The denim segment in India is expected to grow at a high rate, despite subdued growth in apparel exports and domestic markets.
Indian paper Business Standard reported that the denim industry is growing at a compounded annual growth rate of 13-15 percent, while the overall apparel growth rate is estimated at only 3-5 percent, down from 12-15 percent in the past couple years.
Business Standard reported that denim makes up 35 percent of total textile exports from India and is expected to rise to 45 percent by 2020, with production reaching 1.5 billion meters (4.9 billion feet) by this date.
Internationally, the denim market is expected to grow eight percent to $59 billion by 2021. Asia is projected to grow about 12 percent in this time, while Latin America is expected to grow 15 percent and Europe only 4 percent, the paper reported.