Leather Market Demand to be Skyrocketed with the Rising Apparel & Footwear Industry

Ameco Research Analyst projected that the global leather market will rise at a CAGR of more than 6% during the forecast period, with a market size of over US$ 760 Bn by 2030.

The leather industry encompasses a wide range of products and manufacturing methods. The term “leather tanning” refers to the process of converting raw hide or skin into leather and finishing it so that it may be utilized in the production of a wide range of consumer goods. The most important markets for EU tanners’ products are the footwear, garment, furniture, automobile and leather goods industries. According to the IBEF, with a budget of Rs.2600 crore, the government is employing the Indian Footwear, Leather, and Accessories Development Programme (IFLADP), which provides financial support for core areas such as capacity expansion and technological up-gradation of production units, upgrading of CETPs, HRD, and the establishment of institutional facilities. As a result, India’s leather and footwear industry has become an appealing investment destination due to its large market potential, as well as government backing and ease-of-doing-business initiatives.

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Market Dynamics

Leather is one of the world’s most commonly traded commodities. With an estimated global trade value of around US$100 billion per year, the leather and leather products business plays a significant role in the global economy. In the twentieth century, the world’s population exploded, and it continues to do so now. Because of the expanding population and general growth in affluence, there has been an increase in meat demand, which has kept the supply of leather raw materials relatively stable. According to current projections, the supply of leather raw materials will increase in lockstep with population expansion.

Overall, the industry is predicted to expand in many developing and newly industrialized countries, meeting a substantial share of global demand as well as the needs of emerging middle classes in their own countries. The rapid development of raw material supply in developing countries has been a prominent trend over the previous few decades. This has resulted in a decrease in the quality of raw material accessible to tanners, owing to climatic and husbandry difficulties.

The growing consumption of meat is also likely to support the leather market growth. According to FAO and ICT data, meat consumption per capita in poor nations is anticipated to rise from 25.5 kg per year in 2000 to 37 kg per year in 2030, compared to an increase of 88 kg to 100 kg in industrialized countries over the same period.

Global Leather Market Classification

The Leather market is divided into three categories: product, type, and geography. The product segment can be categorized into apparel, automotive accessories, handbag, footwear, home décor & furnishing, pet accessories, and small leather goods & accessories. In the third and fourth quarters of the twentieth century, a huge increase in the use of leather for footwear, notwithstanding a decrease in the use of leather soles, was a defining feature of the business. China has only taken 20 years to go from a poorly organised industry catering mostly to its home market to the world’s most dominating player by a wide margin – accounting for 63.7 percent of global footwear output. The footwear sector consumes 54 percent of global real leather production.

The type segment is categorized into genuine, synthetic, and vegan. Among them, the genuine leather segment is one of the significant types. Pocket leather goods, which are mostly made of genuine leather, mirror societal trends and usages, such as banknote and credit card sizes. Women’s and men’s briefcases made of genuine leather and synthetic materials, on the other hand, have a significant market share. Because horses cannot accept synthetic materials, all saddles are made of genuine leather. Genuine leather and exotic skins (from animal farming) will continue to be the most popular raw materials and accessories in the luxury leather products market.

Regional Stance

North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa (MEA) are the regional categorization of the global Leather market. North America dominates the Leather market in 2021. In the future, the regional market is likely to be driven by rising product popularity and increased online purchases in North America. However, the Asia-Pacific region is likely to attain the fastest growth rate during the forecast period 2022 – 2030. The Asia Pacific regional market, led by countries such as China and India, is driven by rising demand for premium and luxury goods.

Major Players

The top players offered in the report include Adidas AG, Fila, Inc., Johnston & Murphy Knoll, Inc., Nike, Inc., New Balance Athletics, Inc., Puma SE, Samsonite International S.A., Timberland LLC, and VIP Industries Ltd.

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