Major companies in the leather and allied products market include NIKE Inc; Gap Inc; Christian Dior SE; Adidas AG and Kering SA. The global leather and allied products market is expected to grow from $291.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Leather And Allied Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025298/?utm_source=GNW
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%.
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. The leather and allied products market is segmented into leather footwear; non-leather footwear; leather luggage, hand bags and other goods; non-leather luggage, hand bags and other goods and leather tanning.
Asia Pacific was the largest region in the global leather and allied products market, accounting for 42% of the market in 2020. Western Europe was the second largest region accounting for 27% of the global leather and allied products market. Africa was the smallest region 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.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the leather and allied products market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the leather and allied products market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
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. In countries such as India, for instance, e-commerce portals have boosted the sales of these products by giving larger exposure to producers who were confined to one geography.
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