Upcycled Denim Products Market Expected to Reach $838.6 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Upcycled Denim Products Market," The upcycled denim products market size was valued at $392.50 million in 2021, and is estimated to reach $838.6 million by 2031, growing at a CAGR of 7.9% from 2022 to 2031.

Upcycled denim products include apparel, home goods, and other products. Upcycled denim products are made up of existing fabric and turning it into new denim products, by changing it completely. There are different types of upcycled denim products such as jackets, jeans, bags, mats, pouches, rugs, and other products offered by the manufacturers in the market. With the growing fashion trend of recycled and upcycled denim products among consumers, the key manufacturers in the market are focusing on the upcycling project to cater to the increasing demand for upcycled denim products.

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 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 growth of upcycled denim products industry. 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.

The rapid increase in the number of large department stores, including specialty stores, and convenience stores as well as online retail in developing economies has enabled easier availability of upcycled denim products, as these stores help increase sales of upcycled products. Specialty stores have served as a better distribution point for upcycled denim products. Growth in urbanization is expected to boost the growth of the retail sector, which, in turn, generates upcycled denim products market opportunities.

The clothing industry is witnessing spiraling growth owing to rapid digitization. Whether online or offline, promotional activities and campaigns are fueling the demand for upcycled denim products. Advertisements, and collaborations with celebrities for promotion, fashion shows, etc., are acting as a stimulant to upcycled denim product demand. Similarly, upcycled denim toys are emerging as a new trend due to the revolution in upcycling of denim products. Ongoing upcycled denim products market trends in developed countries such as U.S., Germany, among others are expected to propel the growth of the market. Foreign manufacturers undergo huge taxation on imports and export of upcycled denim products which is expected to hinder the growth during upcycled denim products market forecast. These innovations in upcycling textile wastage and household denim wastage will open new opportunities for the new players in the upcoming years. The manufacturers are investing in advertising initiatives to increase awareness about the upcycled denim product among the consumer which is expected to propel the growth of the market.

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 is further sub-segmented into jeans, jackets, shorts, and others. The home goods segment is further divided into quilt mat, basket, pouch, rug, cushion cover, and others. As per price point, the market is divided into mass and premium. Based on Distribution Channel, the market is divided into a specialty store, online retail, and others. The offline distribution channel is further divided into hypermarkets and supermarkets, convenience stores, specialty stores, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and the 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).

Based on product type, the home goods segment accounted for more than 52% of the upcycled denim products market share, in terms of revenue, in 2021 as it is being widely consumed & popular among consumers. Denim upcycling is the process of creating new products from already existing denim products. With the increase in awareness about sustainable denim products among consumers, the demand for upcycled and recycled denim products is increasing day by day which is expected to propel the upcycled denim products market growth.

Based on price point, the mass segment led the market and accounted for 69.0% of the global upcycled denim products market in 2021 and is expected to maintain its dominance during the forecast period. 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.

Based on the distribution channel, the specialty store segment led the market and accounted for 39.3% of the global upcycled denim products market in 2021 and is expected to maintain its dominance during the forecast period. Manufacturers are continuously making efforts to increase the shelf visibility of their products; hence, they are majorly targeting specialty stores. As a result, a variety of upcycled denim products are available in specialty stores.

Region-wise, Europe was the largest market in 2021 and had the highest market share of 33.4%. Companies operating in the Europe upcycled denim products market are offering innovative products to sustain in the competitive market. They are launching new products to expand their business operations across different countries in this region and increase their customer base. High spending capabilities of individuals, owing to an increase in disposable income and economic stability are some of the major driving factors for the Europe 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 findings of the study

• Based on the product type, the apparel segment is projected to witness the highest CAGR of 8.3%, in revenue terms, during the forecast period.
• Based on price point, the premium segment is projected to witness the highest CAGR of 8.2%, in revenue terms, during the forecast period.
• Based on country, the U.S. was the largest country, in terms of revenue generation for the upcycled denim products market in 2021.
• Based on region, Asia-Pacific is anticipated to witness the highest growth rate, registering a CAGR of 9.3% from 2022 to 2031.