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Global denim fabric sales to increase by 4.7 CAGR by 2023

According to global market research firm Market Insights Reports, sales of the global denim fabric market are predicted to reach 9,130.1 million metres in 2023, with a CAGR of 4.7 percent. The global denim fabric market was valued at $19.70 billion in 2018 and will reach $25.40 billion by 2025, growing at a CAGR of 3.2 percent.

Global consumption of denim fabric between 2012 and 2016 increased at a compound annual growth rate of 4.77 percent due to a significant rise in its uses, indicating a brighter future for Bangladesh. Consumption was 6,618.1 million metres in 2016 against 5,493.7 million metres in 2012. Globally the denim fabric market was mainly driven by growing demand for clothing, household items and many other fields. In 2016, the market was led by China, India, Europe and North America. At present, the major manufacturers of denim fabric are concentrated in China and India.

Currently, Bangladesh has 30 denim mills with a capacity to produce 150 million yards of fabric a month. Local suppliers can meet only 40 percent of Bangladesh’s annual demand for denim fabric and the rest is met through imports from China, India and Pakistan. Last fiscal year, Bangladesh exported denim goods worth $3 billion. Bangladeshi entrepreneurs supply denim products to major global retailers, including Levi’s, Diesel, G-Star RAW, H&M, Uniqlo, Tesco, Wrangler, s.Oliver, Hugo Boss, Walmart and Gap.