Inclination towards the adoption of green products coupled with increasing government regulations on polymer-based products/leathers is anticipated to propel the global bio based leather market over the forecast period. With the increase in fashion consciousness, people are more aware of the type of footwear to wear on different occasions.
Further, a healthy economy and easy availability of credit, people are willing to try different things concerning luxury goods and automobiles, which can also be seen in the consumer confidence index. Catering to this demand for leather-based products, the global bio based leather market is booming at a significant growth rate.
On the flip side, an issue with a poor foundation in many developing nations. Import duties have constantly kept higher for chemicals other than their counterparts in developing nations, against the possibility of deferrals in a conveyance from ports. So the high cost of bio based leather manufacturing due to such barriers – taxes, import duties, port obligation, etc. is expected to hinder the global bio based leather market by end of the forecast period.
Environment-friendly products are being continually developed by corporate groups. Greener products are becoming an integral research & development focus area, which has emerged as a key trend for the global bio based leather market.
Post time: Feb-10-2022