South Korea Leather Goods Market Overview, 2028

South Korea Leather Goods Market Overview, 2028

South Korea has a rich history of leatherworking, with traditional techniques passed down through generations. Historically, leather was used for clothing, footwear, and armour, and the art of tanning and dyeing leather was highly prized. In the 20th century, the South Korean leather industry experienced rapid growth, driven by advances in technology and an increasing demand for leather products. South Korea is a major player in the leather industry, known for its high-quality products and innovative design. The South Korean government has been promoting the development of the country's leather industry since the 1960s and has established a number of leather research institutes and training centres. South Korea has a well-established leather goods industry, and the demand for high-quality leather goods has been steadily increasing. The country's leather industry has been growing rapidly over the years due to its focus on design and technology. South Korea is known for its fashion industry and is recognised as one of the world's top fashion hubs, which has helped in the growth of its leather goods market. The country is also witnessing a rise in the number of affluent consumers with a preference for luxury goods, including leather goods. The South Korean government is actively promoting the growth of the country's leather goods industry through various initiatives, such as the development of leather clusters and the provision of financial support to local manufacturers. The government is also working towards strengthening the country's position as a global fashion hub and promoting exports of South Korean leather goods to international markets. The country's participation in various international leather fairs and exhibitions has also provided a platform for local manufacturers to showcase their products and expand their reach.

According to the research report ""South Korea Leather Goods Market Overview, 2028,"" published by Bonafide Research, the South Korea Leather Goods market is expected to grow at a CAGR of above 7% from 2023 to 2028. The demand for leather goods in South Korea has been increasing steadily due to factors such as rising disposable income, changing lifestyles, and an increasing preference for luxury and high-quality products. South Korean leather manufacturers are investing in advanced manufacturing techniques such as automation and robotics to improve production efficiency and reduce costs. The development of smart leather, which includes embedded sensors and other electronic components, is also a growing trend in the South Korean leather goods market. These products offer unique features such as temperature regulation and health monitoring. Based on the report, the product types include footwear, handbags, small leather goods and accessories, apparel, home decor and furnishing, pet accessories, automotive accessories, luggage, and bags. In South Korea, footwear is leading the leather goods market. Footwear, as an essential part of fashion and style, has become a significant aspect of the country's fashion industry. The South Korean footwear market has been able to establish itself as a leader in the leather goods market due to several factors, such as a strong focus on quality and design, the availability of high-quality raw materials, and the presence of skilled labour. Additionally, the rise of K-pop culture and Korean dramas has contributed to the popularity of South Korean fashion, including footwear, both domestically and internationally.

The Korea Leather Industry Association (KLIA) is the primary association for the leather goods industry in South Korea. It was established in 1973 to promote and support the development of the leather industry in the country. KLIA's activities include research and development, market promotion, education and training, and industry events and exhibitions. The association works with companies and organisations across the leather industry value chain, including tanneries, manufacturers, retailers, and suppliers of materials and machinery. In South Korea, there are start-ups for leather goods. GooQee is a start-up that creates sustainable and eco-friendly leather products such as bags, wallets, and cardholders. And Ponycat is a start-up that creates handmade leather bags and wallets using high-quality materials. Based on the distribution channel, it includes specialty stores, supermarkets and hypermarkets, brand outlets, online stores, and others. In South Korea, specialty stores cover the largest market share of the leather goods market. In the future, online stores will grow at the highest CAGR rate. The online shopping trend is growing rapidly in South Korea, and the leather goods market is no exception. Consumers prefer the convenience of online shopping and the ability to easily compare products and prices. Additionally, online stores can offer a wider range of products and reach a larger customer base. Here are some of the online stores that provide leather goods at a wide range of prices: Gmarket, 11st, Coupang, Interpark, Lotte Shopping, and WeMakePrice.

Based on the report, the types of leather segments include genuine leather and synthetic leather. In the South Korean leather market, genuine leather has the highest market share. In South Korea, genuine leather is made from various sources, including cowhide, sheepskin, pigskin, and goat skin. The specific type of leather used depends on the intended use of the product and the desired qualities, such as durability, softness, and appearance. South Korea has a well-established leather industry that produces high-quality leather products, and the country is known for its advanced tanning and finishing techniques.

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

Aspects covered in this report
• South Korea 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
• Synthetic Leather

By Product
• 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

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 list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports 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 conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the 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.