Denim Jeans Market to Reach $88.1 Bn, Globally, by 2030 at 4.2% CAGR: Allied Market Research
Prime determinants of growth
Rise in spending capacity, per capita consumption of the denim jeans, consciousness regarding the cloths suitable for the body types, and acceptance for casual wears for office work drive the growth of the global denim jeans market. However, work from home practices, rise in popularity for loose-fitting clothes, and adoption of voluntary simple lifestyle hinder the market growth. On the other hand, increase in disposable income in the developing countries of Asia-Pacific, such as India and China, has increased the expenditure on personal grooming and clothing. This presents new opportunities in the coming years.
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Covid-19 Scenario
The slim fit segment to maintain its leadership status throughout the forecast period
Based on fitting type, the slim fit segment held the highest market share in 2020, accounting for more than two-fifths of the global denim jeans market, and is estimated to maintain its leadership status throughout the forecast period. Development in denim fabric and availability of slim fit denim jeans in various patterns boost the demand for slim fit denim jeans. However, the skinny fit segment is projected to manifest the highest CAGR of 6.0% from 2021 to 2030. Skinny fit denim jeans are more popular in the women segment as they look fashionable and stylish.
The men segment to maintain its lead position during the forecast period
Based on end user, the men segment accounted for the largest share in 2020, contributing to nearly half of the global denim jeans market, and is projected to maintain its lead position during the forecast period. This is due to the fact that biggest celebrities, athletes, and other artists are paying attention toward fashion and collaborating with some of the world's biggest denim jeans brands, such as Wrangler, Calvin Klein, AG Adriano Goldschmied, Rag & Bone, and others. However, the women segment is expected to portray the largest CAGR of 5.0% from 2021 to 2030. Rise in spending capacity of working women supplement the demand for premium denim jeans among women.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global denim jeans market. This is due to rise in popularity of colored denim jeans and launch of newer styles and premium price-based denim jeans. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.2% during the forecast period. Rise in number of working women, rapid urbanization, increase in westernization of lifestyles in emerging economies, and rise in fashion consciousness are the factors that propel the growth of the global denim jeans market in this region.
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