The leather and footwear market in the Middle East and Africa (Mena) region is set to experience significant growth, reaching nearly $28 billion over the next five years, driven by robust retail spending growing at over 7 per cent CAGR. This surge is fueled by a rising affluent and young consumer base in the region.
According to Verifair, organizers of DIFLEX 2024 – the largest international footwear, leather products, and accessories trade fair in the region – experts attribute this growth to increasing purchasing power, disposable income, and demand for luxury products. "The primary driver for the leather and footwear industry's growth in the region is the non-oil sector retail surge, led by the United Arab Emirates and Saudi Arabia. Additionally, the Mena region's demographic, with a majority of young people, and the growth of online commerce supported by strong digital infrastructure, are further fueling this segment," said Rajendra Kumar Jalan, Chairman of the Council for Leather Exports, a Government of India statutory trade body.
India, the world's second-largest exporter of leather garments and fourth-largest in leather goods, with annual exports worth over $5 billion, is participating in DIFLEX 2024 under the auspices of CLE, with over 50 world-class producers. This year's DIFLEX is larger than the previous edition, featuring over 250 brands showcasing more than 10,000 world-class product lines and hosting 300 buyers from around the globe. The event is expected to attract over 4,000 trade visitors, mostly serious buyers from the region and worldwide.
Participants at DIFLEX come from leading footwear and leather-producing hubs such as Italy, Portugal, Egypt, Spain, Thailand, Pakistan, UAE, Jordan, Syria, Turkey, India, China, and others. According to Fortune Business Insights, the Mena retail market is currently valued at $808.51 billion and is projected to grow to $1,401.32 billion by 2032, with a CAGR of 7.12 per cent.
"For the leather and footwear market, the retail expansion presents a significant opportunity for growth. At DIFLEX, we provide an unmatched platform for participants and industry stakeholders to strengthen their market engagement through new partnerships and investments," said Jeen Joshua, Managing Director of Verifair. He added that the region's young population is increasingly aware of fashion trends and inclined towards online purchases.
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