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    Leather Goods Market

    ID: MRFR/CR/9247-CR
    90 Pages
    Snehal Singh
    May 2023

    Leather Goods Market Research Report Information By Type (Leather goods Anhydrous, and Leather goods Monohydrate), Form (Powder, Liquid/Syrup, and Crystalline), By Source (Corn, Wheat, and Others), By Application (Food, Beverages, Pharmaceutical, Personal Care, and Others), And By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) - Forecast Till 2035

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    Leather Goods Market Infographic
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    Leather Goods Market Summary

    As per Market Research Future 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, growing at a CAGR of 6.68% from 2022 to 2030. The market is driven by increasing demand for luxury goods, changing consumer attitudes, and the growth of e-commerce. The Asia-Pacific region accounted for the largest market share at 38.5% in 2021, with a CAGR of 7.16%. North America follows as the second-largest market, expected to grow at a CAGR of 6.80%. The footwear segment dominated the market in 2021, while store-based distribution channels held the majority share.

    Key Market Trends & Highlights

    Key trends driving the leather goods market include the rise in luxury demand and e-commerce growth.

    • Luxury goods demand is increasing, contributing to market growth.
    • Asia-Pacific held 38.5% market share in 2021, with a 7.16% CAGR.
    • North America is expected to grow at a CAGR of 6.80% from 2022 to 2030.
    • Footwear segment held the majority share in 2021.

    Market Size & Forecast

    2021 Market Size USD 214.7 Billion
    2030 Market Size USD 390.9 Billion
    CAGR from 2022 to 2030 6.68%

    Major Players

    Key companies include Kering SA, Hermes, Samsonite, Tapestry Inc., Adidas, Prada, LVMH, Capri Holdings Limited, Nike Inc., and Fila Inc.

    Leather Goods Market Trends

    The Rise In Demand For Luxury Goods

    The rise in demand for luxury goods is certainly one of the factors that have been driving the growth of the leather goods market in recent years. As global wealth has increased, particularly in emerging markets, there has been a growing appetite for luxury goods, including leather products. In addition, changing consumer attitudes towards luxury goods have also contributed to the growth of the leather goods market. In the past, luxury goods were primarily associated with a small, elite group of consumers.

    However, in recent years, the definition of luxury has broadened, and many consumers now view luxury goods as a way to express their style and identity. This has opened up new markets for luxury leather goods, particularly in the fashion industry. Furthermore, the growth of e-commerce and social media has also played a role in driving the demand for luxury leather goods. Consumers are now more exposed to a wider range of brands and products and can purchase luxury goods online from anywhere in the world.

    This has created new opportunities for brands to reach consumers and has helped to drive the growth of the luxury leather goods market. Overall, the rise in demand for luxury goods, changing consumer attitudes, and the growth of e-commerce and social media have all contributed to the growth of the leather goods market.

    The Global Leather Goods Market appears to be experiencing a robust demand driven by evolving consumer preferences towards sustainable and ethically produced products, indicating a potential shift in purchasing behaviors.

    U.S. Department of Commerce

    Leather Goods Market Drivers

    E-commerce Growth

    The rise of e-commerce significantly influences the Global Leather Goods Market Industry, providing consumers with unprecedented access to a wide range of products. Online platforms enable brands to reach global audiences, facilitating the sale of leather goods across borders. This trend is particularly beneficial for small and medium-sized enterprises that may not have the resources for traditional retail. As online shopping continues to gain traction, it is expected to drive sales in the leather goods sector. The convenience and variety offered by e-commerce platforms are likely to enhance consumer engagement, further propelling market growth.

    Sustainability Trends

    Sustainability has become a pivotal driver in the Global Leather Goods Market Industry, as consumers increasingly seek eco-friendly products. Brands are responding by adopting sustainable practices, such as sourcing leather from responsible suppliers and utilizing vegetable tanning methods. This shift not only appeals to environmentally conscious consumers but also aligns with global efforts to reduce carbon footprints. As a result, companies that prioritize sustainability are likely to capture a larger market share. The industry's evolution towards sustainable leather goods may contribute to the projected growth, with the market expected to reach 540.1 USD Billion by 2035.

