Denim Market Regional Analysis With Size, Growth and Demand Forecast to 2023

Denim market size was valued at $57,312.5 million in 2016 and it is forecasted to grow at a CAGR of 6.4% & will reach market size of $87,631.5 million by 2023.

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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 is 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 category led the denim market with nearly $27 billion revenues in 2016.

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.

Geographically, North America has been the largest denim market, accounting for more than 30% of global revenue in 2016, whereas the sales is expected to witness the fastest growth in Asia-Pacific, during the forecast period.

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Some of the major competitors of the global breakfast cereals market include, General Mills, Inc., Kerry Group Plc, Sunopta Inc., Associated British Foods Plc, PepsiCo, Kellogg Co., Cereal Partners Worldwide (CPW), The Weetabix Food Company, Ralcorp Holdings, Inc., Post Holdings.