More than 2 billion pairs of jeans are sold worldwide every year. After two difficult years, the fashion characteristics of denim have become popular again. It is expected that the market size of denim jeans fabric will reach an astonishing 4541 million meters by 2023. Clothing manufacturers focus on making money in this lucrative field in the post-epidemic era.
In the five years from 2018 to 2023, the denim market grew by 4.89% annually. Analysts said that during the Christmas and New Year holidays, the fashion characteristics of the American denim market have recovered significantly, which will improve the global denim market. During the forecast period from 2020 to 2025, the average annual growth rate of the global jeans market is expected to be 6.7%.
According to a report of clothing resources, the average growth rate of the domestic denim market in India has been 8% – 9% in recent years, and is expected to reach 12.27 billion US dollars by 2028. Unlike Europe, the United States and other western countries, India’s average consumption is about 0.5. In order to reach the level of one pair of jeans per person, India needs to sell another 700 million pairs of jeans every year, which shows that the country has huge growth opportunities, and the influence of global brands in subway stations and small cities is increasing rapidly.
The United States is currently the largest market, and India is likely to grow the fastest, followed by China and Latin America. It is estimated that from 2018 to 2023, the US market will reach about 43135.6 billion meters in 2022 and 45410.5 billion meters in 2023, with an average annual growth rate of 4.89%. Although the size of India is smaller than that of China, Latin America and the United States, its market is expected to grow rapidly from 228.39 million meters in 2016 to 419.26 million meters in 2023.
In the global denim market, China, Bangladesh, Pakistan and India are all major denim producers. In the field of denim export in 2021-22, Bangladesh has more than 40 factories producing 80 million yards of denim fabric, which still ranks the first in the United States market. Mexico and Pakistan are the third largest suppliers, while Vietnam ranks the fourth. The export value of denim products is 348.64 billion US dollars, an increase of 25.12% year on year.
Cowboys have come a long way in the field of fashion. Denim is not only a fashion dress, it is a symbol of daily style, a daily necessity, but also a necessity for almost everyone.
Post time: Feb-04-2023