The export value of handbags with an outer surface of leather from India has shown varied trends from 2013 to 2023. Standing at 19.756 million USD in 2023, it displayed a relatively stable growth trend over this period, with the year-on-year variation generally oscillating between positive and negative values, reflective of market volatilities. The last five years indicate an average annual growth of 1.33%, with a notable dip in 2020, followed by a robust recovery in 2021.
From 2024 onward, forecasted data suggest a continuation of this stable growth trajectory, albeit at a more moderate pace with an expected average annual growth rate (CAGR) of 1.04%. By 2028, the export value is projected to reach 21.108 million USD, marking a modest growth rate of 5.33% over five years.
Future trends to watch for include:
- Global economic conditions and their impact on luxury goods demand.
- Evolving consumer preferences towards sustainable and ethically sourced leather products.
- Potential trade policy changes and their implications on India’s export competitiveness.
- Technological advancements in manufacturing and design impacting product offerings and market dynamics.
