As the global population boom, there are inevitable implications on livestock. Demand for food and shelter have grown manifold resulting in an alarming scarcity of land meant for rearing animals, says Satyadeep Chatterjee.
Trends have to be predicted taking into consideration possible drastic changes. Fashion consumers are becoming more conscious of the environment. They prefer eco-friendly material, conservative use of resources, reduced emission of pollutants, greater social commitment and fair treatment of employees in production facilities.
The presence of a large number of players in the sector has intensified the competition to garner a larger chunk of the market share of this lucrative industry. On the demand front, consumers are rapidly aligning towards new designs and innovative leather offerings to ensure they are in sync with changing fashion trends. Another factor that needs to be taken into account is the rise of the BRICS (Brazil, Russia, India, China and South Africa) economies. Their dominant position in the labour-intensive textile and leather industries makes it difficult for other countries to match them.
Owing to high demand, the leather goods industry is on a growth spree. Forecasts are, this vertical will grow at a CAGR of 3.4 percent over the next five years and will touch US$ 91.2 billion by 2018.