According to Technavio’s latest market research report, the denim market will grow by nearly $23 million between 2022 and 2027.
The research firm estimated an annual growth rate of 6.7 percent for the industry in the report published in April.
A key growth driver is the Asia-Pacific region, which accounts for the majority of the global denim market with a share of 42 percent in the forecast period. The reason for this is increased demand and increased purchasing power due to economic development in countries such as Australia, New Zealand, Japan, China, India, Singapore, Malaysia, Vietnam and South Korea. The increase in the retail business, which is the main sales channel for denim jeans, is also driving growth. The expansion of retail space is being driven primarily by constant urbanization and ongoing global economic growth.
The report also shows the fragmentation of the market and predicts that the degree of market fragmentation will further increase in the given period. With a view to global end consumers, the menswear sector has the largest market shares. Here, too, increasing demand is expected in the forecast period. The report identifies the increase in recycled jeans made from plastic and other materials as a key market trend.
Read more about jeans and denim: history, production, trends and sustainability – This article gives an overview of everything you need to know.