MEA footwear & leather goods market to hit $20bln in 2024

  • Date: 01-Dec-2023
  • Source: Zawya
  • Sector:Retail
  • Country:UAE
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MEA footwear & leather goods market to hit $20bln in 2024

The footwear and leather goods market in the Middle East and Africa (MEA) region is on track to hit $20 billion next year in the backdrop of a booming retail sector, industry analysts said.

A study by Mordor Intelligence has forecast that the MEA leather goods market is poised to grow at a compound annual growth rate of over seven per cent to touch $21.23 billion by 2025. The growth is fuelled mostly by the adoption of omnichannel retailing in the region, the study said, adding that leather manufacturers have also been focusing on innovation in design and use of exotic leather to cater to the demand from high-end and premium customers.

“Despite inflationary pressures and the macro-economic environment, consumer spending on footwear and leather products have maintained a growth momentum, with the key demand markets of the UAE and Saudi Arabia contributing a major share.,” said Jeen Joshua, managing director of Verifair, which is organising DIFLEX 2023, the region’s leading leather and footwear industry showcase to be staged at Dubai Festival Arena, Dubai Festival City.

The two-day trade fair, running from December 11 to 13, will have 250 top-notch footwear, leather, and leather accessories producers from across the world,