Global Leather Goods Market
Market Synopsis
According to the MRFR analysis, The global leather goods market was valued at USD 214.7 billion in 2021 and is projected to reach USD 390.9 billion by 2030 at a CAGR of 6.68%.
Leather goods refer to any products or items that are made from leather, which is a durable and flexible material that is typically made from animal hides. Leather goods can include a wide range of products, such as shoes, bags, wallets, belts, jackets, gloves, and furniture. These products can be produced using various types of leather, such as cowhide, sheepskin, and exotic leathers like crocodile or snake. Leather goods are often valued for their durability, strength, and unique texture, and are popular in the fashion, furniture, and accessories industries.
One of the key drivers for the worldwide market is the rise in demand for luxury goods. However, the adverse effect of leather production on the environment may limit growth. Hence, the growing trend of designer and branded clothes market options is a growth opportunity for players operating in the leather goods market during the forecast period.
Competitive Landscape
The global leather goods market is fragmented and consists of many organized and unorganized industry players. The key players in the global Leather goods Market are focusing on growth strategies such as innovation in products and developing technologies on a global level to gain a maximum share of the global market. The key players operating in the global Leather goods Market include Kering SA, Hermes, Samsonite IP Holdings S.AR.L., Tapestry Inc., Adidas, Prada, LVMH, Capri Holdings Limited, Nike Inc., Fila Inc., and Others.
Segmentation
By Product Type
Footwear: This category includes shoes, boots, sandals, and other types of footwear made from leather. The strength, fashion, and comfort of leather make it a popular material for shoes.
Home Décor: Leather is also used to make a variety of home decor items such as sofas, chairs, ottomans, and pillows. Leather home decor products are often associated with luxury and are prized for their durability and timeless style.
Apparel: Leather jackets and coats are popular apparel items made from leather. They are known for their durability, style, and classic look. Leather t-shirts and shirts are a less common but still popular apparel item in the leather goods market. They are often used for fashion or special occasions. Leather trousers are a popular choice for those looking for a unique and stylish look. They are often associated with rock and roll and biker subcultures.
Luggage: Leather luggage is known for its durability, timeless style, and classic look. Luggage made from leather can include suitcases, duffel bags, backpacks, and other types of travel bags. Leather luggage is popular among travelers and business professionals who value durability, style, and quality. Leather provides a more sophisticated and luxurious look compared to other materials, making it a popular choice for high-end luggage products.
Accessories: Leather purses and handbags are popular fashion accessories for women. They come in different styles, colors, and sizes to cater to different occasions and personal preferences. Leather wallets are a common product category in the leather goods market. They are known for their durability and classic look and can come in different styles such as bi-fold, tri-fold, and cardholders. Leather belts are a popular fashion accessory for both men and women. They come in different styles, colors, and sizes to cater to different outfits and personal preferences. Leather accessories such as keychains, luggage tags, and phone cases are popular in the leather goods market. These products are often used as fashion accessories and can be customized or personalized to cater to individual preferences.
By Distribution Channel
Store-based: Store-based distribution channels remain important in the leather goods market as customers often prefer to see and touch products before making a purchase. These channels also allow for more personalized customer service and a better overall shopping experience. However, the growth of e-commerce and online shopping has also created new opportunities for leather goods brands to reach customers directly through their own websites or online marketplaces.
Non-Store-Based: The non-store-based distribution channels in the leather goods market include E-commerce. The growth of e-commerce has revolutionized the way consumers purchase goods, including leather goods. E-commerce platforms such as Amazon, Alibaba, and eBay provide customers with access to a wide range of leather goods from different brands, often at competitive prices. Leather goods brands can also sell their products directly to consumers through their websites, which allows them to reach a broader audience and provide a more personalized shopping experience.
By Region
North America: The North American region includes major countries such as the US, Canada, and Mexico. The North American leather goods market is driven by consumer demand for quality, durability, and style, as well as a preference for premium and luxury products. The market offers opportunities for manufacturers and retailers to cater to different customer needs and preferences in different regions. The United States is one of the largest markets for leather goods in North America, with a large consumer base that values quality, durability, and style. Consumers in the United States are willing to pay a premium for high-quality leather goods, particularly luxury handbags, wallets, and footwear.
Europe: the European leather goods market is driven by consumer demand for quality, durability, and style, with a focus on premium and luxury products that are both functional and fashionable. The market offers opportunities for manufacturers and retailers to cater to different customer needs and preferences in different regions. The UK is a major market for leather goods in Europe, with a strong focus on luxury and high-end products. The market is driven by consumer demand for quality and style, with a preference for products that are durable and long-lasting. Spanish fashion has gained popularity in recent years, which has led to an increase in demand for Spanish leather goods. Overall, the Spanish leather goods market is characterized by traditional craftsmanship, a growing demand for eco-friendly products, competition from low-cost producers, an export-oriented industry, and the increasing popularity of Spanish fashion.
Asia-Pacific: Asia-Pacific is the most populated region in the world, consisting of some of the major economies, including China, India, Japan, Australia & New Zealand, and others. China is a major market for leather goods in Asia, with a focus on both luxury and affordable products. The Chinese government has been actively supporting the development of the leather goods industry, with initiatives to improve quality, promote innovation, and encourage exports. India has a growing market for leather goods, with a focus on affordable and functional products. India has a large livestock population, making it an abundant source of raw materials for leather production. With a rising middle class and increasing disposable income, domestic demand for leather goods in India is expected to grow significantly. Australia & New Zealand: Australia and New Zealand have a growing market for leather goods, with a focus on quality and functional products. The market is driven by consumer demand for durable and practical products that are also stylish and environmentally friendly.
Rest of the World: The rest of the world's leather goods market offers opportunities for manufacturers and retailers to cater to different customer needs and preferences in different regions. South America has a growing market for leather goods, with a focus on affordability and functionality. The leather goods industry is a significant contributor to the economies of countries like Brazil, Argentina, and Colombia, with a focus on exports to markets in Europe and Asia. The Middle East has a mature market for luxury leather goods, with a focus on high-quality materials and unique designs. Many countries in the Middle East have favorable business environments, with low taxes and import duties, making it an attractive market for manufacturers and retailers. The region's growing tourism industry has led to an increase in demand for leather products, particularly among tourists looking for luxury souvenirs.
