In this report, Technavio’s retail goods and services research experts announce their key market highlights for the global synthetic latex polymers market. Their findings include:
Global leather goods industry estimated to reach close to USD 247 billion by 2019
According to the report, the global leather goods industry was valued at over USD 200 billion in 2014 and is estimated to reach close to USD 247 billion by 2019. The growing demand for leather goods is likely to have a positive growth trend during the forecast period. With several product launches by both local and large players, manufacturers are inducing customers to buy the products.
With the improving economies and rising purchasing power among individuals in developing countries, customers are buying more luxury leather goods in countries like India and China. The trend of purchasing products online is also pushing manufacturers to change their retail strategy. For instance, Fendi, one of LVMH’s brands, built its own e-commerce site in 2015.
“One of the major factors driving the growth of the global leather goods industry is the growing demand for eco-friendly or organic leather products as conventional leather tanning has a disastrous effect on human health and leads to ecological imbalance,” says Brijesh Kumar Choubey, a lead retail goods and services analyst at Technavio.
The report further states that organic leather is raised and organically tanned. The USDA National Organic Program ensures animals are raised organically and leather is tanned in a certified organic tannery. Eco leather is tanned organically and the tanning process includes using plant tannins, vegetable tannins, and smoke for the process. There are some manufacturers like Valentino and the Gucci Group which have started using eco-friendly and organic leather for their products.
Footwear segment: largest product segment for leather goods industry with 59% market share
The global leather goods industry is segmented on the basis of product, including footwear, luggage, and bags, wallets, and purses. As of 2014, the footwear segment dominated the market with 59% market share. The women’s autumn-winter collection in 2014 featured nods and other Hermès designs.
“By holding close to 24% of the revenue share, the bags, wallets, and purses segment comprise the second largest segment in the market. With the demand for leather products spread across segments, this segment is expected to see a positive trend during the forecast period. From local labels to top brands, several manufacturers launched products in 2014,” says Brijesh.
The luggage segment in the global leather products comprises close to 17% of the market share. The tourism and travel industry acts a catalyst in driving the demand for the overall market. In 2014, Prada’s sales revenue of leather goods had decreased by 1.4%, mainly due to decrease in tourist footfall in the main shopping destinations of Europe and Asia.
The Americas stands as the largest market for leather goods
The global leather goods industry is well diversified between the Americas, APAC, Europe, and MEA. In 2014, the Americas was the largest region for leather goods with a revenue share of more than 38%. Product innovation and advances in technology are the major growth drivers of this market. The US market stands as the largest market followed by Canada and Mexico. Some of the top players in this region include J.C. Penney, Ebags, Sears Holding Corporation, etc.
“In the Latin American market, Brazil stands as one of the key players in the region and has become the major target market for leather and fashion goods worldwide. Brazil is also one of the major leather producers and exporters of leather worldwide,” says Brijesh.
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