India’s Leather Exports Jumped 400% in April-May 2021
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The Indian Leather industry is on an ambitious growth trajectory. The growth of the Indian leather industry over time and how it is shaping up currently is an insightful story one should not miss.
The Indian leather industry is one of the most prominent and fastest-growing sectors in the country. India is a key player in the leather industry and exports of its products have been on an upward trend. In 2019, total export stood at $5.07 billion with an increase from previous years as well!
According to a report by Press Information Bureau, Government of India (Ministry of Commerce & Industry), India is now the second-largest producer in footwear, second-largest exporter in leather garments, fifth-largest exporter in leather goods, and third-largest exporter in saddlery and harness. The country has also been identified as one that will be driving global growth for exports over the next decade.
The Indian leather industry is growing in leaps and bounds, with its advantages including 20% of the world’s cattle and buffalo; skilled manpower that can easily access new technology due to their open-mindedness towards innovation. The country also has strict environmental standards which keep up compliance across all sectors from production through consumption.
India is home to one of the biggest leather industries in the world, producing 3 billion square feet of material on an annual basis. This would be enough to cover the entire North Las Vegas, Nevada!
The sector has also seen a sharp rise in its share value with many international firms investing in this lucrative market. Collaboration between various stakeholders including government agencies, business leaders, scientists, entrepreneurs, designers, and retailers will be key to sustaining this growth trajectory for years.
As per Anuent’s quarterly reports on this topic, they noted that their products' sales hit rock bottom after being affected by the COVID-19 pandemic. The company has seen huge spikes in sales in mid-2021 from US and UK with many buyers purchasing a leather messenger bag for men which received 8x more than last year's average sale numbers!
This followed the general trend where India’s exports of leather and leather products soared in 2021. In just two months, from April to May 2021, India exported US$641.72 mn worth of these goods.
This is a fourfold increase from the previous year when they only exported US$146.79 mn worth during this same period. One reason for this dramatic increase could be that India has been trying to diversify its trade portfolio by promoting more exportable products through different channels such as e-commerce platforms like Amazon, Alibaba, or eBay.
These new avenues are proving successful with Indian exporters seeing their goods go all over the world including the United States, the United Kingdom, and even Australia. These emerging trade avenues are also helping small and medium scale companies enter foreign markets by using them as a launchpad to go international.
This could be the reason why India is witnessing an increase in its exports of leather and related products like shoes and handbags since these items can easily be exported through these new online channels.
About Anuent: Anuent is a leading leather bag manufacturer and exporter. They handcraft luxurious bags for the modern man or woman who appreciates fine craftsmanship with their classic designs! The range of products includes leather laptop bags, messenger bags, crossbody bags, duffle bags, and briefcases.
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