The leather and footwear market in MENA is on track for significant growth, projected to reach nearly $28 billion in the next five years. This surge is driven by retail spending, which is growing at over 7% annually, thanks to an affluent and young consumer base in the Middle East and Africa.
According to Verifair, the organizers of DIFLEX 2024, the region’s largest international trade fair for footwear, leather products, and accessories factors like rising purchasing power, increased disposable income, and a growing demand for luxury goods are fueling this market expansion.
Rajendra Kumar Jalan, Chairman of the Council for Leather Exports (CLE), highlighted that the UAE and Saudi Arabia are leading this growth. He stated, “The key driver is the non-oil retail boom, supported by a youthful population, expanding e-commerce, and robust digital infrastructure.”
India, one of the world’s top leather exporters, will participate in DIFLEX 2024 with over 50 premium producers under CLE’s banner. India is the second-largest exporter of leather garments globally and fourth in leather goods, exporting products worth over $5 billion annually.
This year’s DIFLEX 2024 is larger than before, with more than 250 brands showcasing 10,000+ product lines. Over 300 hosted buyers from around the globe will attend, along with 4,000 trade visitors. The fair will feature participants from major leather-producing countries like Italy, Portugal, Egypt, Spain, Thailand, Pakistan, UAE, and Turkey, among others.
As per Fortune Business Insights, the MENA retail market, currently valued at $808.51 billion, is expected to grow to $1,401.32 billion by 2032, reflecting an annual growth rate of 7.12%.
Jeen Joshua, Managing Director of Verifair, remarked, “The expanding retail sector offers immense opportunities for the leather and footwear market. DIFLEX provides a platform for businesses to forge new partnerships and investments, especially as young consumers in the region show increasing interest in fashion trends and online shopping.”
With a dynamic market and rising demand, the leather and footwear industry in MENA is poised for a bright future.
