Market Scenario
Denim is immensely popular across the world and has no rival. The popularity of denim material knows no bounds. Leave alone the clothing, but denim accessories such as belts, bags, and shoes too perceive a vast demand. For some, denim is one of the most fashionable and a must-have wardrobe item; for others, it's sturdy working clothes, and some think it symbolises disobedience. No matter what, denim has become a fashion quotient and a style symbol. Denim is available in a wide variety of shades.
The rising consumer preference also reflects the comfort, low maintenance, and durability that denim materials offer. Needless to say, denim is a vigorously growing industry and one of the most lucrative businesses across the globe. Subsequently, the denim market garners tremendous traction worldwide. According to Market Research Future (MRFR), the global denim market share is expected to reach USD 108.32 billion by 2030, registering a 6.67% CAGR during the forecast period.
Popularity and preference are the key factors cumulatively contributing to market growth. With rising technology upgrades, denim has evolved dramatically. Many advanced manufacturing techniques and technology-based versions of denim have been seen in the market lately. While antiviral and antimicrobial technology is profusely used in the textile industry for healthcare textile and clothing requirements, tech-denim has gained prominence recently.
Subsequently, industry players have started investing considerable time, effort, and funds to put together a range of sustainable fabrics with antimicrobial properties. Denim with chlorine coated surfaces not only kills but also destroys microbes at a faster rate to avoid transmission. Consequently, it is expected that chlorine coated denim materials would garner immense attention during the unprecedented COVID-19 era.
The denim sector has been adopting new digital tools for online retail and integrating more comfort-stretch technology into fabrics for some time. However, coronavirus impacts have forced the industry to come to terms with an unfamiliar retail landscape, accelerating existing retail trends. The pandemic has sped up the online evolution of the industry. Distribution, closely connected to eCommerce platforms, is thriving. As long as manufacturers deliver on consumers' demand for comfort and performance, the denim industry stands a fair chance to join the casual apparel rebound.
Global Denim Market: Competitive Analysis
Highly competitive, the global natural denim fabric market appears well-established due to the presence of several key players. The market looks fragmented, with a plethora of similar offerings available locally as well as internationally. To gain a substantial share in the market, players incorporate strategic initiatives such as mergers and acquisitions, expansion, and product or technology innovation.
Manufacturers use social media platforms to run promotional activities and create awareness among consumers about a new product launch. They partner with e-commerce platforms to strengthen their network and increase sales.
Which are the top companies in the denim market?
Major Players:
Players leading the global denim market players include Inditex (Spain), American Eagle Outfitters Inc. (U.S.), Levi Strauss Co. (U.S.), Uniqlo Co. Ltd. (Japan), Hennes Mauritz AB (Sweden), PVH Corp. (U.S.), Gildan Activewear Inc. (Canada), Citizen of Humanity LLC (U.S.), AG Adriano Goldschmied Inc. (U.S.), and VF Corporation (U.S.), among others.
Global Denim Market – Segments
The report is segmented into four dynamics;
By Type : Loose Fit Slim Fit., and others.
By Consumer Group : Male and Female
By Distribution Channel : Store-Based and Non-Store Based
By Regions : Americas, Europe, Asia Pacific, and Rest-of-the-World
Global Denim Market: Regional Analysis
North America dominates the global denim market. The region is considered an attractive space for manufacturers, holding 34.7% of the overall market share. The largest share of the market is attributable to the presence of notable industry players and a large consumer base. The North American denim market analysis is expected to retain its leading position throughout the review period.
In the world denim market, Europe comes in second. The market is fueled by the existing fashion industries and the substantial presence of denim manufacturing facilities. During the anticipated timeframe, a sizable CAGR is predicted for the European denim market outlook.
The Asia Pacific region is an attractive market for denim clothing. While the region remains a reputed market for western manufacturers, there are many local manufacturers. Regional players pose fierce competition for western players by increasingly launching innovative denim materials. Moreover, denim clothing and accessories are immensely popular among demographics, which impacts market growth positively.
While China is the largest producer of denim materials, India is the largest consumer market for denim. The popularity of denim products is quite high in India. Besides, India is one of the largest fashion and media and entertainment industries, making it a hub for denim. With the rising per capita disposable incomes and consumer base, denim sales would keep accelerating in this region.
Industry/Innovation/Related News
June 24, 2020 KG Denim Ltd. (India), a primer denim and apparel fabric manufacturer, launched its new denim, BioRefresh, developed with rechargeable chlorinated-finished smart technology. The new denim's antimicrobial and antiviral power is renewed with every bleach wash, during normal laundry processes. Developed in-house, finish smart technology enables the fabric to repeatedly absorb chlorine from commonly available detergents to disinfect the fabric and remain effective for up to 80 washes. The chlorine on the surface of the fabric has been found to be non-harmful, passing the skin sensitivity tests.
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