World News: 14:20 GMT Monday 11th February 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Feb. 11, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. Denim market is expected to reach $79,211.0 million by 2023, transformation of Asian retail clothing industry, growing e-commerce industry and expansion of organized retail is driving the market globally.On the basis of product, the denim market has been categorized into jeans, jackets and shirts, dresses, and others, wherein others include tops and shorts. Out of these, the market for jeans held a share of more than 75% in 2017, owing to trending styles in jeans such as cropped jeans, mom jeans, distressed and rugged jeans, globally. Apart from wide acceptance of trending styles, the traditional blue jeans are still witnessing considerable adoption across the globe.Based on distribution channel, the denim market has been categorized into specialty stores, department stores, hypermarkets and supermarkets, online, and exclusive stores. Of these, the specialty stores held the largest market share of around 23% in 2017, owing to the fact that these stores offer various brands under one roof and attractive pricing to lure customers.The denim market in APAC is expected to witness fastest CAGR of over 10%, during 2018-2023. The rising disposable income of people, expanding base of working-class population, availability of ample amount of raw materials and cost-friendly labor resources, as well as increasing government initiatives in countries like India, China, and Vietnam are the key factors contributing to the growth of market in the region.Globally, online mode has emerged as a preferred distribution channel for denim vendors, as the channel enables vendors to provide customized denim products as per the customer's requirements of size and color. Apart from this, premium denim designers are also leveraging the advantage of e-commerce by offering special category designs on popular sites like Amazon, Alibaba.com, JD.com, and Flipkart, and setting-up exclusive sections dedicated to their collections.Customers in the APAC region are not behind from spending lavishly over necessity and luxury. While luxury retail is exhibiting a good growth period in India, the market from denim-based products is also growing with rise in overall disposable income and greater affordability of popular denim brands, such as H&M and Zara. Also, India currently being the fourth fastest growing luxury retailing market in APAC, is witnessing huge sales and adoption of denim products.The popularity of Chinese clothing fabric sets a strong evidence that China is improving the durability and quality of cloth material, and offering it at much lower price than other suppliers in the world. This in turn helps nearby countries, such as India, Vietnam, and Pakistan, to include denim products in regular and mass clothing variants, that too with minimum import efforts. This factor further creates an opportunity for the growth of denim market in APAC at a larger scale.The appropriate disposal of used plastics and worn clothes are becoming a major concern for global environmentalists. Huge quantities of hazardous chemicals used and greenhouse gases released during the manufacturing of denim products have been creating a direct negative impact on the global climate change. Therefore, denim manufacturers are now focusing on effectively and efficiently regulating such chemicals to reduce their environmental effects by adopting sustainable practices. This promotes the concept of denim recycling across the globe.The players in the denim market are trying to improve their supply chain network to maximize profits through partnerships with supply chain experts. For instance, in March 2017, PVH Corporation entered into an agreement with Li & Fung Trading Limited, through which the company targets to enhance its ability to make its products available to customers well in time.Some of the key players operating in the denim market are Levi Strauss & Co., The Gap Inc., VF Corporation, H & M Hennes & Mauritz AB, PVH Corp, Kering, Pepe Jeans S.L., Bestseller A/S, U.S. Polo Assn. 4.1 Definition of Market Segments4.1.1 By Product126.96.36.199 Jeans188.8.131.52 Jackets and shirts184.108.40.206 Dresses220.127.116.11 Others4.1.2 By Segment18.104.22.168 Mass market22.214.171.124 Standard126.96.36.199 Premium4.1.3 By Distribution Channel188.8.131.52 Specialty stores184.108.40.206 Department stores220.127.116.11 Supermarkets and hypermarkets18.104.22.168 Online22.214.171.124 Exclusive stores4.1.4 By Consumer Type126.96.36.199 Men188.8.131.52 Women184.108.40.206 Children4.2 Value Chain Analysis4.3 Market Dynamics4.3.1 Trends220.127.116.11 Western lifestyle accelerating demand for casual-wear globally18.104.22.168 Increasing use of polyester in denim products22.214.171.124 Other key trends4.3.2 Drivers126.96.36.199 Transformation of Asian retail clothing industry188.8.131.52 Worldwide growth in e-commerce industry184.108.40.206 Improving organized retail and introduction of innovative solutions4.3.3 Restraints220.127.116.11 Emergence of yoga pants as new blue jeans18.104.22.168 Growing popularity of low-cost knitted wear4.3.4 Opportunities22.214.171.124 Strong growth opportunity from the Chinese market126.96.36.199 Growth in recycled denim from plastic and other materials4.4 Porter's Five Forces Analysis5.1 By Product5.2 By Segment5.3 By Consumer Type5.4 By Distribution Channel5.5 By Region11.1 Brand Share Analysis by Region11.2 Competitive Benchmarking of Key Players11.3 Recent Activities of Key Players11.4 Global Strategic Developments of Key Players11.4.1 Merger and Acquisition11.4.2 Product Launches11.4.3 Partnerships11.4.4 Geographic Expansions11.4.5 Facility Expansions11.4.6 Other Developments
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Globe Newswire: 14:20 GMT Monday 11th February 2019
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