IMARC Group’s report titled “Leather Goods Market Report by Product (Footwear, Leather Products), Material (Genuine Leather, Synthetic Leather), Price (Premium Products, Mass Products), Distribution Channel (Clothing and Sportswear Retailers, Departmental Stores, Supermarkets and Hypermarkets, Online Stores, and Others), and Region 2024-2032“. The global leather goods market size reached US$ 390.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 598.4 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
Factors Affecting the Growth of the Leather Goods Industry:
- Consumer Preferences for Quality and Luxury:
Consumer preferences for top-notch, lavish leather goods have a major impact on the leather industry. Customers are more interested in finding leather products that are long-lasting, stylish, and expertly made. This shift is especially noticeable among upscale shoppers, who see leather items as valuable assets that reflect their status and refined taste. The desire for high-quality, handcrafted, and custom-made leather items is motivating producers to prioritize quality, be creative in their designs, and provide personalized choices to meet the sophisticated demands of luxury-focused clientele, ultimately boosting the industry’s expansion.
- Sustainability and Ethical Production:
Increased consciousness and interest in protecting the environment and animal well-being are significantly influencing the leather goods sector. Consumers, who are better educated, now seek clarity on material origins and production methods. This change is encouraging brands to embrace sustainable approaches, like opting for ethically sourced leather, utilizing less damaging tanning techniques, and investigating eco-friendly alternatives to conventional leather. These adaptations resonate with consumer ethics, enabling brands to stand out in the market and appeal to a socially responsible customer segment, thereby fostering industry growth.
- Technological Advancements:
The leather goods industry is being transformed by technological progress, which includes improvements in how products are made, materials are treated, and products are designed to be more useful. By incorporating technology, manufacturers have created leather goods that are more long-lasting, resistant to weather conditions, and innovative to meet the changing demands of consumers. Furthermore, the rise of online shopping and digital advertising has allowed leather goods brands to reach international markets and engage with a larger audience. This shift to digital platforms has improved how customers interact with brands, simplified the shopping process, and provided new opportunities for growth, establishing technology as a key element in the industry’s progress.
Leading Companies Operating in the Global Leather Goods Industry:
- Adidas AG
- American Leather Holdings LLC
- Capri Holdings Limited
- Hermès International S.A.
- Kering S.A.
- LVMH
- Prada S.p.A. (Prada Holding S.P.A)
- Puma SE
- Tapestry Inc.
- VIP Industries (Piramal Group)
- Woodland (Aero Group)
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/leather-goods-market/requestsample
Leather Goods Market Report Segmentation:
By Product:
- Footwear
- Military Shoes
- Casual Shoes
- Formal Shoes
- Sports Shoes
- Others
- Leather Products
- Upholstery
- Luggage
- Accessories
- Clothing and Apparel
- Bags, Wallets and Purses
- Others
Footwear dominates the market as shoes are essential, widely used items that benefit significantly from durability of leather, comfort, and style, making them a staple in consumer wardrobes.
By Material:
Breakup by Material:
- Genuine Leather
- Top-grain Leather
- Split-grain Leather
- Synthetic Leather
- PU-Based Leather
- PVC-Based Leather
- Bio-Based Leather
Genuine leather accounts for the largest market share due to its high demand for premium quality, durability, and the luxurious appeal it provides in various leather goods, resonating with consumers’ preferences for authenticity and classic elegance.
By Price:
- Premium Products
- Mass Products
Based on the price, the market has been classified as premium products and mass products.
By Distribution Channel:
- Clothing and Sportswear Retailers
- Departmental Stores
- Supermarkets and Hypermarkets
- Online Stores
- Others
On the basis of the distribution channel, the market has been divided into clothing and sportswear retailers, departmental stores, supermarkets and hypermarkets, online stores and others.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Global Leather Goods Market Trends:
The global market for leather goods is experiencing noticeable changes, marked by a rising consumer inclination towards high-end, top-quality leather items. A significant trend is the move towards sustainable and ethically sourced leather, with brands placing more emphasis on openness, environmental friendliness, and ethical production methods. The luxury fashion sector remains a major influence, as consumers look for leather goods that are both classic and long-lasting. The demand for personalized and customized products is also increasing, allowing individuals to own unique pieces that match their individual style. Moreover, the incorporation of technology to improve functionality, such as smart leather accessories, is attractive to tech-savvy consumers and is driving further expansion of the market.
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