Denim Market High Growth is Expected due to the Penetration of Western Fashion and Western Life Styl
The denim market size is projected to cross $87.0 billion by 2023, growing at a CAGR of 6.4% during 2018-2023. 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.
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The European market for denim is expected to grow at a CAGR of 3.3% between 2017-2023, to reach $19.2 billion by 2023. In terms of product, jeans contributed the largest revenue to the European denim market and is also expected to lead the market throughout the forecast period. In the European countries, jeans have become a necessity and a wardrobe staple, as they provide comfort and have high durability as compared to other fabrics such as cotton, nylon, and polyester.
The use of polyester in denim products is currently making waves. Despite there being a mixed opinion of fashion industry experts about blending polyester in denim when it comes down to the nitty-gritty of manufacturing a garment, manufacturers are finding polyester as one of the best fibres to use. In the emerging era of sports and its related wear, polyester not only provides durability and abrasion-resistant features, but also, as compared to the traditional 100% cotton blends, it is more stretchable. For example, Bullet Blues Custom Apparel, LLC, a designer jeans and apparel provider, offers Bullet Blues ‘Cowboy’ designer jeans for men which has a unique blend of 75% cotton, 24% polyester and 1% spandex.
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Some of the major companies active in this industry are Levi Strauss & Co., Gap Inc., VF Corporation, H&M, PVH Corporation, and Kering.
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