Denim is a timeless textile whose story is told at the nexus of innovation and tradition in the ever-changing world of modern fashion. A pair of jeans is most commonly used as a fundamental component of the casual wardrobe.
Denim has become a staple textile within the global apparel market. The market value for denim fabric was estimated to be worth approximately 27 billion U.S. dollars in 2022 and is expected to increase to over 35 billion U.S. dollars by 2027. The offline channel is by far the most valuable channel in the denim jeans retail market, with a value projected to reach about 70 billion U.S. dollars by 2030. The entire global denim jeans market is forecast to be worth around 95 billion U.S. dollars by 2030.
The global denim jeans industry is expected to reach a projected revenue of $121.5 billion by 2030, with a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030. The denim jeans market is expected to expand due to the continuous evolution of consumer trends and preferences for appealing fashion and beauty, coupled with continual product innovations by companies in designs, trends, styles, and colours, thereby driving the demand for denim jeans. The rise in the sense of fashion among milennials and baby boomers has allowed manufacturers to continually emphasise introducing new and upgraded versions of denim jeans.
Moreover, constant product innovations in the market and improving standards of living will drive the demand further. Rising awareness about the availability of a variety of products, such as boot cut, high rise, cropped, skinny, tapered, and regular fit jeans, is also contributing to the market expansion.
Impact of COVID-19
When we discuss the global market, Covid era has to be mentioned, COVID-19 negatively impacted the global denim jeans market. As a result of the lockdown, all businesses except essential services were closed which disrupted the supply and distribution of clothing products thereby affecting clothing manufacturers and retailers. The main market for denim jeans was lost when the government authorities adopted lockdown measures to curb the transmission of COVID-19 and sealed international borders which led to a disruption in trade supplies of clothing materials globally. The unprecedented COVID-19 pandemic has negatively affected export and import activities and caused restrictions on the movement of raw materials for the manufacture of denim jeans.
Growth of Online Channels
The sales through online channels are expected to grow at a CAGR of 8.6% over the forecast period from 2023 to 2030. The online channel market is driven by the rising number and popularity of e-commerce websites such as Myntra, Flipkart, and Amazon, offering a wide range of designs and finishes in clothing products like denim jeans. Moreover, an increasing number of smartphone users and increased internet penetration in developed countries will support product sales through online channels, thereby accelerating online segmental growth.
Global Players in the Denim Market
Some global key players operating in the denim jeans market include Levi Strauss & Co.; VF Corp.; The Gap, Inc.; H&M Hennes & Mauritz AB; Next, Inditex, Kering S.A.; Pepe Jeans S.L.; PVH Corp.; Bestseller A/S, and U.S. Polo Assn.
International trade
China is the leading exporter of denim fabric worldwide, particularly for exports of denim made from less than 85 percent cotton. The cotton percentage of denim fabric is significant because cotton fibres expand but do not contract. The higher the amount of cotton in a blend, the more the denim will stretch and remain stretched over time. Cambodia and Vietnam import the most denim fabric made from less than 85 percent cotton. When it comes to denim made from at least 85 percent cotton, Tunisia is the leading importer.
Bangladesh exported denim goods worth $885 million to the European Union (EU) in the January-September period of 2023, according to data from Eurostat. In 2022, earnings from denim shipments amounted to $1.56 billion to the EU; in 2021, this figure was $1.18 billion. The future of denim is promising for Bangladesh as the demand for denim garments is ever rising worldwide. The global denim market is now worth more than $70 billion and is rising. Bangladesh has an opportunity to grab a big chunk of this global denim market if the sector is properly nurtured. The government’s support is needed to expand this sector as millers sometimes complain about inadequate gas and power supplies for running denim mills at full capacity. China is losing its market share of garment and denim products, and this creates an opportunity for Bangladesh to grab more EU and USA denim markets by supplying quality products.
Denim in the Modern times: How Technology is Changing Sustainability, Design, and Fabric
Denim has a great deal of negative environmental repercussions, such as pollution from transportation, large-scale ecological degradation, and water use and contamination. The industry offers up-to-date information on eco-friendly manufacturing processes, cotton cultivation, end-of-life disposal, and fabrics. The denim industry is now able to investigate new avenues for creating sustainable denim thanks to technological advancements. For example, distressed denim is made with laser technology, which uses less water and fewer chemicals than traditional methods. Intricate and more accurate designs that can be tailored to the customer’s tastes are also made possible by this technology.
Advanced denim technology uses less water, energy, and carbon emissions to dye fabric than traditional processes. When Advanced Denim technology is used instead of conventional synthetic-indigo denim dyeing, production lines are significantly shorter, use less energy and water, and release less CO2. Compared to traditional denim sheet dyeing, the Advanced Denim dye method consumes 25% less CO2 emissions and typically 80% less water. A life-cycle assessment comparing this Advanced Denim dyeing technique to traditional synthetic-indigo processes demonstrates resource savings.
Post-COVID, there was a sudden rise in sustainability in denim, which involved initiatives such as the reuse and recovery of indigo in denim mills, digital printing, foam dyeing and washing, AOP in bleaching, laser and ozone fading, laser printing/discharging, dope dyeing, and effluent treatment with zero water discharge. These initiatives are playing a key role in making jeans more sustainable. Buyers continue to push for Environmental Measurement Impact (EMI) scores for washed and dyed garments and are beginning to use eco-labeling with terms like EIM, sustainable, recyclable, etc. Such labels are likely to become mandatory in the future of the denim business.
