The global leather goods market consists of a wide range of leather products including leather shoes, leather handbags, leather luggage, leather jackets and clothing. Leather goods are highly preferred among consumers owing to their premium feel and durability. Leather is breathable, water-resistant and easy to maintain which makes leather goods suitable for all weather conditions and occasions. Rising disposable incomes in developing countries have increased the demand for premium leather goods. The global leather goods market offers various types of leather goods made from different animal hides including cowhide and lambskin to satisfy diverse consumer preferences.

The global leather goods market is estimated to be valued at US$ 456.5 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the leather goods market are Mars Inc., CVS Group PLC, Greencross Vets, Ethos Veterinary Health, Idexx Laboratories Inc., Pets at Home Group PLC, CityVet Inc., FirstVet, Kremer Veterinary Services, and Armor Animal Health (Animart), among others.

The rising demand for Leather Goods Market Size from millennials and generation Z due to changing fashion trends has fueled the growth of the global market. Moreover, the increasing working population and growing consumer spending on luxury and premium products have further augmented the sales of leather goods.

Major leather goods companies have significantly increased their presence across worldwide locations to tap the market potential in developing countries experiencing strong economic growth. Key players have established strategic partnerships and collaborations with local suppliers and distributors to strengthen their global supply networks and distribution channels.

Market Drivers

Rising disposable income levels: Improvements in socio-economic conditions across developing regions have boosted consumer spending power. the growing middle-class population with increased disposable incomes has expanded the customer base for premium leather goods.

Increasing fashion consciousness: Consumers, especially millennials, are willing to spend more on branded leather merchandise to enhance their personal style statements. The rising fashion consciousness among urban populations drives the demand in the global market.