Denim is a cotton blend twill textile or durable cotton that is used to make jeans, overalls, or other clothing as well. Denim is manufactured by passing a horizontal weft thread under two or more threads that are vertically wrapped. It is typically used in apparel but has alternative usage also—insulation textiles, seat covers, and mobile covers. The market value of denim fiber is expected to increase substantially during the forecast period. There was a time when denim was used for specific places only but now they have become staple apparel that people love to wear for work as well as parties. Denim apparels come in various price ranges that suits the need of every customer. There has been an increase in the value of every type of denim clothing item. But to date, denim jean have been the most valuable product in the denim industry. In the recent past, the denim market faced stiff competition from Khadi, cargo, and other substitutes, but this slight drop only led to more innovation and in the denim industry.
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COVID-19 Scenario Analysis:
The demand for Denim products all over the globe has come to a halt due to the panic situation created by COVID-19.
All the retail stores, whether online or brick and mortar stores, have been closed in almost all countries around the globe.
All sorts of denim related factories and manufacturing units have been shut down.
There has been a major job cut in the textile industry.
Denim's business sector is facing and will continue to face various issues like manpower loss and supply chain disturbance because of Corona Pandemic.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:
The Denim industry is a very labor-intensive industry and has low technological barriers. Also, many companies produce denim all over the globe. The fashion trends of denim keep coming up, prompting the need for an increase in the production of denim. Thereby, creating a huge market potential in the upcoming future.
Fast growth of the denim market can be attributed to the easy availability of raw material, rise in the disposable income of the consumers, adaptation of western lifestyle, growing working population, expanding e-commerce, and increase in the initiatives taken by the government towards the manufacturing of denim, in the countries like Vietnam, China, and India.
Denim market is expected to face various hindrances in its growth due to certain factors. The major raw materials used for the production of Denim are polyester, cotton, and chemical fiber. Fluctuations in the prices of these raw materials can impact the cost of production of Denim. Harmful environmental impacts and competition from substitute goods are a few other factors that hinder the growth of the denim market.
Premiumization in the denim products, the high influence of celebrity branding, and forming strategic alliances can boost the growth of the denim market. Creating fashion awareness in rural and backward areas can also uplift the market in the future.
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The global denim market trends are as follow:
Adaptation of Sustainable Practices:
While producing denim, hazardous chemicals are used in high quantity and greenhouse gases are emitted on a large scale. Creating a negative impact on the environment. Owing to global environmental concerns, Denim manufacturers are now finding out ways to reduce the use of chemicals. The adoption of various sustainable practices is increasing the demand for recycling denim across the globe. This concept of sustainable development is now gaining popularity and researchers are confident that the use of organic cotton and sustainable development will have a positive impact on the denim market. This concept of sustainable denim is not only gaining popularity in developed nations but also developing nations. Hence, this a great opportunity in the global denim market.
Strategic Development by Major Market Players:
The key players in the Denim market keep on taking several strategic measures to strengthen their position in the market. These strategic measures include mergers & acquisitions, partnerships, product line expansion, product launches, facility expansion, and others. For instance, Icebreaker Holding limited a merino-wool and natural fiber clothing company based in Auckland, New Zealand was acquired by VF Corporation in April 2018. This acquisition aims at making the latter company a leader in global merino-wool and natural fiber clothing.
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