According to IMARC Group’s latest report, titled “Leather Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global leather goods market reached a value of US$ 350.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 490.2 Billion by 2027, exhibiting a CAGR of 6.1% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Leather goods are articles involving clothes, hats, footwear, handbags, wallets, gloves, watch straps and belts. They are made from the skin of animals, such as cattle, buffaloes, sheep, goats, and hogs. They are long-lasting, versatile, eco-friendly, cost-effective, strong, durable, and resistant to fire, crack, and dust. At present, product manufacturers are introducing vegan, reusable, and bio-based leather materials to expand their consumer base and offer customization as per the requirement of consumers to enhance their overall experience.
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Market Trends
The increasing consumer preference for premium-quality leather-based apparel and luxury goods represents one of the major factors bolstering the market growth around the world. In addition, the rising number of e-commerce platforms that offer convenience, faster delivery, discount coupons, easy accessibility, payments, and return or exchange policies to consumers is driving the demand for leather goods. The escalating demand for spandex clothes and competitive swimsuits is also favoring the market growth. Moreover, the growing living standards of individuals and their expanding purchasing power are increasing the sales of leather goods. It can also be attributed to the rising inclination towards aesthetically appealing designs of home interiors and corporate office spaces. Apart from this, they are employed in the automotive industry for manufacturing components of vehicles like seats to enhance the comfort of drivers and passengers. This, coupled with the rising sales of passenger vehicles worldwide on account of rapid urbanization and improving income levels, is influencing the market positively. Furthermore, significant growth in the footwear industry and the rising demand for superior quality footwear, and the growing preference for high-end fashion brands as a status symbol are driving the adoption of leather goods across the globe. Along with this, several manufacturers are introducing smart shoes to provide enhanced comfort and protection while walking, running, and performing physical activities. They help provide personalized feedback to analyze fatigue, health, steps, calories, and posture and create precise data. This, in turn, is offering lucrative growth opportunities to leading players operating in the industry. Besides this, there is a rise in the demand for long-lasting luggage products by travelers. This, in confluence with the considerable growth in the tourism industry and the growing traction of outdoor and adventure sports, is catalyzing the demand for leather goods. Additionally, several initiatives undertaken by governing authorities to promote sustainable materials and minimize carbon footprints and increasing investments in research and development (R&D) activities are expected to drive the market.
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Competitive Landscape
- Adidas AG (OTCMKTS: ADDYY)
- American Leather Holdings LLC
- Capri Holdings Limited (NYSE: CPRI)
- Hermès International S.A. (OTCMKTS: HESAY)
- Kering S.A. (OTCMKTS: PPRUY)
- LVMH (OTCMKTS: LVMUY)
- Prada S.p.A (OTCMKTS: PRDSY)
- Puma SE (OTCMKTS: PUMSY)
- Tapestry Inc. (NYSE: TPR)
- VIP Industries (Piramal Group) (NSE: VIPIND)
- Woodland (Aero Group) (OTCMKTS: WDFN)
The report has segmented the market on the basis of product, material type, price, distribution channel and geography.
Breakup by Product:
- Footwear
- Military Shoes
- Casual Shoes
- Formal Shoes
- Sports Shoes
- Others
- Other Leather Products
- Upholstery
- Luggage
- Accessories
- Clothing & Apparel
- Bags, Wallets and Purses
- Others
Breakup by Material Type:
- Genuine Leather
- Top-grain Leather
- Split-grain Leather
- Synthetic Leather
- PU-Based Leather
- PVC-Based Leather
- Bio-Based Leather
Breakup by Price:
- Premium Products
- Mass Products
Breakup by Distribution Channel:
- Clothing and Sportswear Retailers
- Departmental Stores
- Supermarkets and Hypermarkets
- Online Stores
- Others
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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