Leather Goods Market Insights:

Animal skin and rawhide, typically cattle hide, are tanned to produce leather, a strong and flexible material. Leather can be produced using a variety of industrial processes, from cottage industry to big business. Numerous items, including footwear, home decor, clothing, luggage, and accessories, are made of leather. The development of the worldwide leather products market is being aided by shifting fashion trends, increased consumer disposable income, and improving living standards over the forecast period.

In 2021, the leather goods market size was estimated to be worth USD 214.7 billion. The market for leather goods is expected to expand at a compound annual growth rate (CAGR) of 6.68% from 2022 to 2030, reaching a projected value of USD 390.9 billion. During the projection period, there will be a rise in demand for luxury goods and premium, high-quality luxury leather products worldwide.

The worldwide leather goods industry is expanding as a result of rising consumer demand for modern designs provided by well-known international brands. The number of working women has increased, as has consumer demand for leather goods. The expansion of the worldwide leather goods market, however, is anticipated to be constrained during the forecast period by animal cruelty and the negative effects of leather on the environment. Market participants in the leather goods industry should benefit from rising consumer awareness of branded goods and personalised leather bag trends.

In a variety of products, including footwear, home decor, clothing, travel, and accessories, leather is becoming more and more in demand. Consumer demand for leather items is increasing as a result of the increased urbanisation and number of working professionals. Additionally, during the projection period, the demand for leather in personalised leather bags is rising, supporting the expansion of the global leather goods market and expanding the potential for producers in the leather goods industry. Due to the diverse range of uses for leather products, the supply chain for leather goods has been growing steadily over the past several years and is predicted to do so during the projected period.

Regional Analysis:

Geographic divisions of the global leather products market include North America, Europe, Asia-Pacific, and the rest of the globe. In 2020, North America held the greatest market share with 38.90% of the total. From 2021 to 2028, Asia-Pacific is anticipated to develop at the fastest rate.

In 2020, the biggest market share of leather goods was held by North America. During the projected period, the North American leather goods market is anticipated to develop due to the rising popularity of leather goods and an increase in online sales. The market for leather items is expanding thanks to the region's growing population of sportsmen and fitness enthusiasts. The most popular category of leather goods is footwear. Consumer demand for leather items has increased as a result of customers buying more leather shoes and handbags. Authenticity, openness, and sustainability are values that North Americans look for in brands.

The region with the fastest growth is expected to be Asia-Pacific. During the projected period, the Asia-Pacific leather goods market is anticipated to have the third-largest market share of the worldwide leather goods market. Increasing consumer demand for high-end and luxury items is likely to lead to growth in the Asia-Pacific leather goods market. Due to the development of high-end footwear companies, fast evolving consumer trends, and the shift from physical to online retail, the leather goods market in Asia-Pacific is expanding. During the projection period, China will hold the biggest market share of the global leather goods market.

During the projection period, China will hold the biggest market share of the global leather goods market. In the Asia-Pacific leather goods market, China held the biggest market share and is a key player in the manufacture of leather goods. Some of the key factors driving the demand for leather goods in China include the country's youth population's affinity for new trends and the country's consumer preference for leather footwear. Some of the key factors influencing the demand for leather goods in China include the country's consumers' predilection for luxury items and the youth population's preference for emerging trends.

Market Segmentation:

Based on the type of product, during the anticipated period, the footwear segment held the largest market share in the overall leather products industry. The majority of footwear manufacturers, including Adidas AG, Nike, Inc., Puma SE, and Fila, Inc., have entered the leather athletic manufacturing market in response to customers' growing desire for leather footwear. The main reason fueling the growth of this market is the increased demand for stylish, trendy, yet comfortable footwear across all age groups.

It is further divided into sections for accessories, apparel, luggage, and home decor.

Store-Based Distribution Channel While the non-store-based sector is anticipated to experience the fastest CAGR over the study period, the store-based segment held a greater market share in 2020. Because they offer a convenient one-stop purchasing experience, consumers like store-based channels. Supermarkets & hypermarkets, specialty shops, and others make up the store-based section. The supermarkets & hypermarkets sub-segment is anticipated to be the largest in 2020 due to the ease of having a range of brands under one roof, which accounts for the majority of leather goods sales through these channels. The sub-segment of speciality retailers is anticipated to have the highest CAGR during the study period. Customers are reluctant to spend a lot of money on these items when they purchase them from independent specialty retailers, unlike Store Based.

Key Companies in the Leather Goods Market Include –

• Kering SA,
• Hermes,
• Samsonite IP Holdings S.AR.L.,
• Tapestry Inc.,
• Adidas,
• Prada,
• LVMH,
• Capri Holdings Limited,
• Nike Inc.,
• Fila Inc.

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