Bangladesh now has a new opportunity because of the rise in denim consumption worldwide, and local entrepreneurs are desperate to grab a share of the growing market.
Local exporters are now competing with China, Pakistan, Vietnam, Turkey, and Mexico given that the size of the global denim market is predicted to reach over US $ 76 billion by 2026
The entrepreneurs are keen to produce the items as most of the fabrics used in the denim sector are being manufactured in the country, which is popular in various countries like the USA and Europe.
The share of Bangladeshi denim in the US market is over 22 per cent and 27 per cent in the EU market. Denim shipments to the US and EU have increased by 42 per cent and 15 per cent respectively in just one year.
Subsequently, local entrepreneurs have put in almost Taka 25,000 crore in the denim sector of the primary textile industry, which, according to data from the Bangladesh Textile Mills Association (BTMA), already has 42 contemporary mills capable of producing over 900 million metres of denim fabrics annually.
Syed M Tanvir, Managing Director of the Chattogram-based Pacific Jeans Ltd, told the local media, “We want to increase denim production by more than 12 per cent this year compared to 2023. The outlook for denim in 2024 is better than last year, so the export of denim items is expected to grow this year.”
Manufacturers claimed that because the entire process of producing fabric, stitching, and washing is done locally, the lead time for denim export has been decreased. They added that because denim is more comfortable and flexible, demand for it has increased globally as a result of changes in fashion.
Denim can be crucial to achieving the US $ 100 billion clothing export goal set by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in 2030.
Monsoor Ahmed, Chief Executive Officer of the BTMA, stated that fresh investment and reinvestment in the sector was continuing as Bangladesh had already proven itself as a reliable source of denim fabrics.
Although most mills were established over the past 10 years, they have had to increase their capacity due to demand from international clothing retailers and brands, he said.
