(MENAFN- KNN India)
Leather product exports to grow three-fold by 2025 as western brands foray Chennai, Jan 25 (KNN) With European and US brands starting to explore Indian leather manufacturing facilities, the Indian finished leather product exports is likely to increase three times in the next two years.
K R Vijayan, Chairman, Indian Finished Leather Manufacturers and Exporters Association (IFLMEA) informed the media on Tuesday that the domestic market is increasing enormously and is expected to increase thrice by 2025.
About USD 5 billion worth of the manufactured goods are exported out of the USD 10 billion size of the Indian leather trade and products.
Shoes are the major products exported in this segment from India with most of the exports headed to Europe and the US.
Vijayan said that currently the American business with the domestic leather business has reached over 5 per cent which was not even 1 per cent earlier.
“The development comes in the backdrop of leather product manufacturers in Europe and US, who were sourcing finished leather products from facilities in China and Vietnam have started shifting their focus to other Asian countries post-Covid,” he added.
(KNN Bureau)
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