Apr 06, 2020 (Heraldkeepers) -- Market Insight
Global Denim Market 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 market 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.
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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.
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.
Global Denim Market 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 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.
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Geographically, the denim market has been studied under four major regions, namely, Europe, Asia Pacific, North America, and Rest-of-the-World (RoW).
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 has resulted in the increasing sales of denims in this region.
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