The global leather goods market size was valued at USD 468.49 billion in 2023 and is projected to grow to USD 738.61 billion by 2030, exhibiting a CAGR of 6.7% during the forecast period. The surge can be attributed to various types of leather such as synthetic and full-grain leather.
This information is provided by Fortune Business Insights™ in its research report, titled “Leather Goods Market, 2024-2030”.
List of Key Players Profiled in the Leather Goods Market Report:
- Vf Corporation (U.S.)
- Kuraray Co., Ltd. (Japan)
- R. Polycoats Pvt. Ltd. (India)
- Adriano Di Marti (Mexico)
- Broke Mate (India)
- Hermes International (France)
- LVMH Moët Hennessy Louis Vuitton (France)
- Kering (France)
- Prada (Italy)
- Capri Holdings (U.S.)
Information Source: https://www.fortunebusinessinsights.com/leather-goods-market-104405
Report Coverage:
The report provides a comprehensive analysis of the key factors propelling the business scenario over the forthcoming years. It further gives an insight into the major aspects driving industry growth across various regions. Some of the additional aspects include the vital steps taken by leading market participants to strengthen their business position.
Drivers and Restraints:
Market Value to Surge Owing to Growing Demand for Luxury Goods
The growth of the leather goods market is driven by the increasing popularity of natural leather as a luxury item and its prominent presence in fashion shows. Moreover, the rising demand for handmade and customized products is contributing to market expansion.
Nevertheless, the industry's growth potential may face obstacles due to concerns surrounding the process of producing leather from animal hides and skins.
COVID-19 Impact:
Industry Recorded Reduced Product Demand Amid COVID-19 Pandemic
The coronavirus pandemic resulted in lockdowns across the globe to control the spread of the virus. The restrictions put a halt on industries as well as manufacturing units. This impacted the product demand to some extent. However, the ease of lockdown restrictions in 2020 across various countries led to an increase in sustainable consumer spending and the revival of product demand.
Segments:
Synthetic Leather to Gain Traction Owing to Increasing Costs
According to the source, the leather goods market is segmented into synthetic leather and full-grain leather. Forecasts suggest significant growth in the synthetic leather segment, driven by increasing demand in the footwear and apparel industries.
Footwear Segment to Record Substantial Growth Driven by Prevalence of Durable Footwear
The leather goods market is categorized by product into luggage, apparel, footwear, and other segments. Among these, the footwear sector is projected to experience notable growth during the forecast period. This growth is primarily driven by increasing demand for durable footwear.
Men Segment to Register Commendable Growth Due to Surging Demand for Luxury Footwear
The leather goods market is segmented by end-user into women, men, and kids. The men's segment is expected to witness significant growth in the forecast period, fueled by increased demand for formal wear, leather shoes, jackets, and other related products.
Geographically, the market has been assessed across Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights:
Europe to Lead Driven by Presence of Major Manufacturers
The European leather goods market share is expected to register appreciable expansion throughout the study period. The surge can be credited to the increasing footwear demand and the presence of major manufacturers in the region.
North America is estimated to record commendable growth over the estimated period. The rise is being driven by the substantial demand for luxury goods in the region.
Competitive Landscape:
Major Players Enter into Partnership Deals to Enhance Product Reach
Key leather goods companies are focused on the adoption of various initiatives for strengthening their position in the market. These include acquisitions, merger agreements, and the formation of alliances. Besides, several companies are entering into collaborations and partnership deals to increase their geographical footprint.
Key Industry Development:
- April 2020 – Air Jordan and Dior rolled out its new sneakers Air Jordan 1 High OG Dior produced from the same Italian leather that is used by Dior for its bags.
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