    Rising Disposable Income

    The Global Leather Goods Market Industry experiences a notable boost due to the increasing disposable income among consumers worldwide. As individuals have more financial freedom, they tend to invest in premium leather products, which are often perceived as status symbols. This trend is particularly evident in emerging economies, where a growing middle class is eager to purchase high-quality leather goods. In 2024, the market is valued at approximately 284.0 USD Billion, reflecting the strong demand for luxury items. This trend is expected to continue, driving the market further as disposable incomes rise, particularly in regions like Asia-Pacific.

    Market Growth Projections

    The Global Leather Goods Market Industry is projected to experience substantial growth over the next decade. With a current valuation of 284.0 USD Billion in 2024, the market is expected to reach 540.1 USD Billion by 2035, indicating a robust expansion trajectory. This growth is underpinned by a compound annual growth rate (CAGR) of 6.02% from 2025 to 2035. Such projections reflect the increasing consumer interest in leather products, driven by factors such as rising disposable incomes, sustainability trends, and technological advancements. The market's potential for growth suggests a vibrant future for the leather goods sector.

    Fashion Industry Influence

    The Global Leather Goods Market Industry is heavily influenced by the fashion sector, where leather products are often seen as essential components of stylish wardrobes. High-profile fashion shows and celebrity endorsements can create significant demand for leather goods, driving trends and consumer preferences. As fashion evolves, so does the appeal of leather items, which are frequently incorporated into seasonal collections. This dynamic relationship between fashion and leather goods suggests a continuous cycle of demand, with the market poised for growth as new styles emerge and consumer interest remains strong.

    Technological Advancements

    Technological innovations play a crucial role in shaping the Global Leather Goods Market Industry. The integration of advanced manufacturing techniques, such as 3D printing and automated cutting, enhances production efficiency and reduces waste. Additionally, digital platforms facilitate personalized shopping experiences, allowing consumers to customize their leather goods. These advancements not only improve product quality but also cater to the growing demand for unique and personalized items. As the industry embraces technology, it is likely to attract a broader consumer base, contributing to the anticipated CAGR of 6.02% from 2025 to 2035.

    Market Segment Insights

    Leather Goods Distribution Channel Insights

    The Leather Goods Market segmentation, based on distribution channels, includes store-based, and non-store-based. The store-based segment held the majority share in 2021 with respect to the Leather Goods Market revenue. 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.

    Figure 1: Leather Goods Market, by Distribution Channel, 2021 & 2030 (USD Million)

    Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

    Get more detailed insights about Leather Goods Market Research Report—Global Forecast till 2030

    Regional Insights

    By Region, the study segments the market into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia Pacific Leather goods market accounted for the largest market share at 38.5% in 2021 and is expected to exhibit a growing 7.16% CAGR during the study period. the Asia Pacific leather goods market offers opportunities for manufacturers and retailers to cater to different customer needs and preferences in different regions. With a rising middle class and increasing disposable income, domestic demand for leather goods in India is expected to grow significantly.

    Moreover, the China Leather goods market held the largest market share, and the India Leather goods market was the fastest-growing market in the Asia-Pacific region

    Further, the major countries studied are: The U.S, Canada, Mexico, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, Argentina, Turkey, and Brazil.

    Figure 3: LEATHER GOODS MARKET SHARE BY REGION 2021 (USD Million)

    LEATHER GOODS MARKET SHARE BY REGION 2021

    Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

    North America Leather goods market is the second-largest market share and is expected to fastest-growing at a CAGR of 6.80% from 2022 to 2030. 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. Further, the U.S. Leather goods market held the largest market share, and the Canada Leather goods market was the fastest-growing market in the North America region.

    The Europe Leather goods Market accounts for the market share and is expected to grow at a CAGR of 5.85% from 2022 to 2030. 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.

    Further, the Rest of Europe Leather goods market held the largest market share, the Germany Leather goods market held the second-largest market share and is the fastest growing market in the European region.

