Maeen Md. Khairul Akter
Bangladesh textile and garments industry has been a revolution and inspiration for many. Starting with basic-wear production with low technology involvement and little value addition, today, the industry is transforming fast to more sophisticated items with high technology involvement and more value addition. Denim industry is undoubtedly leading the way. With a continued demand from the global market, and great response from the manufacturers, Bangladesh denim industry is already a reputed name among the 66 brands sourcing from Bangladesh. Bangladesh exports more than 6 billion USD of denim jeans to the global market of 64 billion USD. The global market is forecasted to reach 84 billion USD by 2025. Today, we are already the top denim fabric importer in the world and the top denim jeans exporter to the EU and USA. With more than 90% value addition, Bangladesh denim industry houses all the backward linkage industries including weaving, dyeing, finishing and washing. However, around 50% demand of denim fabric is still full-filled from imports. This piece of article represents all the essential insights into the denim industry indicating why it is the next go-to industry for Bangladesh.
All the information and statistics indicated here confirms a well set market opportunity for the Bangladesh denim and jeans industry to grow fast. The global denim market is forecasted to expand at a double digit rate as jeans and denim products are gaining consumer attraction due to its flexibility, functionality and fashion aesthetics. Bangladesh is now exporting more than 6 billion $ worth denim jeans products to the World. Already topping the largest denim jeans market of the world in USA and EU, now time is to step on the gas to increase our earning with more expansion and value addition. Value addition always was an issue in the woven sector, but now the denim sector is really leading the way. There are already 32 factories operating with vertically integrated weaving, dyeing and finishing facilities. There are more than 400 garments factories only doing jeans manufacturing leading the garments export in the woven sector. Around half of the total woven exports comes from denim jeans exports. During the pandemic apart from Vietnam, every potential manufacturers of denim jeans registered negative growth. Still in the latter half of 2020, Bangladesh exported the highest amount of denim products, indicating the resilience of the industry. Still there are a huge scope of development and value addition in the denim industry. Vigorous R&D is now on the card to innovate new products and finishes for further diversification. Following are some refined suggestions for the Bangladesh
All the suggestions described here are very possible to achieve if proper strategy can be made and assign right people the right responsibility. We need to brand our denim sector in a new way to gain more credibility and attraction of the foreign buyers. A two-way intervention is required to develop the industry to the next level. One way takes us to more productivity, cost effectiveness and resiliency. Another way to add more value with product innovation, market innovation and branding. If everything clicks, a great future is awaiting for denim industry.