Denim Market Size, Key Players, Application, Statistics, Gross Margin | Forecast
Market Scenario
The global denim market size is projected
to garner USD 128,643.1 million during the forecast period (2018-2023). The
global market is anticipated to experience 4.60% CAGR owing to the growing
preference of denim apparel among the youth, asserts Market Research Future
(MRFR). Denim is referred to as a rugged cotton twill textile or a fabric which
is used to prepare products such as shirts, jeans, bags, jackets, and other
accessories. Evolved from the demand of American gold-miners in order to
withstand the work stress, has gained huge acceptance especially among the
youth population. The first denim manufactured was in the year 1873 by Levi
Strauss and Jacob Davis. Today denim is a fashionable and important item in
every wardrobe and has become one of the most lucrative businesses across the
globe.
Denim industry has gained huge acceptance
in the fashion industry across the globe. With youth becoming extremely fashion
conscious, the spending on branded denims have increased. The increasing
preference for denim apparel among the youth is one of the major drivers for
the market growth. Also, the augmenting per capita income among the youth is
supporting the market to a great extent. Denims are largely preferred due to
its durability, comfortable nature, and low maintenance. They are available in
formal as well as casual wear, and a wide variety of shades. Such factors have
highly influenced the market growth during the assessment period. The growth of
e-commerce and organized retail sector has further contributed to the growth of
the market. With the growth of several retail chains such as specialty stores,
supermarkets, and hypermarkets, the denim market is anticipated to flourish
during the estimated period. Development of retail sectors is taking place in
tier-2 and tier-3 cities besides major cities, which has further accelerated
the reach of denim products. Additionally, with the growing number of shopping
malls and availability of denim products through e-commerce have further
increased the sales of the market across the globe.
On the flip side, counterfeit products are
considered one of the common restraints to the growth of the market. Several
popular brands undergo the fight against fake products in the global market.
For instance, in August 2017, LEVI’s had filed a complaint in the US district
court stating that a group of unnamed defendants had created an e-commerce site
selling counterfeit LEVI’s products to the consumers.
Competitive Dashboard
The prominent players operating the global
denim market are PVH Corp. (U.S.), Inditex (Spain), Hennes & Mauritz AB
(Sweden), Levi Strauss & Co. (U.S.), VF Corporation (U.S.), American Eagle
Outfitters, Inc. (U.S.), Gildan Activewear, Inc. (Canada), AG Adriano
Goldschmied, Inc. (U.S.), Uniqlo Co. Ltd (Japan), Citizen of Humanity LLC
(U.S.).
Expansions and new product launches seem to
be prime strategies of players to create brand awareness and attain new
demographics. For instance, Gildan Activewear SRL has recently announced the
availability of American Apparel lineup through its online stores, making it
available in 200 countries and above.
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Segmental Analysis
The global denim market
size has been segmented on the basis of type, consumer group, distribution
channel, and region.
By
mode of type, the global denim market has been segmented into loose fit, slim fit, and others. Loose fit denims account for 34.8%
of the denim market share and is estimated to expand at a moderate rate owing
to the texture and comfort it offers. The slim fit denims are considered to
retain its dominance during the estimated period owing to the rising preference
of the consumers towards skinny fit apparels. The others segment comprises
joggers, straight fit, cropped jeans, high waisted jeans, baggy jeans, boot
cut, and others. This segment is likely to expand at 4.46% CAGR during the
appraisal period.
By
mode of consumer group, the global denim market has been segmented into male and female. Among these, the female segment is considered to
hold the major market proportion as women consumers follow the style ideas and
develop fashion inspirations from social media and magazines. The demand for
luxury and premium denim is accelerating at a high pace over normal denim among
the female population due to the increasing per capita disposable income. The
segment is expected to be worth USD 70,602.3 million by 2023.
By
mode of distribution channel, the global denim market has been segmented into store-based and non-store-based. Among these, the consumer
preference towards store-based channels is high due to the one-stop shopping
experience offered to the consumers. While store-based distribution channels
include convenience stores, supermarket/hypermarket, and others, the
non-store-based distribution channel comprises several e-commerce platforms
where the consumers can browse through several shopping sites. The non-store
channel is expected to experience a robust CAGR of 5.30% over the forecast
period and net higher profit margins for the denim market analysis.
Regional Insights
Geographically, the denim market analysis has
been studied under four major regions, namely, Europe, Asia Pacific, North
America, and Rest-of-the-World (RoW).
Among all the regions, North America is
considered to be an attractive region among the manufacturers and demonstrate
4.37% CAGR over the review period to touch USD 44,060.3 million at the end of
2023. This can be credited to the expanding product portfolio of denim by the
major manufacturers. Innovation in design and color is another factor considered
to contribute to the market growth. Moreover, key manufacturers are focusing on
promotional activities in order to create awareness among the consumers
regarding new product launch. Such factors are likely to influence the market
growth to a great extent in this region.
With 4.45% CAGR over the assessment period,
the European market is considered to occupy a major share in the global market
owing to the development of latest products and technological upgradations in
this region. Consumers in this region are seen to prefer wearing denim more
compared to other regions, which further contributes to the market growth.
Moreover, the market is predicted to garner USD 15,550.9 million owing to the
increased adoption of distressed denim and discount offerings.
The Asia Pacific region is considered to be
a lucrative region among denim manufacturers across the globe and is predicted
to register 5.11% CAGR from 2018 to 2023. With the rising middle-class income
population coupled with mass urbanization, the market in this region is
considered to flourish. Moreover, the rising per capita disposable income of
the consumers have resulted in the increasing sales of denims in this region.
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