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.
The global Denim Industry is projected to garner USD 128,643.1 million during the forecast period (2018-2023).
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. 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.
The 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.
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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.