Global Leather Goods Market - 2022-2029

Global Leather Goods Market - 2022-2029

Market Overview

The global leather goods market valued USD XX million in 2021 and is forecast to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029)

Leather goods are articles or materials which are made out of leather. Leather can be of different types such as full-grain leather, top grain leather, corrected grain leather, bonded leather and others. Leather goods can come in a variety of products including gloves, clothing, bags, footwear, watches, furniture and others. An increase in the requirement of leather in the production of clothing is one of the major driving factors which is affecting the growth of the market. Furthermore, due to the essential characteristics of leather-like fireproof, dustproof, crack-proof, and durability leather goods is often preferred than of other resources, thus helps to propel the demand for leather goods.

Market Dynamics:

The rising popularity of fashion shows which are promoting leather goods products

the rising popularity of fashion shows which are promoting leather goods products such as jacket, pants, shoes and others, are attracting more people to leather goods which are driving more demand for leather goods products. Different clothing companies like Christain Dior, Inditex, Nike, H&M, Adidas, and Kering are trying hard to come up with innovative looks and styles of their leather goods products to attract more customers and increase the sale. Designers worldwide showcase new apparel through fashion shows & events, thereby attracting more consumers toward leather clothing. Various design techniques, such as brocade, Lamé, and applique, are widely used on leather apparel and other elegant dresses. For instance, in September 2020, the Forever Leather Fashion show was organized in Shanghai, China. The show displayed a variety of leather products, including a range of modern style jackets, cross-stitched trench coats, travel bags, leather sneakers, duffel bags, and ankle boots. Such instances bring together hundreds of thousands of leather buyers, manufacturers, and designers from different provinces.

Growth in the working-class population and increase in promotion of clothing brands act as the major factors which are propelling the growth of the market. If the working-class population is increasing, more people will have a higher buying power which will act as a driving factor for the growth of the market. Furthermore, as the promotion of clothing brands in newspapers, magazines, billboards, television, and social media is increasing it is attracting more consumers to leather goods products which are resulting in the growth in demand for leather goods

Market Segmentation:

Footwear segment held largest market revenue share in the year 2021

The footwear segment led the market in 2021 with a share of over XX%. Major players in the athletic footwear segment, such as Nike, New Balance, Adidas, Puma, Reebok, All birds, and Converse, have been venturing into leather athletic manufacturing, taking into consideration the increasing consumer demand for leather athletic footwear. For instance, in 2017, Nike, Inc. launched sneakers made from fly leather, a new material made from combining leftover leather scraps from tanneries and a polyester blend.

On the basis of the distribution channel, E-commerce distributional channel is projected to hold highest CAGR during the forecast period because consumers can have more options and more products to choose from as compared to the retail store. And also increasing the use of smartphones is driving pushing e-commerce to the next level. Additionally, discounts happening in e-commerce platforms like Amazon, Woo Commerce, Shopify, Magneto, and others are attracting more customers and driving more sales as compared to retail stores.

Geographical Penetration:

Europe is expected to dominate the global leather goods market in the year 2021

Europe is the major dominating region in the global leather goods market and is expected to continue its dominance during the forecast period. Some of the factors contributing to the growth leather goods market in Europe are the rise in disposable income, fashion consciousness, higher buying power, growing demand for attractive bags. Furthermore, growing interest in traveling also plays a major role in the increase in demand for leather goods as people prefer leather goods for luggage, handbags, and others. According to Conseil National du Cuir (CNC), Europe is the major exporter in the leather sector which secured one-third of world exports of 35%, and the majority comes from France with 4%and Italy with 12%.

The Asia Pacific is projected to be the second dominating and the fastest growing due to the increase in technological advancement and promotion of the fashion industry. As technological advancement is increasing and more people are using high-speed internet and smartphones which in turn propel consumption of online advertisements that drive more demand for leather goods produced in this region. Furthermore, increasing the promotion of fashion events like fashion weeks, Asia fashion Fair, Bridal Asia, and others are fostering the growth of the market in this region.

Competitive Landscape:

The major key players which are operating in the leather goods market include Kering, NIKE, Inc., Samsonite International SA, Tapestry Inc., Adidas AG. Additionally, these key players are focusing on manufacturing the best possible quality and design that could attract more consumers to drive more sales and propel the growth of the market. Major players are focusing on introducing new product offerings in the market to cater to the interests of the consumers as per the ongoing fashion trend among goods like footwear, accessories, and luggage bags. In 2021, Herme`s opened up a new factory in France for its Guyenne leather goods to keep up with the increasing demand for its luxury handbags. This is the 19th leather goods factory of Herme`s. In June 2020, Dior addeda series of leather bobby bags, designed by Maria Grazia Chiuri, to its existing collection of leather goods. In February 2018, Kering collaborated with London College of Fashion and introduced the world’s first open-access digital course in sustainable luxury fashion.

COVID-19 Impact:

Negative impact on the global leather goods market

The COVID-19 pandemic has had a negative impact on the overall leather industry, including the footwear, apparel, and accessories categories. Retailers faced severe losses during the first two quarters of 2020. According to a report by World Footwear, the sales of footwear declined by close to 32% in the U.S. at the end of the first two quarters of 2020. Low demand for footwear, in general, is subsequently expected to decrease the sales of leather shoes. Many manufacturers in the market have historically relied on China for finished products as well as raw materials used in the manufacturing of various leather goods. The pandemic has, however, disrupted the supply chain, causing severe losses in terms of product shipment and on-time delivery. For instance, in 2020, all 42 Herme`s production factories in France were shut down except for its perfume factory, which was used for sanitizer manufacturing during the period.

Why Purchase the Report?

Understand the current market scenario and viability of global leather goods over the forecast period

Visualize the composition of the global leather goods market in terms of product type, material type and distribution channel to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global leather goods market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global leather goods market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages

Target Audience:

Leather Goods Manufacturers

Footwear Industry

Automotive Industry

Education & Research Institutes

Research Professionals