Global jeans market to grow to 60 billion dollars by 2023

The global jeans market will grow to 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, and 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.