Market research firm Precision Reports aggregates data from about 30 major denim industry companies and publishes the research report "Global denim Fabric Market Insights."
In 2018, the global denim industry produced $19.7 billion in goods. This number is expected to grow at an average annual rate of 3.2% over the next seven years, and global denim production will reach $25.4 billion by 2025.
In 2012, global denim production was 5.49 billion meters, reaching 6.6 billion meters in 2016, an average annual increase of 4.77%. China and India are still the world's largest producers of denim and denim products, and global denim production is expected to continue to grow at an average annual rate of 4.7% over the next five years. At this rate, by 2023, denim production will exceed 9.1 billion meters.
The denim market is currently divided into four broad categories: jeans, jackets and shirts, skirts and others. Jeans have the highest market share and are expected to continue to dominate the denim market in the future (2019-2023). In terms of gender, more denim is used to produce women's clothing.
The growth momentum of the denim market includes the following factors:
The rapid rise of e-commerce channels
Increase in the number of workers
GDP growth and the prevalence of Western social lifestyles
The report also mentioned that it is expected that the future development trend of denim will pay more attention to environmental protection issues in order to deal with consumer concerns about pollution and other issues.
The report further predicts that by 2025, the average annual demand for denim will increase by 4.38%. Europe and Asia Pacific will remain the world's largest denim consumer market, with demand growth in the Asia-Pacific region mainly due to the increase in the working class. Easy access to raw materials and increasing investment in overseas markets.
The denim industry chain terminal is a relatively wide field. In recent years, denim has played an important role in many fields such as clothing, household items, and denim accessories. Globally, the main driver of the denim market is the growth in apparel demand. Another report from Precision Reports predicted that by 2023, the global retail sales of denim apparel will reach 60.9 billion US dollars, with an average growth rate of 4.9% in the next five years.