Acumen Research and Consulting, a global provider of market research, in a recently published report titled “Leather market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028 ”
LOS ANGELES, August 25, 2021 (GLOBE NEWSWIRE) – The Global leather market is expected to grow at a CAGR of around 6.0% during the forecast period 2021 to 2028 and reach around $ 626.1 billion by 2028.
New product launches and high government investments are major factors that are expected to drive the growth of the global leather market.
The North American market is expected to account for a significant share of the global leather market revenue due to high consumer spending on leather products. With the rise of the fashion industry in the region, consumer preference for various leather products is increasing. High purchasing capacity and leather products such as shoes and bags are in high demand. The availability of the raw material from manufacturers in large quantities focuses on providing better quality products to consumers. The US meat industry generated 31.1 million skins of cattle in 2016, as well as 4.4 million hides of pigs and 2.3 million skins of goats and sheep. The leather industry buys these hides and skins. Increasing livestock waste in the country, high priority waste management, coupled with favorable trade policies for the leather industry, leather products will experience high demand. In the United States, the leather, hide and leather industry was able to use more than 30 million bovine hides in 2016, saving nearly 908,000 tonnes and US $ 40 million in waste management in just one year.
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The Asia-Pacific market is expected to grow faster in the target market due to the presence of a large number of leather product manufacturers operating in the region. Countries like China and India are major exporters of leather. China produces 67% of the world’s shoes and exports 36% of its leather goods. The favorable trade policies of the government and the emphasis on strengthening regional manufacturing capacities are leading to the emergence of small and medium-sized enterprises, which is expected to impact the growth of the target market. The government is changing regulations related to the leather industry and is taking various initiatives to help support the industry even in the event of a pandemic. The Indian government is spending US $ 250 billion by launching the Indian Footwear, Leather and Accessories Development Program (IFLADP). It focused on providing financial support to key areas, namely capacity building and technological upgrading of production units, upgrading of CETP, HRD, creation of facilities institutional, etc. The Council for Leather Exports is undertaking a multi-pronged, aggressive and proactive marketing strategy. exploit the potential available in various markets.
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Rising consumer demand for comfortable, fashionable and novelty products, high purchasing capacity and changing fashion trends are major factors that increase the demand for leather products, which drives growth of the world leather market. The manufacturers’ approach to improving the business through new product introduction and acquisitions is expected to drive growth in the target market.
In 2021, TIMBERLAND, a leather goods manufacturer, launched the eco-conscious hiker collection “Greenstride Solar Wave EK +” in regenerating leather. The product launch should help the company increase its customer base.
In 2021, Hermès International SA, a luxury goods manufacturing company, launched the vegan mushroom-based leather “Victoria Handbag”. The product is expected to attract new customers and improve the business.
In 2020, Adidas, a global shoe manufacturing company, launched vegan leather shoes made from mycelium. The product launch is expected to help the company improve its business and increase revenue share in the market.
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The major players’ approach to follow the untapped market in developing countries is expected to support the revenue growth of the target market. Factors such as the high cost of leather products and strict government regulations related to the manufacture of the products are expected to hamper the growth of the global leather market. In addition, the lack of a developed supply chain is expected to jeopardize the growth of the target market. However, increasing investments by major players and approaching new product development are expected to create new opportunities for players operating in the leather market during the forecast period. In addition, the players focusing on strengthening the distribution channel should support the target market revenue transaction.
The global leather market is segmented into products and types. The product segment is divided into handbags, small leather goods and accessories, clothing, footwear, home decoration and furnishings, pet accessories and automotive accessories. Among the products, the footwear segment is expected to account for a significant revenue share in the global leather market. The typical segment is divided into authentic, synthetic and vegan. Among the types, the synthetic segment is expected to experience faster growth in the target market. The players presented in the global leather market report are Adidas AG, Nike, Inc., Puma SE, Fila, Inc., New Balance Athletics, Inc., Knoll, Inc., Samsonite International SA, VIP Industries Ltd., Timberland LLC and Johnston and Murphy.
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