast period thanks to expansion of the working class and investments by cloth manufacturers to make it affordable. Lax policies related to trade coupled with foreign direct investment by major brands are expected to bode well for the regional denim market.
The RoW regions comprises South America, the Middle East, and Africa. The market is estimated to reach USD 9,429.5 million by the end of 2023 at a substantial growth rate of 4.80% during the assessment period. Within RoW, South America is expected to be the largest market in the region by 2023.
Competitive Scenario
Top players operating in the denim jean market include Gildan Activewear, Inc., VF Corporation, Levi Strauss & Co., PVH Corp, AG Adriano Goldschmied, Inc., Citizen of Humanity LLC, Uniqlo Co. Ltd, American Eagle Outfitters, Inc., Hennes & Mauritz AB (H&M), Inditex (Industria de Diseño Textil SA), and others.
Industry Trends
Sustainability – The denim industry has been accused of increasing the carbon footprint drastically due to the use of chemicals and extensive use of water. For instance, Levi Strauss & Co. has undertaken efforts for controlling emissions via the Water Less technique to reduce water usage by 96% in their lifecycle.
Furthermore, companies are reusing old jeans and dissolving it to the cellular level and reusing it in production. They are partnering with non-profit organizations to gain old clothing to create a circular economy.
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