Global jeans market to grow to 60 billion dollars by 2023

The global jeans market will grow to a total worth of 60 billion US
dollars (47 billion pounds) by 2023, according to a new report by apparel
sourcing publisher just-style.

The new ‘Global market review of denim and jeanswear’ report predicts a
growth of 4.9 percent over the next five years from 57 billion dollars in
2018, with the US set to remain the largest jeans market, with China the
second largest.

The fastest growing markets are predicted to be South America, with 12.1
percent growth, and the Rest of the World (all markets excluding North
America, Europe, Turkey, Asia and South America), with 19.7 percent growth.

The report also identified a major shift in China’s market, with nearly
half of the country’s jeans production now remaining in the country instead
of being exported. Additionally, just-style estimates that around 22
percent of manufactured jeans are now traded outside the traditional retail
markets in exchange for goods or services rather than currency.