Denim Market to Reach $87,631.5 million by 2023: P
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NEW YORK, Nov. 01, 2017 (GLOBE NEWSWIRE) -- The global denim market is expected to reach market size of $87,631.5 million by 2023, at a CAGR of 6.4% during 2017-2023. The high growth is expected due to the penetration of western fashion and western life style in the form of casualization of clothing across the globe. The factor has boosted the consumption of casual fashion apparels like denims, dresses, shirts, tees and casual shirts in working as well as non-working segments of the society over the years. Currently, the changing perception of executive wear in corporate and growing popularity of western wear among youth are some of the factors driving the sales globally.
The denim market is categorized into product, segment, consumer type, and distribution channel. Jeans are the leading product in the global market that generated more than $40 billion in 2016. The popularity of denim pants among teenagers and adults is the prime reason for its larger market, as compared to other apparels. Among the segments, mass market is expected to continue accounting for major market revenues till 2023. To lower the cost of mass market, various manufacturers have started replacing cotton with nylon, polyester, aramid, and other spun thermoplastics.
Among all consumer types, men's category led the denim market with nearly $27 billion revenues in 2016. As a global trend over decades, men are more interested in casual denims as compared to formal wear because of the growing fashion consciousness among them. Due to the rising acceptance of fast fashion wear, such as jeans, jackets and shirts for men in corporate or commercial environments, its demand for men is projected to stay ahead of that for women during the forecast period.
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Among all the distribution channels, specialty stores held the largest share in the global revenues of the denim market, accounting over $13 billion sales in 2016, which is expected to reach above $20 billion by 2023. Specialty stores focus on specific products pertaining to a single product line. And when it comes to denim, these stores offer a wide variety of apparels to customers. The price and quality of denims in these stores are more competitive than other distribution channels.
The popularity of western lifestyle has augmented the casualization of clothing across the globe. It has furthered the trend of sporting casual fashion clothes like dresses, shirts, tees, and casual shirts in working as well as non-working segments of the society.
Moreover, a rise in supply chain is also generated in the denim market, with the increase in westernization. The strategies that denim vendors are adopting to increase the level of coordination among westernization and increasing consumer demand, is based on well-connected and pressured supply chain channels. For instance, the fast fashion strategy used by Zara, which is one of the largest clothing retail chains, includes constant records of customer feedback to introduce new designs and set up global clothing trends. Further, Zara’s unique and youth-oriented marketing strategy focuses more on logistics than conventional wisdom as a prime part of the visible supply chain.
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Geographically, North America has been the largest denim market, accounting for more than 30% of global revenue in 2016, whereas the sales are expected to witness the fastest growth in Asia-Pacific, during the forecast period. The growth in Asia-Pacific will be led by factors such as surge in digitization within the apparel industry, advancement in new denim knitting technologies, growth in investment in clothing space, and the increasing adoption of luxurious and casual garments from all segments of the society. Further, the increasing technology developments in brand marketing and customer management, changing demographics and rise in foreign direct investments (FDIs) are some of the factors for the expanding of denim industry in the region.
The global denim industry is highly competitive with players developing new strategies to reach their customers in the most effective and efficient way. Some of the major players operating in this industry are Levi Strauss & Co., Gap Inc., VF Corporation, H&M, PVH Corporation, and Kering.
Rigorous brand campaigning is one of the strategies being pursued by the players of the denim market to break the competition clutter. For example, VF Corporation recently ran a campaign “Be Comfortable in Your Own Jeans”, under which it promoted its Wrangler brand.
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