The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:

Strength: The leather goods market has strong brand value and customer loyalty towards reputed brands like Prada, Chanel, and Louis Vuitton. The luxury and high-quality material used in leather goods enhances their attractiveness. Established distribution channels of major players ensure wide availability and access to customers.

Weakness: Imitation and cheaper substitutes available in the market pose threat to original leather goods brands. Fluctuations in raw material prices especially leather can impact product costs.

Opportunity: Rising incomes and changing lifestyles in developing regions of Asia and Latin America are driving the demand for luxury and premium products. Growth of online retail channels provide an avenue to tap new customers and regions.

Threats: Increased environmental regulations around raw material sourcing and production can lead toadditional costs. Economic slowdowns and global trade tensions can negatively impact the discretionary spending on luxury goods.

Key Takeaways:

The Global Leather Goods Market Growth is expected to witness high, exhibiting CAGR of 5.1% over the forecast period, due to increasing disposable incomes and rising middle-class population globally. Premiumization trend where customers opt for branded luxury items have also fueled the market size. The global leather goods market size for 2023 is US$ 324.69 Bn and is estimated to cross US$ 500 Bn by 2030.

Regional analysis: Europe accounts for the largest share in the global leather goods market currently. However, Asia Pacific is expected to register fastest growth led by China, India and other Southeast Asian countries. Increasing living standards and shifting preference towards branded fashion accessories amongst middle-income groups in Asia will help the region dominate over 50% of overall market by 2030.

Key players: Key players operating in the leather goods market are Kering S.A., Adidas AG, Overseas Leather Goods Company Pvt Ltd, Tata International Ltd, Chanel International B.V., Prada S.p.A, and Ralph Lauren Corporation. The market remains highly concentrated with top players like Kering and LVMH holding majority share. However, regional players from Asia are rising strongly riding on local consumer behavior and trends.

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