Denim demand growth market prospects are broad
Release time:2023-04-24
More than 2 billion pairs of jeans are sold worldwide each year. After two tough years, denim's fashionable qualities are back in vogue. It is expected that by 2023, the market size of denim jeans fabric will reach a staggering 4.541 billion meters. Apparel makers are focused on cashing in on the lucrative post-pandemic world.
In the five years from 2018 to 2023, the denim market grew at an average annual rate of 4.89%. Analysts say the US denim market has seen a dramatic revival in its fashion character over the Christmas and New Year holidays, which will improve the overall global denim market. The global jeans market is expected to grow at an average annual rate of 6.7 per cent over the forecast period 2020 to 2025.
Denim demand growth market prospects are broad
According to a report by Apparel Resources, India's domestic denim market has been growing at an average of 8-9 percent for several years and is expected to reach $12.27 billion by 2028. Unlike Europe, the United States and other Western countries, the average consumption in India is about 0.5 strips. India needs to sell another 700 million pairs of jeans a year to reach the level of one per person, showing the huge growth opportunities in the country, where global brands are rapidly increasing their presence in subway stations and small cities.
The United States is currently the largest market, with India likely to grow the fastest, followed by China and Latin America. The U.S. market is expected to reach about 43,1356 billion meters in 2022 and 45,410.5 billion meters in 2023 between 2018 and 2023, with an average annual growth rate of 4.89 percent. Although India is smaller than China, Latin America and the United States, its market is expected to grow rapidly from 228.39 million meters in 2016 to 419.26 million meters in 2023.
In the global denim market, China, Bangladesh, Pakistan and India are the major denim producers. In the denim export sector in 2021-22, Bangladesh, with more than 40 factories producing 80 million yards of denim fabric, remains the top country in the US market, with Mexico and Pakistan as the third largest suppliers and Vietnam in fourth place, with exports of denim products at $348.64 million, up 25.12% year-on-year.
Denim has come a long way in fashion. Denim is not just a fashion item, it is a symbol of everyday style, a daily necessity and a must-have for almost everyone.
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In the five years from 2018 to 2023, the denim market grew at an average annual rate of 4.89%. Analysts say the US denim market has seen a dramatic revival in its fashion character over the Christmas and New Year holidays, which will improve the overall global denim market. The global jeans market is expected to grow at an average annual rate of 6.7 per cent over the forecast period 2020 to 2025.
Denim demand growth market prospects are broad
According to a report by Apparel Resources, India's domestic denim market has been growing at an average of 8-9 percent for several years and is expected to reach $12.27 billion by 2028. Unlike Europe, the United States and other Western countries, the average consumption in India is about 0.5 strips. India needs to sell another 700 million pairs of jeans a year to reach the level of one per person, showing the huge growth opportunities in the country, where global brands are rapidly increasing their presence in subway stations and small cities.
The United States is currently the largest market, with India likely to grow the fastest, followed by China and Latin America. The U.S. market is expected to reach about 43,1356 billion meters in 2022 and 45,410.5 billion meters in 2023 between 2018 and 2023, with an average annual growth rate of 4.89 percent. Although India is smaller than China, Latin America and the United States, its market is expected to grow rapidly from 228.39 million meters in 2016 to 419.26 million meters in 2023.
In the global denim market, China, Bangladesh, Pakistan and India are the major denim producers. In the denim export sector in 2021-22, Bangladesh, with more than 40 factories producing 80 million yards of denim fabric, remains the top country in the US market, with Mexico and Pakistan as the third largest suppliers and Vietnam in fourth place, with exports of denim products at $348.64 million, up 25.12% year-on-year.
Denim has come a long way in fashion. Denim is not just a fashion item, it is a symbol of everyday style, a daily necessity and a must-have for almost everyone.