The global Leather Footwear Market size is projected to reach USD 202.30 billion by 2025, according to a new report by Million Insights. The market is anticipated to grow at a CAGR of 2.8% over the forecast period. The growing number of working professional, increasing e-retailing and changing fashion trends are attributing to the growth of the market. Further, the introduction of new products in business wear amid changing fashion trends is likely to propel the growth of the market.
Consumers spending on fashion accessories has increased considerably in the recent past, which, in turn, has positively driven the market growth. Further, increasing consumers’ inclination towards high-end products in formal shoe segment is boosting the market growth. However, the high cost of leather products and the growing dominance of counterfeit products is likely to hinder the market growth.
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Among end-users, the female segment is projected to grow at a significant CAGR of 2.8% during the forecast period. The rise in the number of working female population and introduction of new products are further supplementing the growth of the market. Products such as shoes with high ankles, pumps, sandals, boots and casual wear are expected to be popular among women during the forecast period.
The offline segment held over 72.0% of the market share, in 2018. The rise in the number of various offline retail stores in both emerging and developed countries is boosting the market growth. Further, the availability of a wide range of products in offline stores offering trail facilities is attracting a huge number of consumers. The online segment, on the other hand, is expected to witness a CAGR of 3.2% during the forecast period. Growing multi-channel retailing and emergence of various e-commerce platforms are anticipated to fuel the market growth from 2019 to 2025.
Europe held the largest market share with nearly 31% in 2018. Of which, the U.K alone held 13% of the market share, in 2018. Growing middle-class population and the rising number of women professionals are attributing to the growth of Europe. Asia Pacific, on the other hand, is likely to expand at the fastest CAGR of 5.1% during the forecast period. Growing consumers’ purchasing power and expansion of foreign players are boosting the leather footwear sales in the region.
Major players operating in the leather footwear market are LVMH, Kering S.A, Prada Holding B.V, Hermès International S.A, Crockett & Jones, Allen Edmonds and Cole Haan among others.
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Further key findings from the report suggest:
• The male segment held the largest market share with around 55.0%, in 2018.
• Among distribution channels, the offline segment held the largest market share of over 72%, in 2018.
• Europe held the largest market share, in 2018 while, Asia Pacific is likely to register the highest CAGR during the forecast period.
• Key players in the market are LVMH, Kering S.A, Prada Holding B.V, Hermès International S.A, Crockett & Jones, Allen Edmonds and Cole Haan among others.
Million Insights has segmented the global leather footwear market on the basis of end user, distribution channel and region:
Leather Footwear End User Outlook (Revenue, USD Million, 2015 – 2025)
Leather Footwear Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Leather Footwear Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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