Asia-Pacific’s leather and allied products market accounts for the largest share in the global leather and allied products market.
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.
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The leather and allied products market is expected to reach a value of nearly $440 billion by 2022, significantly growing at a growth rate of almost 10% during the forecast period. The growth in the leather and allied products market is due to emerging markets growth, rise in disposable income, technology development.
However, the market for leather and allied products is expected to face certain restraints from several factors such as lack of available resources, workforce issues and increasing inventory levels.
Wearable technology integrated with leather, sustainable substitutes of leather, use of big data in leather production are the major trends witnessed in the global leather and allied products market.
With increase in positive economic outlook, growth of e-commerce, government regulations, the scope and potential for the global leather and allied products market is expected to significantly rise in the forecast period.
Major players in the global leather and allied products market include NIKE Inc., Gap Inc., Christian Dior SE, Adidas AG, Kering SA.
Christian Dior SE commonly known as Dior, is the number one French luxury goods company controlled and chaired by French businessman Bernard Arnault, who also heads LVMH, the world’s largest luxury group. Dior itself holds nearly 59% voting rights within LVMH.
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