IMARC Group, a leading market research company, has recently releases report titled “Leather Goods Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global leather goods market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the leather goods market?
|Market Size in 2022||US$ 370.5 Billion|
|Market Forecast in 2028||US$ 505.1 Billion|
|Growth rate (2023 to 2028)||CAGR of 4.7%|
|Base Year of the Analysis||2022|
What is leather goods?
Leather represents a stretchable and durable material made by treating hides and skins of numerous animals, such as buffaloes, sheep, cattle, goats, hogs, horses, and camels. It is used to manufacture gloves, bags, clothes, watches, footwear, saddles, harnesses, and furniture, owing to its enhanced strength, durability, and flexibility. In addition, leather is long-lasting, repairable, comfortable, and resistant to dust, fire, scratch, and water. As a result, it is extensively utilized in the manufacturing of products, including automotive upholstery, sports equipment and apparel.
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What are the growth prospects and trends in the leather goods industry?
The escalating demand for premium and branded products, on account of the growing urbanization and income levels and the rising living standards of consumers, is among the key factors stimulating the leather goods market. Moreover, the expanding travel and tourism sector and the emerging trend of travel vlogging are increasing the sales of customized suitcases, trolley bags, and backpacks made from durable and stretchable material, which is acting as another significant growth-inducing factor. Besides this, the growing popularity of fashion shows that promote leather products, such as handbags, jackets, pants, and shoes, is positively influencing the global market. Furthermore, the inflating focus of leading market players to create brand awareness among the masses through several promotional activities on social media platforms and celebrity endorsements is also propelling the market growth. Apart from this, the widespread adoption of advanced technologies in leather production, including the automated cutting process, to provide varieties and customization options is further fueling the global market. Additionally, the elevating need for passenger and commercial vehicles with enhanced and customized automotive upholstery, owing to the growing global population, is anticipated to fuel the leather goods market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Military Shoes
- Casual Shoes
- Formal Shoes
- Sports Shoes
- Other Leather Products
- Clothing & Apparel
- Bags, Wallets and Purses
Breakup by Material Type:
- Genuine Leather
- Top-grain Leather
- Split-grain Leather
- Synthetic Leather
- PU-Based Leather
- PVC-Based Leather
- Bio-Based Leather
Breakup by Price:
- Premium Products
- Mass Products
Breakup by Distribution Channel:
- Clothing and Sportswear Retailers
- Departmental Stores
- Supermarkets and Hypermarkets
- Online Stores
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Adidas AG
- American Leather Holdings LLC
- Capri Holdings Limited
- Hermès International S.A.
- Kering S.A.
- Prada S.p.A
- Puma SE
- Tapestry Inc.
- VIP Industries (Piramal Group)
- Woodland (Aero Group).
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