The leather and allied products market involves of sales of leather and allied products by numerous entities (organizations, sole traders and partnerships) that introduce the leather and allied products. The Leather and allied product manufactures transmute the rawhides into the leather by tanning or curing and manufacturing the leather into products for the final consumption, and/or introduce the comparable products from other materials, involving the products (excluding apparel) completed from “leather alternatives such as rubber, plastics, or textiles. Rubber footwear, textile luggage, and plastic purses or wallets are the few examples of “leather substitute” products involved in this market.
According to the report analysis, ‘Leather And Allied Products Global Market Report 2019’ states that the leather and allied products global market there are numerous companies which presently operating more actively for leading the fastest market growth and dominating the handsome value of market share around the globe throughout the near duration while developing the applications of the leather and allied products, spreading the awareness related to the leather and allied products, delivering the better consumer satisfaction, decreasing the price of leather and allied products, employing the young work force, and establishing the several research and development programs includes NIKE Inc, Gap Inc, Christian Dior SE, Adidas AG, Kering SA and several others.
The effective technological advance in the area of the wireless technologies has allowed the leather product producers to assimilate the wearable technology into their products. Leading fashion originators are associating with the technology firms to introduce the trendy wearable’s and luxury products as the market is implementing this concept largely. For instance, the Ralph Lauren announced the ‘Ricky Smart Bag’ made from luxury leather that allows the users to charge their phone by invigorating one of the flaps that stimulates an internal light.
In addition, the market for leather and allied product is predicted to observe the moderate growth throughout the forecast duration. Recent advancements and innovations in the terms of design and usage of dissimilar varieties of animal skin are the prime aspects increasing the growth of this market. Moreover, the effective growth in the demand for trendy handbags, premium leather wallets, and several other leather products is manipulating the growth of the leather goods market from the last few years. The significant increase in the government support for the leather industry is further influencing the market growth.
The thriving fashion industry has majorly elevated the requirement for the leather handbags and wallets amongst the customers, thereby propelling the accessories market in the economy. As a result, the leather handbags hold the foremost market share in the accessories sector. In addition, the leather accessories are not just restricted to a general requirement. The customers are more inclined toward the aesthetic factors, and requirement premium assortment goods as a fashion statement.
Based on the region, the Asia Pacific was the largest region in the worldwide leather and allied products market, registering for 43% of the market in 2018. Western Europe was the second largest country dominating for 23% of the global leather and allied products market. For instance, the Africa was the smallest region in the worldwide leather and allied products market. Therefore, in the near years, it is anticipated that the market of leather and allied products will increase around the globe more significantly over the coming years.
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Ankur Gupta, Head Marketing & Communications