Denim Market Business Growth Analysis & Key Market Driver by 2027
Denim is a type of sturdy, long-lasting textile which is made by cotton fibers with twill weave. Denim is normally used in the apparel industry, however, it is also employed in shoes, caps, seat covers, wallets, watch belts, mobile covers, etc.
Rising adoption of western lifestyle including western fashion has enhanced the casualization of clothing all over the world. It has improved the adoption of occasional and casual-fashion apparels such as shirts, T-shirts, dresses, and shoes among non-working as well as working-class people. This factor is driving the demand for denim products across the globe. However, various local players and unorganized players offer low-cost products made of low-quality materials, which are uncomfortable to wear. Also, they can cause skin issues. This is estimated to restrain the global denim market throughout the forecast period. Moreover, over the last few years, the concept of e-commerce and e-marketplace has completely modernized the fashion industry and thereby, the denim market. With the accessibility of shopping from home to picking favored brands with product comparisons, the availability of apparel or other denim products on digital platforms is the latest trend in the global denim market.
The global denim market can be segmented in terms of product type, category, end-user, distribution channel, and region. Based on product type, the market can be segregated into apparel, handbags, footwear, and others (such as caps and wallets). The apparel segment can be sub-divided into top wear (shirts & T-shirts, jackets & coats, and kurtas), bottom wear (jeans, jeggings, skirts, trousers, and others [such as shots and track pants]), and one piece (dresses, jumpsuits, and dungarees). Based on category, the global denim market can be segregated into mass market and premium market. In terms of end-user, the denim market can be divided into men, women, and kids. In terms of distribution channel, the denim market can be segmented into offline distribution channel and online distribution channel. Online distribution channels include e-retailer websites and company websites. Offline distribution channels include retail stores, specialty stores, supermarkets, and direct selling.
In terms of region, the global denim market can be segmented into North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA). North America comprises the U.S., Canada, and Rest of North America. Europe includes the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes GCC, South Africa, and Rest of Middle East & Africa. The South America denim market can be segmented into Brazil, Mexico, and Rest of South America. The market in Asia Pacific is projected to expand at a rapid CAGR from 2019 to 2027. This is attributable to expanding base of working-class population, rising disposable income of people, availability of cost-friendly labor resources, and abundance of raw materials in the region as well as rising government initiatives in countries such as China, India, and Vietnam.
Major companies operating in the global denim market are Adidas America Inc., Detroit Denim Co., Diesel SpA, Gap Inc., Hennes & Mauritz AB, Herschel Supply Company, LEVI STRAUSS & CO., PVH Corp., Tommy Hilfiger licensing, LLC, and VF Corporation. The global denim market is consolidated, due to presence of various established players, but the competition is intense. Key players in the denim market are estimated to witness rising demand for their products throughout the forecast period, as these companies are introducing latest denim products. Moreover, manufacturers are focusing on acquisitions, expansions, and collaborations with startup companies as their key strategy to gain a significant market share.
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