The global Leather Goods Market is estimated to be valued at US$ 324.69 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Leather goods refer to accessories and items made from animal hide or skin through tanning process. Leather goods include bags, footwear, clothing, furnishings and others. Leather goods are durable and provide uniqueness in designs.
Market key trends:
One of the key trends in the leather goods market is the increasing demand for luxury and premium products. There is a rising preference for luxury leather goods among affluent consumers globally due to changing lifestyles and improving economic conditions. Luxury brands such as Louis Vuitton, Dior and Gucci are witnessing high demand especially for leather handbags and shoes. Furthermore, proliferation of e-commerce is enabling easy access to premium leather goods to consumers worldwide and supporting the growth of luxury leather goods market. Digital platforms aid brands to target niche customer base and expand their market reach.
Market key trends:
The Global Leather Goods Market has been witnessing the trend of increasing adoption of luxury and premium products across the globe. Various premium brands are focusing on utilizing innovative and premium leather material along with modern designs to manufacture exclusive products like luxury leather accessories, leather handbags, leather shoes, leather jackets, leather apparels and others. Moreover, the rising trend of fashion consciousness among youths and young working professionals has also boosted the demand for luxury leather goods in the recent years.
SWOT Analysis
Strength: Premium brands like LVMH, Kering and others have strong brand recognition and reputation among consumers globally.
Weakness: Significant price of luxury leather goods restricts the demand only to high-income groups.
Opportunity: Emerging markets like Asia and Middle East provides huge growth opportunities with rising disposable income.
Threats: Stricter regulations regarding animal welfare and eco-friendly production may increase production costs.
Key Takeaways
The global leather goods market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing fashion consciousness and rising spending on luxury products. The Asia Pacific region dominated the market with over 35% share in 2023 led by countries like China, Japan and India.
Regional analysis
The Asia Pacific region is expected to continue dominating the global leather goods market during the forecast period. Countries like China, Japan and India has emerged as one of the fastest growing markets due to rising disposable income, growing middle class population and increasing fascination towards global fashion trends.
Key players operating in the leather goods market are LVMH Mo«t Hennessy Louis Vuitton SE, Kering S.A., Adidas AG, Hermà ̈s International S.A., Dolce & Gabbana Luxembourg S.à .r.l., Overseas Leather Goods Company Pvt Ltd, Tata International Ltd, Chanel International B.V., Prada S.p.A, and Ralph Lauren Corporation.
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