As per a revised report published by Fact.MR, the denim jeans market is anticipated to surpass US$ 152 Bn by 2031, and is poised to expand at a CAGR of around 3% over the next ten years.
A blend of R&D and fast-evolving technologies has led to recyclable and long-lasting fabrics that have transformed the denim jeans industry. 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.
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Key Takeaways from Market Study
- The global market for denim jeans is anticipated to grow 1.2X from 2021 to 2031.
- Regular fit jeans capture more than 45% market share, and are set to create an absolute $ opportunity of US$ 1.3 Bn over 2021-2031.
- Among the end users, demand from women has been growing at the fastest pace, and more than 3% CAGR is expected for the forecast period.
- North America is set to dominate market revenue in 2021, and is expected to grow from 1.5 Bn units in 2020 to nearly 2.6 Bn units by 2031.
- The market in China and India is expected to rise at over 4% CAGR during the forecast period.
- Due to the COVID-19 crisis, demand for denim jeans was hit in 2020, which saw a net decline of around 1.3% over the 2nd and 3rd quarters.
“High R&D spending to improve the quality of denim jeans, recyclability, and durability will aid market growth over the coming years,”says a Fact.MR analyst.
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Key players have been spending on research & development to come up with newer products with improved lifespan and higher operational flexibility. These enhancements will drive demand for denim jeans in the medium- to long-term forecast period. North America is the foremost actor in the market for denim jeans, where, production and consumption is high in the United States. Slim fit jeans have been gaining huge attention among teenagers, which has propelled the demand trajectory. The market in Asia Pacific countries such as India, China, and Australia has been gaining traction owing to rising urbanization and improving consumers’ economic stability.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global denim jeans market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of product type (regular fit, slim fit, and loose fit), price range (super premium, premium, standard, and pocket-friendly), and end user (men, women, and children), across six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and the Middle East & Africa).
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