New report predicts a 23% growth in leather goods industry by 2019
Research company Technavio predicts that the leather goods and services industry will increase from just over $200 billion in 2014 to $247 billion in 1919. Major factors for the growth include increasing demand, leather product launches and advertising by manufacturers.
Leading leather vendors in the market are LVMH, Kering, Coach, Prada and Hermes. While the United States is the global leader with 39% of the leather market share, China and India are also driving growth with their improving economies and accompanying purchasing power. The footwear segment leads the pack with 59% of the leather market share. Bags, wallets and purses follow with 24% of the share in revenue.
Technavio, founded in 2003 and headquartered in London, is an international market research company. They report on emerging market trends to keep businesses informed about potential opportunities and help them develop strategies for market positioning.
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