The global leather goods market size stood at USD 440.64 billion in 2022. The market is anticipated to expand from USD 468.49 billion in 2023 to USD 738.61 billion by 2030, exhibiting a CAGR of 6.7% over the estimated period. The rise is being driven by the usage of different types of leather, including full-grain and synthetic.
Fortune Business Insights™ cites this information in its research report, titled “Leather Goods Market, 2023-2030”.
List of Key Players Mentioned in the Report:
- Hermes International (France)
- LVMH Moët Hennessy Louis Vuitton (France)
- Kering (France)
- Prada (Italy)
- Capri Holdings (U.S.)
- Vf Corporation (U.S.)
- Kuraray Co., Ltd. (Japan)
- R. Polycoats Pvt. Ltd. (India)
- Adriano Di Marti (Mexico)
- Broke Mate (India)
Information Source: https://www.fortunebusinessinsights.com/leather-goods-market-104405
Segments:
Synthetic Leather Segment to Register Substantial Growth Driven by Soaring Costs
Based on source, the market for leather goods is segmented into full grain leather and synthetic leather. Of these, the synthetic leather segment is poised to record appreciable growth throughout the projected period. The surge is being impelled by the growing product demand in the apparel and footwear sector.
Footwear Segment to Depict Considerable Expansion Owing to the Benefit of Durability
On the basis of product, the market is fragmented into footwear, apparel, luggage, and others. The footwear segment is set to register commendable expansion over the analysis period. The rise is being driven by the benefit of durability offered by leather footwear.
Men Segment to Exhibit Notable Surge Impelled by Escalating Luxury Footwear Demand
Based on end-user, the market is subdivided into men, women, and kids. The men’s segment is slated to depict considerable growth throughout the projected period. The growth is being impelled by the increasing demand for jackets, leather shoes, formal wear, and other goods.
On the basis of geography, the market for leather goods has been studied across Asia Pacific, Europe, North America, the Middle East & Africa, and South America.
Report Coverage:
The report gives an in-depth analysis of the significant factors driving the business landscape across numerous regions. It further delves into the major aspects favoring market expansion over the forthcoming years. Some of the prominent aspects of the report comprise the crucial steps taken by key industry participants for strengthening their market position.
Drivers and Restraints:
Industry Value to Rise Owing to Escalating Demand for Luxury Goods
The leather goods market growth is being propelled by the growing product usage in fashion shows and the increasing prevalence of natural leather as a luxury product. Additional factor favoring business expansion is the surging demand for customized and handmade goods.
However, the industry growth could be hampered by the process of leather production from skins and animal hides.
Regional Insights:
Europe to Emerge as Leading Region Owing to the Presence of Large Manufacturers
The Europe leather goods market share is touted to impel commendable growth over the analysis period. The surge is being impelled by the presence of leading manufacturers and the escalating demand for footwear.
North America is slated to register appreciable expansion throughout the forecast period. The escalation is due to the rising luxury goods demand in the region.
Competitive Landscape:
Leading Companies Ink Various Agreements for Increasing Product Penetration
Key industry participants are undertaking research activities for the development and rollout of new products. Many companies are focusing on the implementation of numerous initiatives such as the formation of alliances, merger agreements, and acquisitions. Furthermore, several companies are entering into partnership agreements for expanding product reach and increasing their geographical footprint.
Key Industry Development:
October 2020 – Dior and Louis Vuitton in a partnership launched Monogram Sneakers with calf leather. The launch was aimed at catering to the soaring demand for sneakers.
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