The leather Goods Market size is projected to reach USD 317.7 Billion by 2028 from an estimated USD 249.7 Billion in 2021, growing at a CAGR of 3.5% globally.
Leather is a material made by treating animal skin with chemicals that prevent the decomposition of animal skin. The most common sources of leather are sheep, goats, cattle, buffalo, pigs, and also aquatic animals like seals and alligators. These animals are used for getting meat and dairy products and their skin is used for making leather. Leather is tough, durable, and flexible material it is used to produce different types of goods like clothes, handbags, footwear, sports equipment, and furniture. In the leather goods market, luxury leather goods are in high demand due to the rise in disposable income among millennials and growing metro cities opening up high-paid job opportunities. Therefore, the luxury goods segment is booming and contributing to the growth of the leather goods market. According to Statista, The Luxury Leather Goods segment is expected to generate USD 73.96 Billion in 2022. Hence, with the current market scenario and growing popularity of leather goods, the market is expected to grow steadily during the forecasted period.
Major Key Players for Leather Goods Market:
- Lear Corp Adidas AG
- Nike Inc.
- Puma SE
- Fila Inc.
- New Balance Athletics Inc.
- Knoll Inc.
- Samsonite International S.A.
- VIP Industries Ltd.
- Timberland LLC
- Johnston & Murphy
- Woodland Worldwide
- Hermès International S.A.
- Louis Vuitton Malletier
- VF Corp.
- COLLAR Company
- LUCRIN Geneva
- Nappa Dori
- Saddles India Pvt. Ltd.
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Market Dynamics and Factors:
Leather is considered the most useful and widely used material in various verticals. As it has properties of long-lasting, rough, strong, and robust most industries use this material for producing different kinds of products like clothes, handbags, footwear, sports equipment, and furniture. The fashion industry uses a high amount of leather for making clothes, accessories, belts, hairbands, handbags, travel bags, and many more. Increasing demand for leather goods by the fashion industry is driving the growth of the leather goods market. Leather used to form a major part of luxury goods and luxury fashion. Leather goods are the fastest-growing segment in luxury goods; it is a major part of this industry. Leather is dustproof and waterproof which increases the demand for goods made from leather mostly footwear and jackets. These goods are costly so they help to generate higher revenue. People are more likely to spend on fancy, luxurious fashion products because of the increase in capital income or disposable income. This anticipated the growth of the leather goods market in upcoming years.
Leather Goods Market Report Highlight:
- By Type, the footwear segment is expected to have the maximum market share in the Leather Goods Market during the projected period. The segment growth is highly dependent on brands like Nike, Timberland, Puma, and Hush Puppies. These brands have a large number of customers which is likely to push the market growth of the footwear segment in leather market.
- By distribution channel, the online sales segment is predicted to expand the most in the Leather Goods Market during the forecast year. Since the pandemic, a large number of populations opted for online shopping of goods services. In that same regard, leather goods market has brand-loyal customers and they opt for certain products through online distribution channels which contributed to the growth of the segment.
- By region, Europe is expected to dominate the Leather Goods Market, during the projection period. The European leather and associated goods business are huge. This business gives employment to around 36,000 people and collects €48 billion in revenue. Also, Europe is the home of luxury brands which has an additional share in the leather goods market and boosts regional sales.
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Key Industry Development:
- In February 2021, Louis Vuitton a luxury leather goods producing company introduces a new collection of men’s leather goods. These are the formal bags that men can use daily, for office purposes also. This is boosting the leather goods market in the men’s segment.
- In April 2022, Adidas the sneaker brand made a partnership with a biotechnology firm called Bolt Threads that work on plant-based materials as alternatives for traditionally leather-based shoes. After this partnership, Adidas launched a new Stan Smith shoe. It is made from leather, but it is not created by common animal skin, it is made from a substance found in the roots of mushrooms called mycelium. Adidas announced the release of this new shoe on their website and introduced “Mylo”.
Leather Goods Market Segmentation:
By Distribution Channels
For this report, Introspective Market Research has segmented the Leather Goods Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Leather Goods Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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