To keep up with the rapidly expanding global denim market and the shifting trends, Bangladeshi fabric manufacturers have launched a significant innovation to bring perfection. Currently, Bangladesh is the world’s second-largest exporter of garments, and is already a leading source of denim goods for the US and European markets. In fact, one out of every three denim products sold in Europe is produced there.
Bangladesh has achieved a 40 percent increment in production capacity in the last 5 years and currently 40 denim mills are manufacturing 280 lakh meters of denim fabric each year. Speculation by industry analysts says that, by 2026, the global denim market will spike to $76.1 billion, which was $57.3 billion in 2020.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has set a target of exporting $100 billion worth readymade apparels by 2030 where Denim will play a significant role. Bangladeshi denim manufacturers are currently taking part in international fairs to promote Bangladeshi made products.
Back In 2020, Bangladesh has exported Denim products worth more than $500 million to the United States alone. Also, Bangladesh generates more than $1 billion from Denim exports to the European region. As the global Denim market was 60.8 billion in 2021. Bangladesh is currently just behind China but it has all the possibility and capacity to compete with the big one. However, the country’s manufacturers are lacking in diversification and quality issues. Except for a few, most of the Bangladeshi denim production houses are still producing basic level garments. These production houses need to scale up the quality and production.
To achieve the goal by 2030, significant innovations can be implemented in this sector. For example – coping up with market demand and introducing new technology. Most manufacturers are using slub yarn to produce denim but as they are moving towards stretched denim as per market requirement, some of them are facing issues. Moreover, technologies like adding new liquid washing plants with nanotechnology that can save 60 percent water during laundry. Energy saving machineries can also be introduced as these play an effective role in saving energy and managing waste chemicals properly.
Experts believe that, with investing more in R&D, manufacturers can ultimately achieve the projected goals.