USD 413.14 billion
Leather Goods Market Size, Share, Growth Analysis, By Material Type(Genuine, Synthetic), By Product(Footwear, Home Decor, Apparel, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQSG25K2011 |
Region:
Global |
Published Date: April, 2024
Pages:
261
|Tables:
63
|Figures:
75
Leather Goods Market Insights
Leather Goods Market size was valued at USD 413.14 billion in 2019 and is poised to grow from USD 440.64 billion in 2023 to USD 738.61 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).
The market is primarily driven by improving living standards, changing fashion trends, rising consumer disposable income, and expanding domestic and international tourism. It is anticipated that the market will benefit from the rising demand for stylish, trendy, and comfortable leather clothing, accessories, and footwear. Beautiful and expensive leather goods are frequently seen as status symbols and fashion statements. The demand for various leather goods, including clothing, footwear, and accessories, is being driven by the rising demand for modern designs offered by well-known international brands like Giorgio Armani, Burberry, Prada, and Dolce & Gabbana.
Designers all over the world use fashion shows and other events to introduce new clothing, which encourages more people to buy leather clothing. On leather clothing and other elegant dresses, numerous design techniques are frequently used, including applique, Lamé, and brocade. For instance, Shanghai, China hosted the Forever Leather Fashion show in September 2020. A range of contemporary style jackets, cross-stitched trench coats, travel bags, leather sneakers, duffel bags, and ankle boots were among the leather goods on display at the show. Numerous manufacturers, buyers, and designers of leather from various provinces come together in such situations.
US Leather Goods Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Synthetic
Fastest Growth
Genuine
Growth Rate
6.7% CAGR
Global Leather Goods Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Leather Goods Market Segmental Analysis
Global leather goods market is segmented based on the Material Type, Product, and region. Based on the Material Type, the Global Leather Goods Market is segmented as Genuine, and Synthetic. Based on Product, the Global Leather Goods Market is segmented as Footwear, Home Decor, and Apparel. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Leather Goods Market Analysis by Material Type
Based on the Material Type, the leather goods market is bifurcated into genuine and synthetic. The market share that belongs to synthetic is the largest. Consumer demand for synthetic leather goods is being fueled by the fact that they are equally attractive in terms of design and less expensive than genuine leather goods. Most synthetic leather comes from synthetic sources like polyurethane (PU) and polyvinyl chloride (PVC). Since PU leather doesn't emit dioxins like its vinyl-based counterpart, it is thought to be more environmentally friendly. During the forecast period, the synthetic type segment is anticipated to grow at a CAGR of over 6.9%. The low price and robust design of these product types are credited with the growth. Like paper, there are several eco-friendly options for plastic leather products. For instance, PLA corn plastic leather goods are compostable and provide complete product visibility for improved marketability. Materials like PET are used to create products that are robust, flexible, and have a medium wall construction that flexes but resists cracking. In the upcoming years, these variables are anticipated to fuel the segment's growth.
Leather Goods Market Analysis by Product
Based on Product the leather goods market is segmented into Footwear, Home Decor, Apparel and others. The footwear category held the most market share. In 2021, the footwear segment held a market share of more than 44.82%. With the demand for leather athletic footwear rising, major brands in the athletic footwear market, including Nike, New Balance, Adidas, Puma, Reebok, Allbirds, and Converse, have begun to venture into the leather athletic manufacturing market. For instance, Nike, Inc. introduced sneakers made of fly leather, a novel material created by blending leftover leather scraps from tanneries with a polyester blend.
Global Leather Goods Market By Material Type, 2021(%)
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Leather Goods Market Regional Insights
North America is expected to control the leather goods market share. In 2021, North America held a revenue share of more than 38.16%. Future market growth in the region is anticipated to be fueled by rising product demand and an increase in online sales in North America. The market growth is also anticipated to be fueled by the growing population of athletes and health- and fitness-conscious people. In 2020, the U.S. surpassed Canada and Mexico as the largest market in the area. The main distribution channels for leather goods in North America include department stores, discount retailers, factory outlets, and online shopping websites. Over the forecast period, the region with the fastest growth is expected to be Asia Pacific.
The market for premium and luxury goods in the Asia Pacific region is growing, with countries like China and India leading the way. In Asia, Pakistan and Bangladesh are significant suppliers of primary leather (raw material). The managing director of Leatherex Footwear Industries Ltd., Mohammed Nazmul Hassan, claims that 15 to 20 new factories producing leather goods and footwear are established in Bangladesh each year. Bangladesh is a desirable market for foreign leather goods brands due to the country's relatively low tariff rates on exported leather goods. Some of the key factors boosting the development of the European market include the significant presence of both domestic and foreign players, product and technological innovations, an increase in online retailing, and the use of social media platforms. Sales of luggage and leather goods are driven in the region by rising disposable incomes, a rise in fashion consciousness, and a rise in demand for attractive bags. Additionally, consumers' increasing desire for high-quality goods is driving up demand for leather products like luggage bags, especially in the luxury market, as they become more interested in travel and one-of-a-kind experiences.
