As the world slowly goes back to normal, fashion item consumption is once again showing signs of growth. According to the report published by Allied Market Research, the obtainability of denim fabric at reasonable prices and new socio-economic trends drives the growth of the global denim fabric market.
The report projected that the global denim fabric market will reach $27.9 billion by 2030, witnessing a CAGR of 4.4 percent from 2021 to 2030. In 2020 the market was valued at $18.1 billion.
Allied Market Research said the rise of biodegradable denim fabric opened new prospects in the imminent years.
Simultaneously, price instability of cotton and ecological risks related with the use of synthetic dyes confine the market to some level.
The COVID-19 outbreak impacted the overall supply chain, thereby upsetting the overall growth of the global denim fabric market.
The rise in prices of raw materials, especially cotton and cotton yarn. This aspect cut the production of denim fabric, especially during the early phase.
Moreover, the dropping income of customers had given way to a reduction in the demand for premium denim products.
The report showed that Asia Pacific region get the highest revenue share in 2020, getting nearly four-fifths of the entire market share, and is projected to continue its central lead by 2030.
Notably, the recently published US Office of Textiles and Apparel (OTEXA) data, Bangladesh exported denim worth $520.16 million in the USA market from January to September 2021 calendar period. Registering a whopping 31.40% yearly increase.