Asia-Pacific Leather Goods Market Outlook, 2028

Asia-Pacific Leather Goods Market Outlook, 2028

Asia-Pacific consumers are becoming more fashion-conscious and willing to spend money on high-quality, fashionable leather goods. Furthermore, the growing fashion consciousness among consumers in the Asia-Pacific region has also contributed to the growth of the leather goods market. Consumers are increasingly interested in keeping up with the latest fashion trends and are willing to invest in high-quality, stylish leather goods. Moreover, the increasing urbanisation in the Asia-Pacific region has led to a shift in consumer preferences towards more stylish and fashionable leather products. As more consumers move to cities and adopt modern lifestyles, they are increasingly interested in luxury goods such as leather products. In addition, with the increasing awareness of environmental and ethical issues, consumers in the Asia-Pacific region are showing a preference for sustainable and ethical leather products. This trend has led to the growth of eco-friendly and socially responsible leather manufacturers in the region. Furthermore, several manufacturers in the Asia-Pacific region are investing in research and development (R&D) to develop new and innovative leather products. This focus on research and development is helping to drive the growth of the market by enabling manufacturers to create unique and high-quality leather products that meet the changing needs and preferences of consumers.

According to the research report, ""Asia-Pacific Leather Goods Market Outlook, 2028,"" published by Bonafide Research, the Asia-Pacific market is anticipated to grow at an 8.20% CAGR by 2023–28. Minimalist designs are becoming increasingly popular in the Asia-Pacific leather goods market. Consumers are looking for simple and timeless designs that can be worn with a range of outfits and are opting for products that are versatile and practical. Furthermore, technology is playing an increasingly important role in the Asia-Pacific leather goods market, with manufacturers using advanced technology such as 3D printing, laser cutting, and digital printing to create unique and customized leather products. In addition, streetwear is having a significant impact on the Asia-Pacific leather goods market, with consumers seeking out products that reflect the urban and casual aesthetic of streetwear fashion. As a result, manufacturers are creating leather products that are more casual and comfortable, with designs that reflect streetwear style. Furthermore, there is a growing trend towards innovation in materials used in the production of leather goods in the Asia-Pacific region. Manufacturers are exploring new materials such as recycled leather, cork, and pineapple leather to create products that are more sustainable, eco-friendly, and innovative. Moreover, there is a growing interest in exotic leathers such as snakeskin, crocodile, and ostrich leather in the Asia-Pacific region. These leathers are seen as exclusive and high-end and are being used to create luxury leather goods.

In Asia Pacific, china is one of the largest markets for leather goods in the Asia-Pacific region. The country has a well-established leather industry that produces a wide range of leather products, including shoes, bags, belts, and accessories. In addition, China is a major exporter of leather goods, with many international brands manufacturing their products in the country. Furthermore, leather goods in India are produced using a variety of materials, including cowhide, sheepskin, and goatskin, among others. Furthermore, India has several leather fairs and exhibitions, including the India International Leather Fair and the Kolkata Leather Fair, which attract buyers and exhibitors from around the world. In addition, the Japanese government has implemented several policies to support the development of the leather industry, including tax incentives for companies that invest in research and development and funding for leather craft schools. Furthermore, Japan has leather museums and exhibitions, including the Leather Industry Museum in Himeji and the Tokyo Leather Fair, which attract visitors from around the world.

According to the Report, The genuine leather market has the highest market share in Asia-Pacific. One of the main drivers is the increasing demand for high-quality leather products, such as bags, shoes, and accessories. The rise in disposable income in many countries in the region has led to a growing middle class with a greater appetite for luxury and premium goods. Furthermore, genuine leather has been a popular choice for consumers in the Asia-Pacific region due to its durability and high quality. In recent years, there has been a growing trend towards sustainable and eco-friendly production of leather goods. In addition, synthetic leather has the highest CAGR during the forecast period. Synthetic leather is typically less expensive than genuine leather, making it a more affordable option for consumers. This is especially important in developing countries in the Asia-Pacific region, where price is a key factor in purchasing decisions.

Synthetic materials such as PVC and PU are becoming increasingly popular as alternatives to leather, as they are often cheaper and easier to manufacture. This can make it difficult for leather goods manufacturers to compete in the market. Furthermore, Trade barriers and tariffs can make it difficult for leather goods manufacturers to export their products to other countries, reducing their potential customer base and limiting growth opportunities. Moreover, Labor costs are a significant factor in the leather goods industry, as much of the work is done by hand. As labor costs rise in many countries in the region, it can increase the cost of production and reduce profitability for manufacturers. In addition, the use of animal hides for leather production has raised concerns about animal welfare in some countries. This has led to increased regulation and scrutiny of the industry, which can increase costs for manufacturers and reduce their profitability. Furthermore, Small and medium-sized leather goods manufacturers in Asia Pacific may face challenges accessing finance, which can limit their ability to invest in equipment, technology, and research and development. This can make it difficult for them to compete with larger, more established manufacturers in the market.

Footwear is one of the largest segments in the leather goods market, accounting for a significant share of the overall market revenue. The Asia-Pacific region is home to some of the world's largest footwear manufacturers, with countries such as China and India being major players. The demand for leather footwear is driven by fashion trends, changing consumer preferences, and increasing disposable income. In addition, the handbag segment is expected to grow at the highest CAGR during the forecast period. The handbag segment is largely driven by fashion trends, with consumers seeking products that are both stylish and functional. Classic handbag styles, such as the tote bag and the shoulder bag, are still popular in the Asia-Pacific region. These styles are versatile and practical, making them suitable for a range of occasions.

Based on Distribution Channel, Leather goods specialty stores are retail establishments that specialize in the sale of leather products such as bags, belts, wallets, shoes, and jackets. The trends in these stores are largely influenced by consumer preferences, fashion trends, and economic factors. For instance, these are stores that specialize in selling leather goods and related products. Examples of specialty stores include Leather Collection, Saddleback Leather Co., and Wilsons Leather. Furthermore, ""online stores refer to e-commerce websites that sell leather products. These stores offer a convenient shopping experience to customers who prefer to shop from the comfort of their homes. The availability of a wide range of products and competitive pricing has led to the growth of online sales in the Asia-Pacific leather goods market. For instance, online stores include Amazon, Zalora, and Lazada.

Major Companies present in the market:
Adidas AG, Nike, Inc, Puma SE, FILA Holdings Corporation, MillerKnoll Inc ( Formerly Herman Miller Inc), VF Corporation, Hermès International S.A., LVMH Moët Hennessy Louis Vuitton, Samsonite International S.A., New Balance Athletics, Inc., Prada S.p.A., Giorgio Armani S.p.A., Kering SA , Skechers Inc., Capri Holdings Limited, Tapestry, Inc., Ralph Lauren Corporation, LUCRIN Geneva, Compagnie Financière Richemont S.A.

Considered in this report
• Geography: Asia Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia Pacific Leather Goods market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• Genuine Leather goods
• Synthetic Leather goods

By Product Type
• Footwear
• Handbags
• Small Leather Goods/ Accessories
• Apparel
• Home Décor and Furnishing
• Pet Accessories
• Automotive Accessories
• Luggage & bags

By Distribution Channel
• Speciality Store
• Supermarkets and Hypermarkets
• Brand Outlets
• Online Stores
• Others (General retail, B2B, discount stores, flea markets, and specialty boutiques)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Leather Goods industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.