At the recent Denim Talks, a one-day forum that took place at the Denim Show (as part of fabric trade show Gartex Texprocess India) in New Delhi, some facts and figures of the Indian denim industry were unveiled. Here are the most interesting ones:
- The Indian denim industry currently stands at US$3.6 billion, and has been growing at a CAGR of 9% over the last five years.
- The industry is expected to grow at CAGR of 11% in the next five years. The steady growth is credited to the rise in consumerism, bridging luxury gap and advancements in denim fashion that have given the segment a major boost.
(Source: Mr Sharad Jaipuria, President, Denim Manufacturers' Association & CMD, Ginni International Ltd.)
- In five years, denim consumption in India is expected to almost double.
- India’s denim fabric exports have increased at a CAGR of 5% in last six years to reach US$410 million.”
- Bangladesh over the last decade has been the biggest market for Indian denim fabric with a 50%+ share in India’s exports for six years running.
- 35% of the jeans today are made more sustainable, much larger than any other segment in the fashion sector.
(Source: Wazir Advisors)
- Fashion is a US$3 trillion industry. Only 2% is getting recycled today.
- The Indian market for the fashion conscious accounts to 440 million Millennials, which accounts for almost 34% of India.”
(Source: Ms Kriti Tula, co-founder & creative director, Doodlage)