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Leather Goods Market Size
Leather Goods Market size was worth USD 245 billion in 2022 and is estimated to record significant growth at over 9.5% CAGR from 2023 to 2032 driven by the rising demand for fancy leather apparel.
Soaring investments by leather apparels manufacturers in advanced automated machinery that simplify the production process and make it faster and cheaper, as well as the introduction of novel processing techniques in leather manufacturing, such as complex designs, digital cutting, and the emerging trend of blending with high-end textile fabrics like silk, are increasing the popularity and versatility of leather consumer goods. Furthermore, these technologies are paving the way for more fashionable colors, finer quality, and better durability, softness, and lightness, making leather garments suitable for all seasons, thereby propelling market growth through 2032.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 245 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 9.8% |
| 2032 Value Projection: | USD 630 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 160 |
| Segments covered: | Type, Product, Distribution Channel, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Government regulations on the use of natural leather to impede leather goods market progression
The leather business has traditionally relied on cattle, which has negative effects on the environment and animal welfare. Governments throughout the world are prohibiting the sale of cattle for slaughter and enacting rules and regulations to avoid animal cruelty, which is expected to impede industry growth. The leather products business, on the other hand, is transitioning towards plant-based materials as replacements for animal-based leather, which is anticipated to assist overcome industrial constraints.
Leather Goods Market Analysis
Leather goods market from the apparel segment is projected to grow at around a 10% CAGR through 2032 owing to the growing influence of social media, coupled with ongoing changing styles. When it comes to luxury fashion, leather is regarded as a classic. It has always been a status symbol and a statement of wealth and is still gaining significant traction in the fashion business. The extensive usage of leather in various types of fashion apparel due to its durability and luxurious appeal is expected to enhance segment growth through 2032.
By type, the genuine leather goods market is estimated to reach a valuation of USD 320 billion by 2032. Genuine leather has a soft and comfy feel to it while also providing some weather protection. Additionally, it is breathable and temperature-controlling, making it appropriate for both hot and cold situations without losing comfort. Furthermore, with appropriate care, leather goods last for years. These factors are bolstering the uptake of genuine leather, thereby fueling segment development between 2023 and 2032.
In terms of distribution channels, leather goods market from the specialty stores segment is projected to witness substantial growth at more than 9.5% CAGR over 2023-2032. The consumer’s traditional mindset of buying branded goods from specialty stores is the major factor impacting segment growth. Furthermore, the availability of varied high-quality products is expected to boost the sales of leather goods from specialty stores through the forecast period.
North America leather goods market is expected to witness robust growth and reach a valuation of USD 200 billion by 2032 attributed to the rising sales of shoes for athletic and non-athletic purposes as well as the development of sustainable leather substitutes. Furthermore, the report states that due to the strong popularity of leather goods, foreign firms are investing in expansion plans to enter American markets, which is expected to drive regional market growth through 2032.
Leather Goods Market Share
- Nike Inc
- Puma Inc
- Woodland Worldwide
- New Balance Athletics Inc
- Lear Corp
- Timberland LLC
- Adidas AG
- Fila Inc
- Nappa Dori
- VIP Industries Ltd
are some of the major companies operating in the leather goods industry. To increase their market share, these organizations are adopting strategies such as service portfolio expansions and collaborations.
Impact of COVID-19 Pandemic
The COVID-19 pandemic influenced the global economy and hindered the raw materials supply chain, which impeded the leather goods business. According to the Leather Goods and Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB), orders of USD 316 million were canceled during the COVID-19 outbreak in 2020, which disrupted Bangladesh's leather and leather products value chain. Despite the declining demand, the global supply chain worked continuously to keep the production process going to withstand the crisis. Furthermore, government initiatives, as well as help from local and international NGOs and development sector organizations, have been favorable for the business scenario.
The leather goods market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments: Click here to Buy Section of this Report
by Type
- Genuine Leather
- Handbags
- Leather Goods & Accessories
- Apparel
- Footwear
- Home Décor and Furnishing
- Others
- Synthetic Leather
- Polyurethane (PU) Leather by product
- PVC Leather by product
- Other Leather
- Vegan Leather
- Handbags
- Leather Goods & Accessories
- Apparel
- Footwear
- Home Décor and Furnishing
- Others
by Product
- Handbags
- Tote Bag
- Clutch
- Others
- Leather Goods & Accessories
- Wallets
- Pouches
- Others
- Apparel
- Men
- Women
- Children
- Footwear
- Men
- Women
- Children
- Home Décor and Furnishing
- Others
by Distribution Channel
- Hypermarket/Supermarket
- Specialty Stores
- Online Retailer
- Others
by Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- Indonesia
- South Korea
- Malaysia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- UAE
- South Africa
- Saudi Arabia
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