According to a new report ‘Non-leather Products – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026, published by Transparency Market Research (TMR) the global non-leather products market was valued at around US$ 250 Bn in 2017 and is anticipated to expand at a CAGR of 5.61% from 2018 to 2026. Rise in demand for cost-effective and stylish products is driving the global market. In terms of value, the market in Asia Pacific is expected to expand at a CAGR of 6.4% during the forecast period.
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Footwear Segment to Dominate Global Non-leather Products Market
Footwear is the major segment of the non-leather products market. It is estimated to propel the non-leather products market during the forecast period. Non-leather products are preferred over traditional leather products. Footwear is made up of synthetic leather, vegan leather, composites, rubber, etc. Handbags and wallets also accounts for key share of the global non-leather products market. The handbags and wallets segment is driven by the rise in demand for these in the fashion industry. Women are the prominent users of handbags and wallets. Handbag is an integral part of a woman’s outfit. Different Handbags and wallets are used for different occasions. Non- leather products look good, and are available in large variety and colors. The luggage bags segment also constitutes important share of the non-leather products market.
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Wide 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 major share of the global non-leather products market, as most of the companies in these regions are well established and export almost 90% of their products. Asia Pacific constitutes significant share of the global market. Rise in disposable income of the people and presence of major players in developing economies such as China, Japan, and India are projected to boost the market in Asia Pacific during the forecast period. The non-leather products market in Europe is estimated to expand at a significant pace during the forecast period, led by the increase in demand for vegan products in countries in the region. The non-leather products market in Latin America and Middle East & Africa is expected to expand at a moderate pace in the near future.
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Key players operating in the global non-leather products market are Pou Chen Corporation, Nike, Inc., PUMA SE, Adidas AG, ASICS Corporation, Samsonite International S.A., 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.
