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

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.