Global Leather And Allied Products Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
2 Feb, 2021
The leather and allied products market consists of sales of leather and allied products by entities (organizations, sole traders and partnerships) that produce leather and allied products. Leather and allied product producers transform hides into leather by tanning or curing and fabricating the leather into products for final consumption, and/or produce similar products from other materials, including products (except apparel) made from "leather substitutes” such as rubber, plastics, or textiles. Rubber footwear, textile luggage, and plastic purses or wallets are examples of "leather substitute" products included in this market.
Global Leather And Allied Products Market Size And Drivers:
The global leather and allied products market is expected to grow from $291.11 billion in 2020 to $336.21 billion in 2021 at a compound annual growth rate (CAGR) of 15.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $468.93 billion in 2025 at a CAGR of 9%. Increasing demand for online shopping is expected to drive the leather and allied products market. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the leather and allied products market.
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Trends In The Global Leather And Allied Products Market
Technological advances in the field of wireless technologies have enabled leather product manufacturers to integrate wearable technology into their products. Leading fashion designers are partnering with technology firms to produce trendy wearables and luxury products as the market is adopting this concept broadly. For instance, Ralph Lauren introduced the ‘Ricky Smart Bag’ made from premium leather that enables users to charge their phone by lifting one of the flaps that activates an internal light.
Global Leather And Allied Products Market Segments:
The global leather and allied products market is further segmented based on type, application, type of leather, distribution channel and geography.
By Type: Leather Footwear, Non-Leather Footwear, Leather Luggage, Handbags And Other Goods, Non-Leather Luggage, Hand Bags And Other Goods, Leather Tanning.
By Application: Automotive, Furniture, Consumer Goods.
By Type Of Leather: Top-Grain Leather, Split Leather, Patent Leather, Bonded Leather.
By Distribution Channel: Retail Stores, Online Stores.
By Geography: The global leather and allied products market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, Asia Pacific is the largest region in the global leather and allied products market, accounting for 42% of the total market.
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Leather And Allied Products Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides leather and allied products market overviews, analyzes and forecasts market size and growth for the global leather and allied products market, leather and allied products market share, leather and allied products market players, leather and allied products market segments and geographies, leather and allied products market’s leading competitors’ revenues, profiles and market shares. The leather and allied products market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.