Global Leather Goods Market to Grow at 4.8% During 2024-2032, Propelled by Advent of Bio-Based Variants

According to the latest report by IMARC Group, 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. Leather refers to the durable material that is obtained by tanning skins and rawhide of numerous animals, such as cattle, sheep and goats. The process of tanning aids in stabilizing the collagen of the rawhide, which improves its thermal, chemical and microbiological stability and makes it suitable for a vast array of applications. Leather is utilized to manufacture numerous goods, such as bags, footwear, belts, watches and garments, due to its enhanced strength, durability and flexibility. Leather is also dust-, fire-, crack- and water-proof in nature, which has led to its widespread utilization for the production of sports equipment and automotive upholstery.

Global Leather Goods Market Trends:

The market is primarily driven by the increasing demand for long-lasting luggage products by travelers. Since leather luggage products are extremely functional while being resistant to dust and water, they are widely used by individuals to protect their belongings and electronic gadgets while traveling. Along with this, the inflating disposable income levels of the masses and the shifting focus toward unique and stylish products are also providing an impetus to the market growth. Moreover, the escalating sales of numerous leather products through e-commerce retail channels are acting as a major growth growth-inducing factor. Since these online portals offer a wide set of options to users to choose from with varied price ranges and attractive discounts, they are gaining widespread prominence across the globe. Furthermore, numerous key players are utilizing advanced technologies, including automated cutting processes, for manufacturing these goods to offer vast varieties and customization options to end users. They are also introducing goods made from bio-based leather that offers improved scratch resistance with a softer surface when compared with synthetic leather. Increasing fashion consciousness among the masses and an enhanced focus toward sustainability are consequently facilitating the uptake of these goods. On account of the aforementioned factors, the market is expected to grow at a CAGR of 4.8% during 2024-2032.

Market Summary:

• On the basis of the product, the market has been bifurcated into footwear (military, casual, formal, sports and other shoes) and other leather products (upholstery, luggage, accessories, clothing and apparel, bags, wallets and purses, and others).
• Based on the material, the market has been divided into genuine leather (top-grain and split-grain leather) and synthetic leather (PU-based, PVC-based and bio-based leather).
• On the basis of the price, the market has been classified into premium and mass products.
• Based on the distribution channel, the market has been categorized into clothing and sportswear retailers, departmental stores, supermarkets and hypermarkets, online stores and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the market with the detailed profiles of the key players. Some of these players include 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), and Woodland (Aero Group).

Report Coverage:

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