According to a market study published by Global Industry Analysts Inc. (GIA), the global denim jeans market to reach $83.2 billion by 2026. This premier market research company has recently released its report titled “Denim Jeans – Global Market Trajectory & Analytics” which presents fresh perspectives on opportunities & challenges in a significantly transformed post-COVID-19 marketplace.
The report says, amid the COVID-19 crisis, the global market for Denim Jeans estimated at US$63.5 Billion in the year 2020, is projected to reach a revised size of US$83.2 Billion by 2026, growing at a CAGR of 4.7% over the analysis period. Offline, one of the segments analyzed in the report, is projected to record 4.2% CAGR and reach US$71.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Online segment is readjusted to a revised 7.4% CAGR for the next 7-year period. The popularity of online sales channels is driven by a growing number of consumers using the Internet to browse various websites and indulge in web-based shopping. In addition, the ability of online stores to offer less expensive products in comparison to physical formats of these stores, along with eliminating the requirement of dealing with queues and crowds is driving consumers towards online retail purchases.
The Denim Jeans market in the U.S. is estimated at US$16.4 Billion in the year 2021. China, the world`s second-largest economy, is forecast to reach a projected market size of US$18.4 Billion by the year 2026 trailing a CAGR of 7.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR.
A major portion of future growth in the denim jeans market is likely to emanate from developing nations such as China, India, South Korea, Brazil, Mexico, Turkey, the UAE, and Saudi Arabia, among others. Factors such as the influence of westernization and urbanization, increase in the number of women joining the workforce, and rising fashion consciousness among consumers is expected to propel growth in the global denim jeans market.