A new market study published by Global Industry Analysts Inc. (GIA), the premier market research company, released its report titled “Denim Jeans – Global Market Trajectory & Analytics.” The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace.
Globally, the popularity of denim is growing. The growing interest in a casual look is fueling the sales in the market. The rising number of women joining the workforce, rapid rates of urbanization, westernization of lifestyles in emerging economies, and rising fashion consciousness are factors propelling growth in the global market for denim jeans. Manufacturers are innovating and offering newer designs, styles, and fits to suit changing consumer preferences and fashion trends. Additionally, jeans are also considered ideal for various special occasions, apart from casual wear, including formal attire as workwear. Growing penetration of casual wear in the workplace and rising employment of the young generation has been auguring well for the global denim apparel market. In addition, the recent popularity of colored denim and the launch of newer styles expanded the range of products available. The market is further propelled by the growth in the premium denim jeans segment.
Amid the COVID-19 crisis, the global market for Denim Jeans, estimated at US$63.5 Billion in the year 2020, is projected to reach a revised size of US$83.2 Billion by 2026, growing at a CAGR of 4.7% over the analysis period. Offline, one of the segments analyzed in the report, is projected to record 4.2% CAGR and reach US$71.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Online segment is readjusted to a revised 7.4% CAGR for the next 7-year period. The popularity of online sales channels is driven by many consumers using the Internet to browse various websites and indulge in web-based shopping. In addition, the ability of online stores to offer less expensive products compared to physical formats of these stores, along with eliminating the requirement of dealing with queues and crowds, is driving consumers towards online retail purchases. Offering a wide array of brands, specialty stores attract customers employing strategic marketing initiatives and merchandising.
The U.S. Market is Estimated at $16.4 Billion in 2021, While China is Forecast to Reach $18.4 Billion by 2026
The Denim Jeans market in the U.S. is estimated at US$16.4 Billion in the year 2021. China, the world`s second-largest economy, is forecast to reach a projected market size of US$18.4 Billion by the year 2026, trailing a CAGR of 7.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR. The US represents the biggest consumer of denim jeans worldwide and has the world’s largest per capita consumer of jeans. Increasing disposable income levels, higher fashion consciousness, and the shift towards casual dressing in the workplace are major factors driving demand for denim jeans in these regions. A major portion of future growth in the denim jeans market is likely to emanate from developing nations such as China, India, South Korea, Brazil, Mexico, Turkey, the UAE, and Saudi Arabia. Factors such as the influence of westernization and urbanization, the increased number of women joining the workforce, and rising fashion consciousness among consumers are expected to propel growth in the global denim jeans market.