The denim jeans market has grown substantially over the years.
A recent report on the denim jeans market expects the market size to increase at a CAGR of 6.3 per cent and register an incremental growth of US $ 20.06 billion between 2021 and 2026.
The growth of the market is primarily driven by expanding retail space, claims the report by Technavio.
Rapid urbanisation and strong economic growth coupled with the increasing consumer preference for online shopping have led to a significant increase in the expansion of retail space globally and many leading retailers are trying to expand their global presence.
In terms of region, APAC will emerge as the dominant region, occupying 42 per cent of the global market share.
The regional market is driven by steady economic development in countries such as Australia, New Zealand, Japan, China, India, Singapore, Malaysia, Vietnam and South Korea.
In addition, the rising rate of urbanisation and increasing dual-household income are contributing to the growth of the denim jeans market in APAC.
It is to be noted that the global denim jeans market is fragmented due to the presence of numerous local, regional and international vendors, competing based on price, quality, presence of brands, discounts and availability of products.
The competition in the market is expected to intensify further with the increased adoption of retail e-commerce because of which companies are focusing on M&A strategies to enhance their market share and geographic footprints during the forecast period.
