According to IMARC Group’s latest report, titled “Leather Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global leather goods market size reached US$ 370.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 505.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.
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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Market Trends
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.
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List of Key Companies Covered in this Market Report:
- Adidas AG
- American Leather Holdings LLC
- Capri Holdings Limited
- Hermès International S.A.
- Kering S.A.
- LVMH
- Prada S.p.A
- Puma SE
- Tapestry Inc.
- VIP Industries (Piramal Group)
- Woodland (Aero Group).
The report has segmented the market on the basis of product, material type, price, distribution channel and geography.
Breakup by Product:
- Footwear
- Military Shoes
- Casual Shoes
- Formal Shoes
- Sports Shoes
- Others
- Other Leather Products
- Upholstery
- Luggage
- Accessories
- Clothing & Apparel
- Bags, Wallets and Purses
- Others
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
- Others
Breakup by Geography:
- 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
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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