The denim market in APAC is expected to witness fastest CAGR of over 10%, during 2018-2023
NEW YORK, Jan. 2, 2020 /PRNewswire/ --
Denim Market by Product (Jeans, Jackets & Shirts, Dresses), by Segment (Mass Market, Standard, Premium), by Consumer Type (Men, Women, Children), by Distribution Channel (Specialty Stores, Department Stores, Hypermarkets & Supermarkets, Online, Exclusive Stores), by Geography (U.S., Canada, Germany, France, U.K., Italy, Spain, Netherlands, Russia, Belgium, China, Japan, India, Philippines, South Korea, Australia, Pakistan, New Zealand, Thailand, Malaysia, Vietnam, Brazil, Mexico, Turkey, U.A.E., Saudi Arabia, South Africa) - Global Market Size, Share, Development, Growth and Demand Forecast, 2013 - 2023
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Denim market is expected to reach $79,211.0 million by 2023, transformation of Asian retail clothing industry, growing e-commerce industry and expansion of organized retail is driving the market globally.
On the basis of product, the denim market has been categorized into jeans, jackets and shirts, dresses, and others, wherein others include tops and shorts. Out of these, the market for jeans held a share of more than 75% in 2017, owing to trending styles in jeans such as cropped jeans, mom jeans, distressed and rugged jeans, globally. Apart from wide acceptance of trending styles, the traditional blue jeans are still witnessing considerable adoption across the globe.
Based on distribution channel, the denim market has been categorized into specialty stores, department stores, hypermarkets and supermarkets, online, and exclusive stores. Of these, the specialty stores held the largest market share of around 23% in 2017, owing to the fact that these stores offer various brands under one roof and attractive pricing to lure customers.
The denim market in APAC is expected to witness fastest CAGR of over 10%, during 2018–2023. The rising disposable income of people, expanding base of working-class population, availability of ample amount of raw materials and cost-friendly labor resources, as well as increasing government initiatives in countries like India, China, and Vietnam are the key factors contributing to the growth of market in the region.
Globally, online mode has emerged as a preferred distribution channel for denim vendors, as the channel enables vendors to provide customized denim products as per the customer's requirements of size and color. Apart from this, premium denim designers are also leveraging the advantage of e-commerce by offering special category designs on popular sites like Amazon, Alibaba.com, JD.com, and Flipkart, and setting-up exclusive sections dedicated to their collections.
Customers in the APAC region are not behind from spending lavishly over necessity and luxury. While luxury retail is exhibiting a good growth period in India, the market from denim-based products is also growing with rise in overall disposable income and greater affordability of popular denim brands, such as H&M and Zara. Also, India currently being the fourth fastest growing luxury retailing market in APAC, is witnessing huge sales and adoption of denim products.
The popularity of Chinese clothing fabric sets a strong evidence that China is improving the durability and quality of cloth material, and offering it at much lower price than other suppliers in the world. This in turn helps nearby countries, such as India, Vietnam, and Pakistan, to include denim products in regular and mass clothing variants, that too with minimum import efforts. This factor further creates an opportunity for the growth of denim market in APAC at a larger scale.
The appropriate disposal of used plastics and worn clothes are becoming a major concern for global environmentalists. Huge quantities of hazardous chemicals used and greenhouse gases released during the manufacturing of denim products have been creating a direct negative impact on the global climate change. Therefore, denim manufacturers are now focusing on effectively and efficiently regulating such chemicals to reduce their environmental effects by adopting sustainable practices. This promotes the concept of denim recycling across the globe.
The players in the denim market are trying to improve their supply chain network to maximize profits through partnerships with supply chain experts. For instance, in March 2017, PVH Corporation entered into an agreement with Li & Fung Trading Limited, through which the company targets to enhance its ability to make its products available to customers well in time.
Some of the key players operating in the denim market are Levi Strauss & Co., The Gap Inc., VF Corporation, H & M Hennes & Mauritz AB, PVH Corp, Kering, Pepe Jeans S.L., Bestseller A/S, U.S. Polo Assn.
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