Growth in the denim market is driven by various factors such as expanding ecommerce, growing working population, rising GDP and adoption of a western lifestyle, according to a report by Research and Markets.
Denim market on the rise. The jeans garment market will experience an CAGR of 2.8% between 2019 and 2023, according to the Global Denim Market Report, elaborated by Research and Markets.
The report states that the denim market is expected to be valued at 113.1 billion dollars in 2023. On the other hand, some of the factors that will speed up the progress of this industry are the growth of foreign direct investment, availability of cost-friendly raw materials and expanding the base of the working class.
Asia Pacific is the emerging region in the denim market as well as Europe, that is the leading region in the denim market, due to the growing purchasing power of the consumers, increasing investments in the clothing industry and technological upgradations.