Global Leather Goods Market By Geography, 2021 - 2028
- Largest
- Fastest
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Leather Goods Market Dynamics
Leather Goods Market Driver
- Individuals' disposable income has increased, and so has their demand for luxury goods. These items frequently represent a sense of accomplishment in people, giving them a boost in self-esteem. Because of their higher household income, Europeans and North Americans are known to spend the most on luxury goods. This is also showing signs of improvement in the Asian region. Leather goods are a major component of luxury goods. Exclusive handbags, accessories, and shoes are among the luxury leather products that are popular among the wealthy. In the case of personal luxury, leather goods are the fastest-growing segment that attracts affluent customers.
- The need to meet consumer demand and keep a devoted customer base has prompted market players to introduce innovative and cutting-edge products as a result of changing fashion trends around the world. Additionally, consumers favor stylish yet compact leather goods and luggage. Men's accessories, such as leather gloves, bracelets, and neckpieces, have expanded as a result of shifting fashion trends. As a result, shifting fashion trends would boost leather goods market expansion in the years to come.
Leather Goods Market Restraint
- Large-scale livestock rearing has a number of negative effects on the environment, including deforestation, excessive use of water and land, and gas emissions. The majority of leather production is done using chromium tanning, which is a highly toxic stage of the leather processing process. It entails the creation of a chemical and gaseous slush.
- Numerous tanneries are closing as a result of strict government regulations in Europe and the US. In the upcoming years, the global market for leather goods will be severely constrained by these governmental restrictions on the use of leather.
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Leather Goods Market Competitive Landscape
Global leather goods market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Leather Goods Market Top Player's Company Profiles
- Hermès International S.A.
- LVMH Moët Hennessy Louis Vuitton SE
- Kering SA
- Prada S.p.A.
- Coach, Inc.
- Capri Holdings Limited
- Richemont SA
- Tapestry, Inc.
- Salvatore Ferragamo S.p.A.
- Samsonite International S.A.
- Christian Dior SE
- Chanel S.A.
- Michael Kors Holdings Limited
- Tumi Holdings, Inc.
- Furla S.p.A.
- Valentino S.p.A.
- Tod's S.p.A.
- Kate Spade & Company
- The Rockport Group
- Wolverine World Wide, Inc
Leather Goods Market Recent Developments
- In Aug 2022, TUMI launched the ‘Voyageur Collection’ which shows off its sophisticated side with three new leather bags. The Liv Backpack can either be worn as a backpack or carried as a tote, making it the quintessential everyday bag. The spacious Adrian Carryall brings a stylish new attitude to Voyageur Leather.
- In September 2021, ECCO launches an innovative new accessories concept. ‘ECCO Leather Goods’ is a new bags and accessories concept from ECCO that offers functional, futuristic, and responsibly-made leather goods – designed in-house and using high-quality leathers and craftsmanship from ECCO Leather’s own gold-rated tannery
Leather Goods Key Market Trends
- The most exciting opportunity on the market now is bio-based leather products with no harmful properties. By combining natural fibers like flax or cotton fibers with corn, soybean, palm, and various other plants, manufacturers are concentrating on commercializing the production of leather. The demand for bio-based leather is anticipated to soar quickly among top manufacturers over the coming years, given the rise in stringent environmental and governmental regulations pertaining to the use of toxic chemicals in North America and the European Union.
- The potential to employ more leather, which may be produced from plants like coffee, grass, fungi, apples, wine, and others, for the manufacture of leather goods presents a huge possibility for the market's expansion. The Dr. Martens brand claimed that its earnings had climbed by 70% in the year to the end of March 2019 because of their vegan collection of boots, according to Independent UK.
Leather Goods Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Leather Goods Market Analysis, in terms of material type, the market share that belongs to synthetic is the largest. Consumer demand for synthetic leather goods is being fueled by the fact that they are equally attractive in terms of design and less expensive than genuine leather goods. In terms of product, the footwear category held the most market share. In 2021, the footwear segment held a market share of more than 44.82%. With the demand for leather athletic footwear rising, major brands in the athletic footwear market, including Nike, New Balance, Adidas, Puma, Reebok, Allbirds, and Converse, have begun to venture into the leather athletic manufacturing market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 413.14 billion |
| Market size value in 2031 | USD 738.61 billion |
| Growth Rate | 6.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Leather Goods Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Leather Goods Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Leather Goods Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Leather Goods Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Leather Goods Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Leather Goods Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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