    Key Players and Competitive Insights

    To expand their product lines, major market players are investing a lot of money in R&D, which will spur further growth in the leather goods market. Market players are also launching new products, signing contracts, merging with other companies, increasing investments, and collaborating with other organizations as part of a variety of strategic activities to expand their global footprint. In order to grow and thrive in a market that is becoming more competitive and growing, competitors in the leather goods business must offer affordable products.

    One of the primary business strategies adopted by manufacturers in the global leather goods industry to benefit clients and expand the leather goods market sector is to manufacture locally to reduce operating costs.

    Key Companies in the Leather Goods Market market include

    Industry Developments

    February 2023 Rocko's Modern Life Footwear Collection by FILA is available only at Champs Sports, Foot Locker, and FILA.com.

    September 2022 Samsonite has introduced Magnum Eco, a series of tough, lightweight luggage that makes use of Recyclex's cutting-edge innovations in India.

    November 2021 Prada announced the launch of its new "Re-Nylon" collection, which uses recycled nylon and eco-friendly leather to create sustainable products such as bags and accessories.

    Future Outlook

    Leather Goods Market Future Outlook

    The Global Leather Goods Market is projected to grow at a 6.02% CAGR from 2024 to 2035, driven by sustainability trends, technological advancements, and increasing consumer demand for luxury products.

    New opportunities lie in:

    • Invest in eco-friendly leather alternatives to capture the growing sustainable market segment.
    • Leverage e-commerce platforms to enhance global reach and customer engagement.
    • Develop smart leather goods integrated with technology for enhanced functionality and appeal.

    By 2035, the market is expected to exhibit robust growth, reflecting evolving consumer preferences and innovative product offerings.

    Market Segmentation

    Leather goods Regional Outlook

    North America
    • US
    • Canada
    • Mexico

    Leather Goods Product Type Outlook

    • Footwear
    • Home decor
    • Apparel
    • Luggage
    • Accessories

    Leather Goods Distribution Channel Outlook

    • Store-Based
    • Non-Store-Based

    Report Scope

    Report Attribute/Metric Details
    Market Size 2021 USD 214.7 billion
    Market Size 2030 USD 390.9 billion
    Compound Annual Growth Rate (CAGR) 6.68% (2022-2030)
    Base Year 2021
    Forecast Period 2022-2030
    Historical Data 2018 & 2020
    Forecast Units Value (USD Million)
    Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    Segments Covered Product Type, Distribution Channel, and Region
    Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
    Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
    Key Companies Profiled Kering SA, Hermes, Samsonite IP Holdings S.AR.L., Tapestry Inc., Adidas, Prada, LVMH, Capri Holdings Limited, Nike Inc., and Fila Inc.
    Key Market Opportunities Growing Trend Of Designer And Branded Clothes Market
    Key Market Dynamics The rise in demand for luxury goods Increase in demand for premium and high-quality luxury leather products

    Market Highlights

    Author
    Snehal Singh
    Assistant Manager - Research

    High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. By implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in Packaging, Construction, and Equipment domains. She handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.

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    FAQs

    How much is the Leather goods market?

    The Leather goods market accounted for USD 214.7 billion.

    What is the key driving factor for the Leather goods market?

    The Rise In Demand For Luxury Goods, and Increase In Demand For Premium And High-Quality Luxury Leather Products is the key driving factor for the Leather goods market

    What is the growth rate of the Leather goods market?

    The growth rate of the Leather goods market is 6.68% CAGR.

    Which region held the largest market share in the Leather goods market?

    The Asia-Pacific region held the largest market share in the Leather goods market.

    Who are the key players in the Leather goods market?

    Kering SA, Hermes, Samsonite IP Holdings S.AR.L., Tapestry Inc., Adidas, Prada, LVMH, Capri Holdings Limited, Nike Inc., and Fila Inc. are the key players in the Leather goods market.

    Which Distribution Channel led the Leather goods market?

    Store-based led the Leather goods market.

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