The leather industry is a global manufacturing sector that produces raw, processed, and finished leather items. When tamed humanely and well-cared for, the animals used for hides are a renewable resource. Leather is one of the most trafficked items on the planet, with hides and skins worth more than $5 billion in yearly exports. Leather has a rich and illustrious history extending back hundreds of years. It is a $100 billion industry of leather hides finished Leather products and commodities all around the world. Cow, sheep, goat, and pig hides are the most common.
Identify Growth Segments for Investment in the Global Apparel and Leather Products Industry to 2021
The global apparel and leather products market is predicted to increase at a compound annual growth rate (CAGR) of 18.7% from $818.19 billion in 2020 to $971.38 billion in 2021. Companies like Walletsplus are rearranging their operations and recuperating from the impact of COVID-19, which had previously resulted in tight containment measures such as social distancing, remote working, and the shutdown of commercial activities, all of which posed operational issues. At an annual growth rate of 8%, the market is estimated to reach $1311.66 billion in 2025.
Around The World Emerging Leather and Fashion Trends
The leather fashion accessories market in the region is primarily driven by a rise in the number of working professionals and young millennials. Italy and France are experiencing a growing reliance on leather goods. India has always been a manufacturers’ hub for Leather production and finished goods production. The European Commission estimates that 41% of total production in the leather industry comes from footwear, followed closely by leather fashion goods and accessories.
The Bottom Line
Because of its enormous potential for employment, growth, and exports, the leather industry in India holds a prominent position in the Indian economy. There has been a growing emphasis on its planned development, which aims to make the best use of available raw materials to maximize profits, notably from exports.