The global denim market is expected to grow at a rate of 6.7 per centCAGR in the forecast period of 2022 to 2029. The rise in the consumer disposable income levels is escalating the growth of denim market.
The size of the global denim jeans market size is projected to reach $88.1 billion by 2030, growing at a CAGR of 4.2 per cent from 2021 to 2030.Rise in spending capacity, per capita consumption of the denim jeans, consciousness regarding the cloths suitable for the body types and acceptance for casual wears for office work is likely to garner the growth of the denim jeans market. In addition, increase in disposable income in the developing countries of Asia-Pacific, such as India and China, has increased the expenditure on personal grooming and clothing, which further drives the growth of the global denim jeans market share, according to Allied Market Research.
With the demand of denim continuing to grow, the annual global production of denim is 15 billion metres with half of the production coming from Asian countries like China, India, Turkey, Pakistan and Bangladesh. China is the largest exporter of denim accounting for around 64 per cent of the world’s total, followed by Pakistan, says Jitender Kumar, Vice President – Raw Materials (Fibres), Sutlej Textiles & Industries. He adds, recycling and embedding circularity in denim is adding a unique sustainability punch to this most popular attire.