Soma Parven
Bangladesh’s dominance in the global denim market continues. Bangladesh is the second-largest apparel exporter in the world, but Bangladesh has maintained its dominance in the US and EU denim markets as it remains its top denim supplier in the current calendar year. In fact, one out of three people wears Bangladeshi denim in Europe. Bangladeshi Denim mills also expand as the global market grows. Currently, there are 40 denim mills and they are producing 280 lakh metres of denim fabrics in Bangladesh. To keep pace with the changing fashion and style, Bangladeshi textile manufacturers have embarked on massive expansion to capture more of the fast-growing global denim market. Let’s talk about the global denim market.
Global Denim Market:
Denim is in demand worldwide for its comfort, fashion-ability and year-round use. Does not require much care. This is why denim is popular among all age groups. Although almost all types of clothes are made of denim, shirt-pants i.e. oven class clothes are more. The global market for denim jeans is estimated at $64.5 billion in 2022 and is projected to reach $76.1 billion by 2026, which will grow by 4.8 per cent annually. Bangladesh is the highest sourcing destination of Denim both for the EU and US. Bangladesh’s annual demand for denim fabric is more than 800 million yards and its annual production growth rate was 15% in 2021`. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has set a target of exporting $100 billion worth of readymade apparel by 2030 where Denim will play a significant role.
Bangladesh Dominates Global Denim Market Compare to Other Countries:
Bangladesh is a role model in the world denim market. Bangladesh will continue to dominate global denim markets. Bangladesh snatched the top position from its competitors in denim export markets in the EU and US and number one exporter. Bangladesh earned $798.42 million by exporting denim garments in 2021, recording year-on-year growth of 42.25%.
Denim Exports to EU;
Bangladesh maintained its dominance in the EU denim market, according to data from the Export Promotion Bureau and BGMEA, Bangladesh exported denim products worth $689.69 million to the EU in the January–June period of 2022, registering a 37.26 per cent year-on-year growth. Back In 2021, it exported $502.45 million during the corresponding period. Others Countries; Turkey was the second largest denim exporter to the EU with $604.07 million worth of goods shipped. China, the world’s largest apparel exporter, supplied $204.84 million worth of denim items to the EU.
Denim Exports to the US;
Similarly, Bangladesh is the top denim supplier to the North American country in the first six months of the current calendar year (January-June). During this period, Bangladesh exported denim goods worth $445.51 million to the US an increase of 57.06 per cent from $283.65 million during the identical six-month period last year. Currently, Bangladesh holds a 22.36% market share of the US denim market as the market leader.
Other Countries;
Along with Bangladesh, several other countries have witnessed an increase in their respective shipments to the US market, such as Mexico, Pakistan, Vietnam, China and Egypt. Mexico was the second-largest denim exporter in the US, raking in $362.02 million between January and June an increase of 26.46% from $286.26 million in 2021. Pakistan exported denim apparel worth $242.76 million with a 60.8% yearly growth. Vietnam was fourth, exporting $217.98 million worth of denim with a 44.57% growth. During the same period, China came fifth as it shipped denim products worth $188.25 million with 26.42% yearly growth.
History of Quality Denim Exports in BD:
Exporting quality denim started with Pacific Jeans. The journey of exporting quality denim to Bangladesh was started by the late Nasir Uddin, founder of Chittagong EPZ-based exporter Pacific Jeans. In 1984, its small garment factory called NZN Fashion wear began producing denim pants, but there were no washing plants in the country at the time. They had to do laundry in Italy. A year later, they set up a washing plant in the country with the technical support of their Italian buyer.
Why Growing the Demand for Bangladeshi Denim in International Market?
There is a huge demand for Bangladeshi denim in the world market. Bangladesh is now a role model in the world market in terms of denim clothing. Foreign buyers are interested in Bangladeshi denim due to increased investment by businessmen in this sector. The denim products of Bangladesh are now the best in the world, the first reason for this is that the raw materials of denim fabrics are now produced in Bangladesh. As a result, the price is lower and buyers are placing more orders. The second reason is Bangladesh’s craft in creating innovative designs and creative denim garments. The third reason is that the denim factories in Bangladesh are state-of-the-art and Bangladesh excels in washing. We have already established the latest technology to produce quality fabrics. As a result, the finishing of Bangladeshi denim products is attractive and the quality is the best. Buyers always want quality fabrics that are why they chose Bangladeshi denim. Mainly because of these three reasons, the popularity of Bangladeshi denim clothing is worldwide.
Denim Industry in Bangladesh Strives for Innovation:
To maintain Bangladesh’s position in the rapidly expanding global denim market, Bangladeshi fabric manufacturers are working on new innovations. Currently, new innovation: utilizing denim production from jute is producing eco-friendly denim at a low cost. To achieve the target by 2030, significant innovation in this sector must be implemented. For example, to meet market demand and introduce new technologies. Most of the manufacturers are using slub yarn to make denim but as per the market requirement they are moving towards stretch denim, and some of them are facing problems. Moreover, technologies such as adding new liquid washing plants with nanotechnology can save 60 per cent of water during laundry. Denim can also be produced by introducing energy-saving machinery. As consumers now keep environmental friendliness in mind for product selection. So producing eco-friendly denim can help us reach our desired goals.
Conclusion:
There are doubts about the market and demand for other products in the garment trade of Bangladesh. In contrast, denim has big dreams. Every year the demand of this clothing product in the world market is increasing at the rate of 5 percent. As Bangladeshi denim is in high demand in the global market, we need to utilize new technology in denim production. It is not impossible to establish the leadership of Bangladesh in the world market by innovating new denim products and expanding the international market.
References:
- https://www.thedailystar.net/business/economy/news/bangladesh-leads-global-denim-market-3118961
- https://rmgbd.net/2022/08/denim-industry-banks-on-new-tech-for-a-further-leap/
- https://www.dhakatribune.com/business/2022/10/19/rmg-export-to-eu-sees-4338-growth-in-jan-jul22
- https://businessinspection.com.bd/denim-industry-in-bangladesh-strives-for-innovation/
