Market Research Report
Jeans Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Jeans Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
Published: May 13, 2021
Mordor Intelligence Pvt Ltd
Content info: 110 Pages
Delivery time: 2-3 business days
The global jeans market is expected to register at a CAGR of 6.7% during the forecast period (2020-2025).
With the onset of COVID-19, much of the production, exports and retailing of fashion oriented apparels went to hault after the strict lockdown measures around the globe, thus brining a downfall in jeans market allover. China is considered as one of the largest jeans manufacturers on a global level with capability of producing raw materials and associated accessories, however, severe lockdown in the country and restriction towards trade have led to limited movement of products. Lately, the ease of lockdown have worked positively for the apparel industry and brands have benefitted mostly from the online channels.
Over the coming years, the major factors propelling the growth of the market are globalization of fashion trends, changing consumers lifestyle, and growing preference for high-end and premium design labels among the middle-class population.
With the growing trend of customization, the players have started designing customized jeans to increase their customer base, resulting in increase in sales. Owing to consumers shifting lifestyle, like giving extra attention to latest trend, the key players are expected to achieve a competitive advantage through customization.
The strategic collaborations among players in the denim jeans industry are identified to be one of the key factors contributing to the growth of the market studied. For instance, denim mills collaborate with the jeans brands to achieve strategic objectives that are mutually beneficial.
Use of Social Media along with Significant Expenditure on Advertisement
Key players operating in the market studied leverage both traditional and social media platforms for advertising. These players create campaigns and exhibition shows to promote their brands and offerings, reaching out to their target audience through TV commercials and social media platform. Growing internet users in developing economies have changed the advertisement spending strategy of key players. For instance, players use separate pages for different countries on Facebook, to cater to varying requirements of the customers. They also make its catalogs available digitally, for desktop and mobile users. Apart from Facebook, the companies also try to make a strong presence on social media platforms, like Instagram, YouTube and Twitter. Furthermore, as part of marketing initiatives, companies sponsor sporting, musical, and special events, as well as hire athletes and personalities who promote their products.
Asia-Pacific is the Fastest Growing Region
Jeans industry has witnessed significant growth in China and India. This is because shoppers tend to focus on quality and style while purchasing apparel. India has most of the young population that is about 65% below 35 years of age, which stimulates the jeans market due to exposure to the latest jeans collection by design and quality. In India, denim wear has seen a sharp resurgence that is primarily driven by new, more comfortable fabrics, low pricing, and inclusive sizes, offered by both local as well as international brands. The denim brands are driving innovation on washes, colors, fits, and even vintage design and styles. The key players are embarking on mergers and acquisitions as one of their key strategies, to achieve consolidation and optimize their offerings in the Asian countries.
The jeans market is a highly competitive market, with a strong presence of local and global players operating across the world. Thus, to sustain their position in the market, the active players are bringing innovation in their product offering, in order to cater to changing consumers' fashion lifestyle. Key players are now focussing on social media platforms and online distribution channels, for online marketing and branding of their products to attract more customers. Some of the major players in the market are Levis Co, Gap Inc, Kontoor Brands among others.