India's leather industry has a rich heritage, crafting not just footwear or bags, but a range of different products. From both leather and non-leather footwear, leather goods, leather garments, leather gloves, and finished leather to saddlery and harnesses, eight distinct sectors contribute to and form the Indian leather industry. Yet, amongst these established segments, a hidden gem quietly shines—the leather gloves market.
Indian Leather Industry: When we talk about the Indian leather industry, it's a known fact that this industry is well-known for its exports and plays an important role in the country’s overall exports. If you take the last three financial years of Indian leather exports, it has shown steady growth from a mere US$3.30 billion in FY21 to US$4.36 billion in FY22 and US$4.75 billion in FY23. Some reports say that FY24 has shown a 10% decline in overall Indian leather industry exports due to the global economic crisis and political instability.
The Council for Leather Exports (CLE) has an ambitious vision for the Indian leather industry—a staggering US$47 billion by 2030. Will the Indian leather industry reach this ambitious target of US$47 billion by 2030, or will it just stay an ambition? Well, that discussion is for another time.
The Rise of a Hidden Gem
The Indian leather gloves market has quietly emerged as a rising star within the nation's broader leather industry. While discussions often centre around the established success of Indian footwear and leather goods, glove exports have witnessed steady but impressive growth over the past two financial years.
Let's delve into the numbers. In FY 2021–22, India exported leather gloves worth a staggering US$181 million, representing a significant 4.55% share of the total Indian leather industry exports, which was around US$4.36 billion.
This figure climbed even higher in FY 2022–23, reaching US$194 million, though its share of the industry pie dipped slightly to 4.06%. Nonetheless, a 7.18% growth from the previous year shows a clear picture of this sector's momentum.
A total of 148 million pairs of leather gloves were exported in FY23, and if we do the maths the average price falls around US$1.31 per pair.
The Indian leather gloves market isn't a one-size-fits-all scenario. Let's explore the four key categories that contribute to this export success:
- Industrial gloves: Forming the backbone of the market with a contribution of US$169.65 million and taking 87% of the overall leather gloves market share, these gloves prioritise functionality and safety for various industrial applications.
- Fashion gloves: With a touch of elegance, this segment offers US$15.20 million worth of gloves, making up 7% of the overall leather gloves market share. They cater to those who appreciate both style and quality.
- Sports gloves: Contributing US$8.74 million and accounting for 4.5% of the overall leather gloves sector's market share, sports gloves provide essential protection and performance enhancement for athletes across various disciplines.
- Other leather gloves: This category encompasses a diverse range of gloves, typically contributing between $US 0.71 million and 0.5–1% market share.
