According to a new report “Non-Leather Products – Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts, 2018-2026” published by Transparency Market Research (TMR), the world market for non-leather products was valued at around US$250 billion in 2017 and is expected to grow at a CAGR of 5.61% from 2018 to 2026. Rising demand for economical and stylish products is driving the global market. In terms of value, the Asia-Pacific market is expected to grow at a CAGR of 6.4% during the forecast period.
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The Footwear Segment Will Dominate the Global Non-Leather Market
Footwear is the major market segment for non-leather products. It is estimated to propel the non-leather products market over the forecast period. Non-leather products are preferred over traditional leather products.
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The shoes are made of synthetic leather, vegan leather, composites, rubber, etc. Handbags and wallets also account for a key share of the global non-leather market. The handbags and wallets segment is driven by the rise in demand for them in the fashion industry. Women are the main users of handbags and wallets. The handbag is an integral part of a woman’s outfit. Different handbags and wallets are used for different occasions. Non-leather products look great and come in a wide variety of colors. The luggage bag segment also constitutes a significant share of the non-leather products market.
Large customer base in developing countries to present growth opportunities
Based on region, the global non-leather products market has been divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America and Asia-Pacific hold a significant share of the global non-leather products market, as most companies in these regions are well established and export almost 90% of their products.
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Asia-Pacific constitutes a significant share of the global market. Rising disposable income of the people and the presence of major players in developing economies such as China, Japan, and India are expected to drive the market in Asia Pacific over the forecast period. The market for non-leather products in Europe is expected to grow at a significant rate during the forecast period, driven by the increase in demand for vegan products in countries in the region. The non-leather market in Latin America, Middle East and Africa is expected to grow at a moderate pace in the near future.
The major players operating in the global non-leather products market are Pou Chen Corporation, Nike, Inc., PUMA SE, Adidas AG, ASICS Corporation, Samsonite International SA, The LVMH Group, VF Corporation, VIP Industries Ltd., Gabriel A/S, Inditex Group, Dicitex Furnishing, Kvadrat A/S, MATT & NAT, Delsey SA and Decathlon Group.
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