According to a report published by ESOMAR-certified market research firm Fact.MR, the global denim market is expected to exceed $152 Billion by 2031, growing 1.2X from 2021 to 2031, with a CAGR of 3%.
The market for regular fit jeans is expected to make up 45%, reaching $1.3 billion by 2031 However, the market for slim fit jeans have gained huge attention among teenagers, which has propelled the demand trajectory. On the other hand, Demand for women’s denim is expected to grow by more than 3%.
North America is set to dominate market revenue in 2021 and is expected to grow from 1.5 billion units in 2020 to nearly 2.6 billion units by 2031. The market in China and India is expected to rise at over 4% CAGR during the forecast period.
The fast adoption of the Western lifestyle in Asian countries has generated enormous demand for denim jeans over the last few decades. Moreover, rapid growth in consumer disposable income spending on personal care is boosting the sales of denim jeans in the continent. The market in Asia Pacific countries such as India, China, and Australia has been gaining traction owing to rising urbanization and improving consumers’ economic stability.