Leather goods are predominantly popular among consumers, as they have inherent qualities. It is crack-proof, dustproof, fireproof, and durable, which is most likely to increase the growth of the leather goods market. However, in the U.S., stringent government regulations, such as Dog and Cat Protection Act, have prohibited the imports of canine and feline hide skin, which have compelled the leading manufacturers to adopt synthetic leather. Also, IBEF expressed that India represents 13% of the global leather production and 10% of the footwear production. With the animal welfare organization imposing a ban on animal-based leather, the leather industry is now shifting towards synthetic leather.
The footwear industry is expanding rapidly across Asia-Pacific, Latin America, and Europe, which will impact the leather market. The global demand for designer and comfortable footwear provides an impetus to market growth. Asia-Pacific is the largest market of footwear on account of rapid urbanization and the rising influence of western culture. North America is assessed to be the second-largest producer of footwear, with the U.S. being the market leader.
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Furthermore, the rise in spending and expenditure on personal goods due to growing fashion-consciousness is further driving the leather goods market. Fashion-conscious consumers seek unique designs, styles, and colors that can add an aesthetic and modern look to leather goods. Moreover, the increase in customer purchasing power, evolving lifestyles, and increased penetration of smartphones are contributing to the upsurge demand in the leather goods market. There is an increased awareness among customers through online channels, which is encouraging consumers to purchase the new and high-end designs of leather goods.
Figure 1: Expenditure on Apparel and Services in the U.S.
Source: U.S. Bureau of Labour Statistics
Leather Goods Market: Segmentation
By Distribution Channel
Central and South America and the Caribbean
The Middle East and Africa
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