LOS ANGELES, Aug 25, 2021 (GLOBE NEWSWIRE via COMTEX) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled "Leather Market- Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028"
LOS ANGELES, Aug. 25, 2021 (GLOBE NEWSWIRE) -- The Global Leather Market is estimated to grow at a CAGR of around 6.0% during the forecast period 2021 to 2028 and to reach around US$ 626.1 Bn by 2028.
New product launches and high investment by the government are major factors expected to drive the growth of global leather market.
The market in North America is expected to account for major revenue share in the global leather market due to high spending of consumers on leather products. With the fashion industry booming in the region consumer's preference for various leather products is increasing. High spending capacity and leather products such as shoes and bags are witnessing high demand. Availability of raw material on large quantity manufacturers are focused on providing enhanced quality products to consumers. The U.S. meat industry generated 31.1 million cattle hides in 2016, along with 4.4 million pig skins and 2.3 million goats and sheepskins. The leather industry purchases these hides and skins. Rising cattle waste in the country, waste management on high priority, coupled with favorable business policies for leather industry, goods made from leather are going to witness high demand. In the U.S., the hide, skin and leather industry was able to make use of more than 30 million cattle hides in 2016, resulting in nearly 908,000 tonnes US$ 40 Mn saved in waste management in just one year.
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The market in Asia Pacific is expected to witness faster growth in the target market due to presence of large number of leather product manufacturers operating in the region. Country such as China and India are major exporters of leather. China produces 67% of the world's shoes and exports 36% of its leather goods. Favorable business policies by the government and focus towards strengthening the regional manufacturing capabilities is resulting in emergence of small & mid-size enterprises this is expected to impact the growth of target market. Government is chancing the regulations related to leather industry and taking various initiatives to help sustain the industry even in pandemic. The government of India outlays US$ 250 Bn through initiation of Indian Footwear, Leather and Accessories Development Programme (IFLADP). It focused on providing financial support for core areas namely capacity augmentation and technological upgradation of production units, upgradation of CETPs, HRD, establishment of institutional facilities etc. The Council for Leather Exports is undertaking a multi-pronged, aggressive and pro-active marketing strategy to tap the potential available in various markets.
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Rising demand for comfortable, trendy, and fancy goods from consumers, high spending capacity and chancing fashion trends are major factors increasing demand for leather products which is driving the global leather market growth. Manufacturers approach towards enhancing the business through introduction of new products and acquisitions is expected to boost the target market growth.
In 2021, TIMBERLAND, a leather goods manufacturer launched "Greenstride Solar Wave EK+" eco-conscious collection of hikers made from regenerative leather. The product launch is expected to help company increase the customer base.
In 2021, Hermes International S.A., a luxury goods manufacturing company launched "Victoria Handbag" mushroom-based vegan leather. The product is expected to attract new customers and enhance the business.
In 2020, Adidas, a global footwear manufacturing company launched vegan leather shoes made from mycelium. The product launch is expected to help company enhance the business and increase the revenue share in the market.
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Major players approach towards tracking the untapped market in developing countries is expected to support the revenue growth of target market. Factors such as high cost of leather products and stringent government regulations related to product manufacturing are expected to hamper the growth of global leather market. In addition, lack of developed supply chain is expected to challenge the growth of target market. However, increasing investment by major players and approach towards new product development are factors expected to create new opportunities for players operating in the leather market over the forecast period. In addition, players focus on strengthening the distribution channel is expected to support the revenue transaction of the target market.
The global leather market is segmented into product and type. The product segment is divided into handbag, small leather goods & accessories, apparel, footwear, home decor & furnishing, pet accessories, and automotive accessories. Among product the footwear segment is expected to account for significant revenue share in the global leather market. The type segment is divided into genuine, synthetic and vegan. Among type the synthetic segment is expected to witness faster growth in the target market. Players profiled in the global leather market report are Adidas AG, Nike, Inc., Puma SE, Fila, Inc., New Balance Athletics, Inc., Knoll, Inc., Samsonite International S.A., VIP Industries Ltd., Timberland LLC, and Johnston & Murphy.
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