The Latin America, Middle East and Africa Leather Goods Market would witness market growth of 10.8% CAGR during the forecast period (2021-2027).
Changing & emerging fashion trends around the world have motivated market players to introduce unique and stylish products so as to fulfil the demands of consumers and retaining their existing consumers as well as expanding their consumer base. In addition to it, consumers are willing to purchase leather goods and luggage that are compact yet stylish. Emerging fashion trends have led to an expansion of men’s accessories such as neckpieces, leather bracelets, and gloves. Moreover, the leather and leather products industry play a key role in the economy of the world. Leather raw materials have highly become accessible in the emerging world.
Further, above half of the world supply of leather raw materials comes from the emerging world. The demand for superior quality hides for products like automobile upholstery has assisted to develop extremely effective upholstery leather tanning in the well-established world. Therefore, the growth of the market would be fueled by the emerging fashion trends in the next few years. In the past few years, tanners and various shoemakers have made a major move toward putting investment in new, instead of the second-hand, manufacturing tools. The developments of plants with advanced technology, large-scale capacities and close associations with other actors in the supply chain are some of the significant changes that occurred in the leather industry recently.
The development of BRIC countries and globalization are playing a key role in the LAMEA market. While workers from the Asian continent are witnessing more earning in the past 25 years, their counterparts in Africa witnessed a decline in their earnings. This would create new growth avenues for companies looking for low-cost Labour. African countries need to look for a niche position in the global market.
Moreover, the leather industry of South Africa has been one of the robust on the continent for many years as it has been complemented by a booming automotive sector. In addition to it, countries of the region hold a good reputation for quality leather garments. Key brand manufacturers display low interest regarding doing business in the region, but Ethiopia has made some effective moves that show that robust policies could create a substantial manufacturing sector using locally made leather.
The Genuine Leather market dominated the Saudi Arabia Leather Goods Market by Type 2020, thereby, achieving a market value of $3,729 million by 2027. The Synthetic Leather market is estimated to grow at a CAGR of 11.9% during (2021 - 2027). Additionally, The Vegan Leather market is expected to witness highest CAGR of 13.2% during (2021 - 2027).
Based on Type, the market is segmented into Genuine Leather, Synthetic Leather and Vegan Leather. Based on Product, the market is segmented into Footwear, Automotive Accessories, Home Décor & Furnishing, Small Leather Goods & Accessories, Apparel, Handbags, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Leather Goods Market is Predict to reach $560.5 Billion by 2027, at a CAGR of 9.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Adidas AG, Nike, Inc., PUMA SE, Tapestry, Inc., New Balance, Inc. (New Balance Aesthetics, Inc.), Herman Miller, Inc., American Leather Operations, LLC, Lear Corporation, VF Corporation, and Hermes International S.A.
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