Denim Market to Witness 5.8% CAGR during 2018–2023
The
global denim market is predicted to generate a revenue of $79.2
billion in 2023, increasing from $56.1 billion in 2017, progressing at a 5.8%
CAGR during the forecast period (2018–2023), as per a research conducted by
P&S Intelligence. The worldwide growth in the e-commerce industry and
transformation of the Asian retail clothing industry are the major driving
factors of the market. In terms of segment, the market is divided into premium,
standard, and mass market.
Among all these, the
premium division is expected to register the highest CAGR during the forecast
period, owing to rapid westernization, increasing number of high-net-worth
individuals, and growing upper-middle-class population around the world. On the
basis of consumer type, the market is classified into children, men, and women,
out of which, the men classification dominated the market in 2017. Men are
creating increasing demand for casual and rugged-material clothing. They wear
denim clothing for several purposes, including everyday life, parties, and
work.
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Geographically,
the denim market was
dominated by North America during the historical period (2013–2017). The
increasing disposable income, rising demand for superior-quality clothing, and
growing promotion of denim wear by celebrities are the major factors driving
the growth of the regional domain. The Asia-Pacific region is expected to
register the highest CAGR during the forecast period, because of urbanization,
rising disposable income, enhancements in the manufacturing process, improving
living standards, and growing population of working class in the region.
In conclusion, the market is growing due to the improvements in organized retail and introduction of innovative solutions.
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