The global leather goods market grew at a CAGR of around 5% during 2014-2019. Leather goods are articles that are produced from the hides and skins of animals, such as cattle, buffaloes, sheep, goats and hogs. These raw materials are treated with different chemicals, including surfactants, tanning agents, solvents, dyes, oils and salts, to enhance the durability, strength and flexibility of the leather. They are further utilized in the manufacturing of leather goods, such as footwear, garments, harnesses, saddles, gloves, bracelets, belts, bags, watches, wallets and smartphone covers. Besides this, as leather is long-lasting, resistant to fire, crack and dust, it is widely utilized in the manufacturing of sports equipment and apparel, and automotive upholstery.
The growing population, in confluence with the inflating income levels of individuals, represents one of the key factors escalating the demand for leather goods around the world. Moreover, as these products are functional, comfortable and cost-effective, their sales are increasing worldwide. Furthermore, leading manufacturers are offering unique and stylish products to meet the demand from affluent consumers. They are adopting advanced technologies, such as the automated cutting process in their production process, to provide varieties and customization options. The growing automotive industry is also offering lucrative opportunities for market players to expand their consumer base. However, the rising sustainable and ethical fashion trends are significantly impacting the utilization of leather goods across the fashion industry. This trend is further supported by the introduction of bio-based leather, which is anticipated to replace conventional leather goods in the coming years. Looking forward, IMARC Group expects the global leather goods market to continue its moderate growth during the next five years.
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The report has also analysed the competitive landscape of the market with some of the key players being 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).
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