LOS ANGELES, LONDON, BEIJING and PUNE, India, October 16, 2018 /PRNewswire/ --
QY Research has published one more comprehensive report on the global denim market which will be useful for the key players as well as for the new entrants in the consumer goods industry in understanding business strategies. According to this report, the global denim market was valued US$ 12.7 Bn in 2017 and is expected to reach US$ 16.2 Bn by 2025 end, expanding at a CAGR of 3.1% during the forecasted period of 7-years, i.e. between 2018 and 2025.
Denim industry is known as a labor-intensive industry with low technology barrier. Currently, there is a huge number of denim producing companies across the globe. In the year 2016, the production of denim was 6990.2 meters with average growth of 5.21%, while the capacity utilization rate was 79.78% in the year 2015. Price fluctuation of the upstream product is expected to impact the production cost of denim, which is ultimately projected to hamper the growth of the global denim market.
Increasing adoption of western lifestyle is expected to boost the growth of the global denim market
Penetration of western lifestyle and fashion in the form of clothing is expected to create robust growth in the global denim market across the world. Additionally, a growth in the supply chain is also creating a positive impact on the global denim market. Denim vendors are adopting new strategies to upsurge the level of synchronization between increasing consumer demands and westernization and this particular factor is creating healthy growth in the global market for denim. Presently, the perception of wearing only executive clothes in corporate offices is changing and the popularity of wearing casual westerns are increasing, which is increasing the global sale of denim.
Asia Pacific denim market to grow rapidly throughout the forecasted period
In the year 2016, North America region dominated the global denim market. On the other hand, Asia Pacific region has witnessed the fastest growth in the global market for denim. Rising investment in clothing space, growing adoption of casual and luxurious garments, increasing digitalization in the apparel industry and technological advancement in the knitting of denim are some of the factors which are contributing in the growth of sales of denim in the Asia Pacific region. Besides, cutting-edge technology and brand marketing, growth in FDI (Foreign Direct Investment), and changing demographics are some of the additional factors which are escalating the denim industry in Asia Pacific region.
Global denim market: Segmental Analysis
Based on the type, the global denim market is segmented into heavy denim, light denim, and medium denim, while on the basis of applications, the market is segmented into jackets, jeans, shirt, and others.
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