As per a research report, the global denim jeans market is expected to surpass US $ 152 billion by 2031.
A report published by Fact. MR, which is ESOMAR-certified market research firm, states the market is anticipated to grow by around 3 per cent CAGR from 2021 to 2031.
In terms of volume, demand is expected to increase at around 4 per cent CAGR over the same period.
Demand for women’s denim is expected to grow by more than 3 per cent CAGR during the forecast period.
North America is set to dominate market revenue in 2021, and is expected to grow from US 1.5 billion units in 2020 to nearly US 2.6 billion units by 2031. The market in China and India is expected to rise at over 4 per cent CAGR during the forecast period.
The market for regular fit jeans is expected to make up 45 per cent and reach US $ 1.3 billion by 2031. However, the market for slim fit jeans has gained huge attention amongst teenagers, which has propelled the demand trajectory.
Fast adoption of Western lifestyle in Asian countries has generated enormous demand for denim jeans over the last few decades. Moreover, rapid growth in consumer disposable income spending on personal care is boosting the sales of denim jeans in the continent.
The market in Asia Pacific countries such as India, China, and Australia has been gaining traction owing to rising urbanisation and improving consumers’ economic stability.
Nearly all leading jeans brands and big manufacturers have been focusing on sustainability as their key strategy which is also attracting the customers.
It is pertinent to mention here that from 2016 to 2020, demand for denim jeans increased at around 2.6 per cent CAGR, wherein countries such as the United States, India, China, Germany, Russia and the UK held significant share in the global market.