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A47290 | Pages: 290 | Charts: 55 | Tables: 238 |
The global upcycled denim products market size was valued at $392.5 million in 2021 and is projected to reach $838.6 million by 2031, growing at a CAGR of 7.9% from 2022 to 2031.
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The upcycled denim products market is segmented into Product Type, Price Point, and Distribution Channel.
Upcycling is the process of taking existing fabric and turning it into a new garment, either by changing it completely or just a little bit to give it a design. Denim is one of the most polluting fabrics, it is also one of the most durable fabrics which makes it the perfect fabric to upcycle products. with the increase in the adoption of sustainable and recycled denim products among the consumer, the demand for upcycled denim products is increasing day by day in developing and developed countries. There are different types of upcycled denim products are offered by the manufacturer in the market.
Denim is one of the most common fabrics used in the production of apparel such as jeans, jackets, shorts, shirts, and others. According to a study, approximately 2,900 liters of water, along with huge volumes of chemicals and energy, is consumed in the production of a single pair of jeans which causes environmental damage. Since huge volumes of denim jeans are produced and consumed annually, the environmental concerns associated with their production are also very high. However, the increased awareness of denim upcycling has paved the way for using denim materials in denim product production. With the rising awareness about upcycled denim products, consumers are inclined toward the upcycled denim product which is expected to propel the upcycled denim products market demand.
With the rising awareness about environment-friendly and sustainable denim products, the demand for upcycled denim products is increasing day by day. As sustainability continues as a top trend in the fashion industry, retailers and brands are adapting to stay relevant and offer sustainable solutions to their consumers. According to Retail Industry Leaders Association (RILA), 68 million adult Americans base purchasing decisions on their personal, social, and environmental values and spend up to 20% more on environmentally sound products. With the ongoing trend of sustainable and environment-friendly products, consumers are inclined towards upcycled denim products which are expected to fuel the growth of the upcycled denim market in the upcoming years.
North America is among the most urbanized regions with nearly 82% urban population. Africa and Asia have comparatively lower urban population shares, with 40% and 48% urban populations, respectively. As per the World Health Organization (WHO) and other organizations, Africa and Asia-Pacific are the major regions that are expected to witness the rapid urbanization trend and are projected to account for 56% and 64% urbanization rate, respectively, by 2050. India and China are the two major countries with increasing urban populations and potential markets for upcycled denim products. Improving the standard of living, rise in expenditure, changing lifestyle, and high adoption of recycled and upcycled products are some of the positive implications of the growing urbanization, which indirectly supports the growth of the upcycled denim products industry during the forecast period.
With the improvement in economic conditions, the consumer in developing as well as developed countries are inclining towards sustainable products which are environment friendly which is a key factor that contributes to the growth of the market. An increase in per capita disposable income enhances the spending capacity of consumers, leading to rising in expenditure on innovative and premium upcycled denim, which is expected to propel the growth of the global upcycled denim market. The rise in spending capacity is further anticipated to improve the standard of living, enabling consumers to buy high-quality, fashionable upcycled denim, which, in turn, boosts the demand for upcycled denim products. In addition, the high adoption of western culture and quick acceptance of fashionable and sustainable clothes in developing regions, including Asia-Pacific and LAMEA further drive the growth of the global upcycled denim products industry.
E-commerce is gaining significant popularity and it is being used frequently to sell and buy products. The proliferation of smartphones and the growing usage of social media attract upcycled denim product manufacturers and advertising media companies to promote and spread awareness about their products on social media. A large number of consumers, especially, the youth population are present on social media platforms. Social media, including Facebook and Instagram, are very popular among young consumers. Thus, brands are using these social media platforms to build advertising campaigns for promotion and provide products through online platforms, including Amazon, Flipkart, YourFit, and their websites and applications. Moreover, upcycled denim product companies are promoting their products through celebrity endorsement that encourages young consumers for buying newly launched upcycled denim products. This, in turn, drives the upcycled denim products market growth.
People, most of the time are misled by counterfeit products and mistakenly buy look alike and fake products, which is expected to hamper the growth of the upcycled denim products market forecast period. Various companies including E.L.V. Denim, Re/Done, EB DENIM, Blue of a kind, and dwij products deal with counterfeiting problems. They are taking important steps aimed at protecting their brand identity. Furthermore, the key players blocked and shut down websites that promote sales of counterfeit items using trademarks, logos, and imagery. Despite consumer awareness regarding their favorite original brands and important steps taken by companies to tackle fake brands, fake jeans inevitably made their way into retail and online stores, which in turn restrains the upcycled denim products market growth.
According to the market analysis, the global upcycled denim products market is segmented into product type, price point, distribution channel, and region. By product type, the market is divided into apparel, home goods, and others. The apparel segment is further divided into jeans, shorts, jackets, and others. Home goods are further sub-segmented into quilt mat, basket, pouch, rug, cushion cover, and others. Based on price point, the market is divided into mass and premium. By distribution channel, the market is divided into specialty store, online retail, others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA).
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Based on product type, home goods segment held the major share of the market in 2021 owing to an increase in the adoption of recycled and upcycled home goods. With the rising number of global organizations and initiatives taken towards spreading awareness about curbing textile pollution, consumers are inclined towards environmentally friendly home goods such as quilt mats, baskets, pouches, rugs, cushion covers, and others. With the rise in purchasing power parity, the modern-day urban consumer is transitioning from pocket-friendly and affordable to eco-friendly and sustainable home goods to reduce environmental damage.
[PRICEPOINTGRAPH]
As per price point, the mass segment holds more than 65% of the upcycled denim products market share in 2021. Mass pricing means that the product is sold at a low and affordable rate. Upcycled denim products, such as jeans, shorts, jackets, quilt mats, baskets, and others are in demand due to affordability and availability in retail stores. In the mass upcycled denim products market, there is a major opportunity for the local or domestic players. These mass-priced denim jeans are majorly sold in convenience stores. Foreign manufacturers undergo huge taxation on imports and export of upcycled denim products.
[DISTRIBUTIONCHANNELGRAPH]
By distribution channel, the global upcycled denim products market is categorized into specialty stores, online retail, and others. The specialty stores segment led the market and accounted for 39.3% of the upcycled denim products market share in 2021 and is expected to maintain its dominance during the forecast period. Easy accessibility offered by online platforms boosts the consumption of upcycled denim products, and thus serves as a popular medium for the purchase of upcycled denim products. An increase in penetration of various online portals in developing regions and a rise in the number of offers or discounts attract consumers to upcycled denim products through online channels.
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Region-wise, Europe was the largest market in 2021 and had the highest market share of 33.4%. Europe is the major market for denim upcycled products. The Europe upcycled denim products market is analyzed across Germany, France, the UK, Italy, Spain, Russia, and the rest of Europe. Germany is the leading market in Europe and is also expected to be the fastest-growing market. There is an increase in the adoption of upcycled denim products, owing to a rise in awareness regarding sustainable denim products and textile industry waste upcycling.
The players in the upcycled denim products market have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the upcycled denim products market.
Some of the key players profiled in the upcycled denim products market analysis include E.L.V. Denim, Re/Done, EB DENIM, Blue of a kind, dwijproducts, Raw Materials Amsterdam, RUDA PATRICE, Smoke Wear, Ullisu, REMU APPAREL, Orta, INDUSTRY OF ALL NATIONS, DenimX, Crystal International Group Limited, and ROSTAING
Key Market Segments
Key Market Players