USD 387.21 billion
Report ID: SQSG25K2011 | Region: Global | Published Date: August, 2022 | Pages: 157 | Tables: 63 | Figures: 64
Global Leather Goods Market was valued at USD 387.21 billion in 2021, and it is expected to reach a value of USD 553.29 billion by 2028, at a CAGR of more than 6.2% over the forecast period (2022- 2028).
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.
Global Market Size
USD 387.21 billion
more than 6.2% CAGR
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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.
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.
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.
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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.
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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.
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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.
|Market size value in 2021||USD 387.21 billion|
|Market size value in 2028||USD 553.29 billion|
|Growth Rate||more than 6.2%|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global 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 Global 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.
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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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