The Indian leather manufacturing and trade industry is expected to witness a three-fold jump in the next 2-3 years due to strong domestic demand and exports due to China plus one strategy adopted by major export markets like the US and Europe.
“The Indian leather industry will see a three-fold jump by 2025,” said KR Vijayan, Chairman, Indian Finished Leather Manufacturers & Exporters Association (IFLMEA)
He added that the earlier share of the US in total business was less than one per cent but it is currently over 5 per cent. “The growth is there, the industry only needs to invest and equip ourselves to meet the growing demand,” Vijayan said.
He was addressing a press conference to announce the Leather Fashion Show and the 36th edition of the Indian International Leather Fair (IILF) to be held in Chennai on February 1. The fair will feature 450 exhibitors from India and 20 other countries.
SK Sabapathy, Chairman, Saba Group said that post the Covid-19 pandemic and other global challenges, there has been an increased focus on India by major export markets like the US and Europe.
“There is going to be a lot of shift from brands coming out of China towards India. Initially, they went to Vietnam for all the production but now the country is already saturated,” Sabapathy added.
Yavar Dhala, Convenor, Fashion Show’23 said India is about 5 per cent of the global trade of leather and leather products and pegged the Indian leather industry (including exports) at $10 billion.