Denim production to hit $25.4 billion in 2025
The denim industry produced $19.7 billion in merchandise in fiscal 2018, a figure which, according to a recent study, is predicted to increase an average of 3.2% over the next seven years, reaching $25.4 billion in 2025.
Bringing together data from some 30 major players in the denim sector, the Global Denim Fabric Market Insights study from Precision Reports highlights that denim production saw average annual growth of 4.77% from 2012 to 2016. This pace meant that the industry went from a production of 5.49 billion meters of denim to 6.6 billion meters over the course of the period.
With China and India still still the largest manufacturers of denim fabrics and denim-finished products, the quantity of the material produced globally should continue to grow at an annual average of 4.7% over the next five years. At this rate the industry should be producing more than 9.1 billion meters of denim by 2023, up from 5.4 billion meters in 2011.
The report further predicts average annual growth of 4.38% in demand for denim in the run up to 2025, with Europe and China retaining their positions as the world's top consumers of the fabric. A previous report predicted that global denim retail will be worth $60.9 billion by 2023, with growth averaging at 4.9% over the coming five years.
Copyright © 2021 FashionNetwork.com All rights reserved.