Growing urban population, rising number of white-collar employees, new definition of executive wear, jeans being accepted as business casual attire for men and growing base of women in the workforce have combined emerged as key growth drivers in global market for denim, according to Research & Markets’ report.
The global market of denim, considered as world’s favourite fashion fabric, is expected to touch US $ 79.2 billion by the year 2022 from current US $ 60 billion. Initially seen as dress for cowboys, miners and factory workers, denim has now become an eternal part of everyone’s wardrobe globally.
The denim jeans market is primarily categorised into high-end/premium, mass market and economy/standard, with high-end premium jeans accounting for a 55 per cent of the market. The market is dominated by women who showcase a keen interest to adopt latest fashion and trends in clothing.
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As per the report, the US continues to be the single largest market globally while Asia-Pacific ranks as the fastest growing market with a CAGR of 7.1 per cent over the analysis period, led by China, which is known as the largest cotton growers and a leading denim weaver and jeans manufacturer in the world. Fast-fashion brands like Zara and H&M are also aggressively expanding in the Asia-Pacific region, which is strengthening the demand for standard jeans there.
