In 2023, the leather goods market is expected to reach US$ 443.52 billion. According to a recent report by Future Market Insights (FMI), the market size is estimated to stand at US$ 764.81 billion by 2033, with a trailing compound annual growth rate (CAGR) of 5.6% over the forecast period.
Growth-inducing Drivers
- Advantages of Synthetic Leather: The durability and affordability of synthetic leather products are driving increased demand for leather goods.
- Growing Awareness of Ethical and Eco-Friendly Products: Worldwide, consumers are increasingly prioritizing cruelty-free and environmentally responsible leather products.
- Surging Application of Synthetic Leather: The automotive, clothing, and furniture industries are experiencing a surge in the use of synthetic leather, fueling market growth.
- Increased Brand Awareness: Rising brand consciousness is driving demand for fashionable, comfortable, and stylish footwear, apparel, and accessories.
- Heightened Demand for Premium Luxury Leather: There is a growing appetite for high-quality, luxurious leather products among consumers.
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Key findings from the report highlight:
- Growing demand: Affluent consumers worldwide are driving the market, prioritizing comfort, luxury, and self-expression in their homes.
- Sustainability focus: Consumers are increasingly demanding eco-friendly materials and ethical production practices, pushing brands to adopt sustainable solutions.
- Personalization trend: Bespoke furniture pieces and customization options are gaining traction, catering to individual tastes and styles.
- Smart furniture on the rise: Multifunctional furniture with integrated technology like charging stations and media features is attracting growing interest.
- Evolving retail landscape: The blending of online and offline shopping experiences with virtual reality tools is changing how consumers purchase luxury furniture.
Who is winning?
- Adidas AG
- Nike, Inc.
- Puma SE
- Fila, Inc.
- New Balance Athletics, Inc.
- Knoll, Inc.
- Samsonite International S.A.
- VIP Industries Ltd.
- Timberland LLC
- Johnston & Murphy
- Woodland Worldwide
- Hermès International S.A.
- Louis Vuitton Malletier
- VF Corp.
- COLLAR Company
- LUCRIN Geneva
- Nappa Dori
- Saddles India Pvt. Ltd.
- Lear Corp.
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