Middle East Luxury Leather Goods Market Share, Trends, Revenue, Growth Drivers, Challenges, Key Manufacturers and Future Investment Strategies Till 2033


Middle East Luxury Leather Goods Market Share, Trends, Revenue, Growth Drivers, Challenges, Key Manufacturers and Future Investment Strategies Till 2033: SPER Market Research

 Category : Consumer & Retail

 Published: Apr-2024
 Author: SPER Analyst

Middle East & Africa Leather Goods Market is projected to be worth USD 64.02 Billion by 2033 with a CAGR of 6.5%.

Leather goods are products created from processed animal hides and skins that are changed into numerous objects such as bags, wallets, belts, shoes, and accessories. The manufacturing process consists of numerous stages, including raw material procurement, tanning, dyeing, cutting, stitching, and finishing. Leather products are renowned for their durability, elegance, and timeless appeal. They are utilised by people in a variety of industries, including fashion, luxury, automotive, and furniture.

Middle East & Africa Leather Goods Market Driving Factors and Challenges

Numerous factors are driving the leather products market in the Middle East and Africa. First off, the increasing fashion industry is driving a growing demand for high-end and luxury leather products. High-Net-Worth Individuals (HNWIs) in important countries like the U.S., France, and China are becoming more and more interested in wearing designer and branded clothing, which has led to a growing demand for high-quality leather items as a fashion statement. Second, the market is profiting from synthetic leather products' affordable prices and robust design. Faux leather, another name for synthetic leather, has benefits like cost, colour variation, ease of upkeep, and durability. 

Because they are strong and reasonably priced, materials like pleather, Naugahyde, vegan leather, and recycled PET polyester are becoming more and more popular. And last, there's a huge need for stylish, comfy leather clothing, accessories, and shoes. Goods made of leather are becoming more and more popular over other materials because of its exceptional qualities, such as being dust- and fire-proof, and their longevity. The desire for leather goods in many different categories, such as gloves, purses, watches, footwear, and furniture, is being further fuelled by this trend.

The Middle East and Africa leather goods market faces various obstacles. Stringent government regulations in Europe and the United States are closing tanneries and leather processing factories, impeding industry growth. Furthermore, the scarcity of universities offering degrees in leather technology exacerbates the skills gap, hindering sectoral growth. A lack of personnel and training facilities further impedes the manufacture of high-quality leather items, which are critical for industry growth. Furthermore, the exorbitant cost and declining quality of genuine leather have prompted the hunt for substitutes, resulting in market saturation with less expensive leather goods. This alters pricing dynamics and limits market expansion. Furthermore, government measures that introduce synthetic substitutes such as plastic leather exacerbate the industry's issues.

Impact of COVID-19 on Middle East & Africa Leather Goods Market
The Covid-19 pandemic presented issues for the leather goods business, as it did for many other industries. Lockdowns, travel restrictions, and economic uncertainty interrupted supply chains and influenced consumer purchasing. Nevertheless, some tendencies emerged during this period: As physical stores closed or faced constraints, e-commerce grew in popularity, increasing online leather goods sales. Because of remote work and limited social engagements, there has been a shift towards casual and comfortable clothing. Consumers' interest in ethically sourced leather alternatives has grown as they prioritise sustainability. Manufacturing interruptions and raw material shortages produced supply chain disruptions, resulting in production and delivery delays.

Middle East & Africa Leather Goods Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Adidas AG, Aero Leather Clothing, American Leather, CAPRI HOLDINGS LIMITED, Hermes International S.A., Kiton, Kering S.A., Louis Vuitton, LVMH, Michael Kors Holdings Ltd., PRADA S.P.A., Ralph Lauren Corporation, Others.

Middle East & Africa Leather Goods Market Segmentation:

By Product Type: Based on the Product Type, Middle East & Africa Leather Goods Market is segmented as; Apparel, Belts, Footwear, Handbags, Luggage, Wallets, Others.

By Leather Type: Based on the Leather Type, Middle East & Africa Leather Goods Market is segmented as; Bonded Leather, Faux Leather, Full Grain Leather, Split Grain Leather, Top Grain Leather.

By Distribution Channel: Based on the Distribution Channel, Middle East & Africa Leather Goods Market is segmented as; Company Franchised Stores, E-Commerce, Specialty Stores, Supermarkets/Hypermarkets, Others.

By Grade: Based on the Grade, Middle East & Africa Leather Goods Market is segmented as; High-Grade, Mid-Grade.

By Region: This research also includes data for Egypt, Israel, Saudi Arabia, South Africa, United Arab Emirates, Rest of Middle East & Africa.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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