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A Leather is a durable and flexible material generated by lashing a rawhide or an animal skin. It is one of the most widely acclaimed traded objects of the world. In this retrospect, leather products like bags, belts, and wallets lie too. The dynamics of the leather products are changing at a considerable speed. In order to succeed in the market regardless of the changing trends, the leather industry needs to build up proficiency in a lot of factors. Generally extracted from the skin of a cattle; deer and lambskin are also used for the generation of soft leather which is a little expensive in comparison to the conventional leather. The skin of a deer is mainly used for the production of work gloves, belts, shoes, and wallets; however, the production of the said leather is minimum due to the restriction placed by many governments regarding the usage of the skin of the deer. With the tourism and travel industry reaching new heights and supplying a powerful impulsion to all the associated sectors, the leather bag market will continue to assemble for the most significant share of revenue in the luggage market all over the world. The manufacturing process of a leather-based belt is purely simple. The operation of manufacturing doesn’t require a lot of space. Leather-based belts are made in different lengths and widths to cater the customers from all build and age groups. The leather which is used is either chrome tanned or plain of even substance in a variety of colors with shades of mostly brown and black. The buckles that are used during the process of making belts are in different appealing designs mostly plated. The belts can be detached easily and fitted as per the requirements and needs of the customers. A manufacturing unit of leather belt with just a single operational shift usually takes 25-30 working days in a month is mostly a very constructive project financially for most of the entrepreneurs. The leather wallets are specifically designed to carry personal belongings like (debit cards, business cards, gift cards, ID cards, and many more) different kinds of photographs and documents. Considered as the most fashionable and globally renowned product among the people, the market for leather wallets is enormous with a growth of about 4.77 percent at CAGR during the 2014-2019 period.
Supply and Demand:
There are plenty of mixed reviews regarding the demand for leather products and the supply of raw hides and has been contemplated by the researchers. Problems like the spread of different diseases among the animals and inadequate storage spaces for these animals are considered as a concerning factor and portrays negative externalities in the supply of leather products along with its prices. The current data suggest that the possible disruption by shortcomings in the supply of raw materials is mostly due to the unavailability of the land and different aspects focusing on the development for livestock. Another crucial factor which may possibly tarnish the rawhide supply is the declining tending rate of consumption of the animals by humans, and this trend is mostly focused on improving the concerns regarding the safety of food and obesity among the people. However, it is at times perceived that the current reduction is going to be moderate. According to the statistics, the rise of the cattle stock around the world with human population has always remained closely associated. As a result, the raw material supply for leather is predicted to improve with the rising world population. In terms of the different patterns for the demand of leather goods like bags, wallets, and belts, and as an answer to the flourishing power of retailers and brands, more new and improved tanneries are being placed to cater the expanding demand in a majority of the countries. However, it is quite clear that the uses of leather develop over the course of time. Leather in this regard has lost its strength and position it had a couple of years ago since it doesn’t have the capacity of competing with new options created and produced in recent times including plastics, textiles, and other synthetic materials. These alternatives are now widely used because of their low prices, accessibility, and convenience in the market. To be fair, the business world is becoming seemingly uncomfortable, due to the ups and downs of the exchange rates, economic slow-down worldwide, political unpredictability, and rising competition for more resources in energy. Because of all these factors, the predictive power has decreased over the course of time.
There are only a few industries out there demanding the organizations to stay as graceful as possible in the apparel business around the world. At a minimum level, there is a rapid moving nature of fashion, which demands the organizations to focus on the on-going trends as quickly as possible. This process alone gives the leather business a distinct set of challenges. Today, however, things have changed for the good. As per a research report, foreign spending for the residents of the Asian-Pacific countries will improve to about $600 billion indicating that they will be spending more outside their homes. In the other luxury leather goods department, 75 percent of the sales will only come from the customers belonging from China, with nearly half of that spending outside China. The future industry of leather, belts, and bags surely looks to surprise everyone; and with that being said, trends will change too. As a matter of fact, they have. Some of the on-going market trends are as follows: 1) Sustainability: Fashion aficionados from around the world are becoming more conscious of their surrounding environment. They want fabrics that are produced naturally without harming the global environment. Keeping that in mind, more and more fashion brands are preparing environmental friendly clothes that are eco-friendly to the environment. 2) Digitization: Fashion customers that are young are currently using a vast range of digital platforms to know more about the on-going trends, and compare prices. With that being said, social media plays an efficient role, and nearly 35 percent of the customers indicate that they purely rely on fashion coming from social networks.