by The global Leather Goods Market is estimated to be valued at US$ 324.69 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Leather goods are products that are made from animal hides and other leathers and include accessories such as leather bags, leather shoes, leather belts, leather wallets and leather jackets. Leather goods provide high durability, sturdiness and elegant look to the products.
Market key trends:
One of the key trends in the leather goods market is the increasing demand for eco-friendly and vegan leather products. Consumers are becoming more concerned about animal welfare and environment protection. Major companies are focusing on developing sustainable and eco-friendly leather goods from plant-based and recycled materials to align with ethical beliefs of increasing environmentally conscious consumers. For example, companies such as Veja, Matt & Nat, and Rothy’s are producing shoes made from conventional and recycled plastics and other bio-based materials without using animal leather. Furthermore, advances in material science technologies enable introduction of materials that closely mimic natural leather texture and performance. This is expected to the growth of vegan and sustainable leather goods segment in the coming years.
Segment Analysis
The global leather goods market is segmented based on product, end-user, and region. Based on product, the market is classified into footwear, luggage, wallets & purses, apparel, and others. The footwear segment dominated the market in 2022, accounting for around 35% of the overall market share. Footwear products such as leather boots, loafers, moccasins, sneakers, and sandals are witnessing high demand worldwide. The growing trend of branded leather footwear is driving the growth of this segment.
Key Takeaways
The Global Leather Goods Market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing consumer spending on luxury and premium products.
Regional analysis: North America leads the global market, accounting for around 30% share in 2022. U.S. is one of the largest markets for leather goods owing to high disposable incomes and spending power of consumers in the region. Europe is the second largest leather goods market, with major demand coming from countries like Italy, Germany, UK, and France.
The leather goods market in Asia Pacific is expected to grow at the highest CAGR during the forecast period due to rising middle-class population, increasing disposable incomes, and growing influence of western culture in countries like China, India, and South Korea.
Key players operating in the leather goods market are LVMH Moët Hennessy Louis Vuitton SE, Kering S.A., Adidas AG, Hermès International S.A., Dolce & Gabbana Luxembourg S.à.r.l., Overseas Leather Goods Company Pvt Ltd, Tata International Ltd, Chanel International B.V., Prada S.p.A, and Ralph Lauren Corporation. These players are focusing on new product launches and expansion in emerging regions to gain higher market shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
