Africa Luxury Leather Goods Market – Industry Trends and Forecast to 2030, By Product (High-Grade, Low-Grade, Mid-Grade), Application (Men and Women), Distribution Channel (Offline Retail Stores and Online Retail Stores), Country (Nigeria, Egypt, South Africa, Algeria, Morocco and Rest of Africa) – Industry Trends and Forecast to 2030.
Africa Luxury Leather Goods Market Analysis and Size
Wallets, suitcases, clothing, shoes, and other accessories are all available in luxurious leather. Buying expensive luxury goods made of animal skin is now a sign of social standing. Customers continue to pay exorbitant prices for premium animal skin products from well-known brands because they believe they are of higher quality and can satisfy their shallowness.
Data Bridge Market Research analyses that the Africa luxury leather goods market which was USD 93,521.19 million 2022, would rocket up to USD 164,326.57 million by 2030, and is expected to undergo a CAGR of 7.3% during the forecast period of 2023 to 2030. Increasing disposable income is one of the driving factors for the luxury leather goods market in Africa. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.
Africa Luxury Leather Goods Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Pricing in USD
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Segments Covered
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By Product (High-Grade, Low-Grade, Mid-Grade), Application (Men and Women), Distribution Channel (Offline Retail Stores and Online Retail Stores)
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Countries Covered
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Nigeria, Egypt, South Africa, Algeria, Morocco and the Rest of Africa
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Market Players Covered
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Okapi (South Africa), MaXhosa Africa (South Africa), Loin Cloth & Ashes ( Kenya), Kumesu ( Kenya ), Malian Collection (Mali ), AAKS ( Ghana ), Sindiso Khumalo (South Africa), Laurenceairline (Ivory Coast), Mantsho ( South Africa ), Adèle Dejak (Kenya)
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Market Opportunities
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Market Definition
Handbags, luggage, and briefcases are included in the category of luxury leather goods, as well as smaller items like wallets. The market definition roughly aligns with the Accessories section of the Consumer Market Outlook's segment, Luggage and Bags. Luxury Leather Goods only cater to the luxury market, which is the only distinction.
Africa Luxury Leather Goods Market Dynamics
Drivers
- Rising disposable income
The demand for upscale leather goods is being driven by the rising disposable income of the continent's middle class. People can purchase more expensive goods as their purchasing power increases.
- Growing urbanization
A middle class that is interested in fashion has emerged in African nations as a result of rapid urbanization. Urban dwellers seek out expensive leather goods as a sign of status and fashion, which helps the market expand.
Opportunities
- Untapped market potential
The African luxury leather goods market is underserved, presenting significant growth opportunities for international luxury brands. Luxury brands can expand their presence and capture market share with a large consumer base and growing demand.
- Increasing Tourism in Africa
The rise in affluent tourists visiting Africa creates a favorable market for luxury leather goods. Tourists frequently seek out unique and authentic luxury products, providing an opportunity for brands to meet this demand.
Restraints/Challenges
- Cultural presence
Local preferences for traditional and handmade products may pose a challenge for luxury leather goods brands looking to establish a presence in the African market. Brands may need to adapt and customize their offerings to meet cultural preferences and local craftsmanship traditions.
- Availability of counterfeit products
The industry for genuine luxury leather goods is challenged by the availability of fake products on the market. In addition to damaging brand reputation and consumer trust, counterfeit products can cost legitimate manufacturers money.
Recent Developments
- On March 2022, The African Leather and Leather Products Institute and the Leather and Hide Council of America joined forces to launch the Real Leather. Maintain your uniqueness. African Talent Leather Design Showcase 2023. The new partnership, which commits to educating the next generation of creatives, aims to reshape education around the production and use of sustainable leather across Africa.
- On August 2021, Leather handbags were a part of Winston Leather's heritage, not just a statement fashion accessory. He told Insider that he is descended from a long line of leather suppliers in Kano, Nigeria, a city in the country's northern region known as a leather manufacturing capital.
Africa Luxury Leather Goods Market Scope
The Africa luxury leather goods market is segmented on the basis of product, application and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
By Product
- High- Grade
- Low-Grade
- Mid-Grade
By Application
- Men
- Women
By Distribution Channel
- Offline Retail Stores
- Online Retail Stores
Competitive Landscape and Africa Luxury Leather Goods Market Share Analysis
The Africa luxury leather goods market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Africa luxury leather goods market.
Some of the major players operating in the Africa luxury leather goods market are:
- Okapi (South Africa)
- MaXhosa Africa (South Africa)
- Loin Cloth & Ashes ( Kenya)
- Kumesu ( Kenya )
- Malian Collection (Mali )
- AAKS ( Ghana )
- Sindiso Khumalo (South Africa)
- Laurenceairline (Ivory Coast)
- Mantsho ( South Africa )
- Adèle Dejak (Kenya)
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