The global leather goods market size was valued at USD 440.64 billion in 2022. The market is projected to grow from USD 468.49 billion in 2023 to USD 738.61 billion by 2030, exhibiting a CAGR of 6.7% during the forecast period.
This information is provided by Fortune Business Insights™ 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)
Segments:
Synthetic Leather to Gain Traction Owing to Increasing Costs
On the basis of source, the market is subdivided into synthetic leather and full-grain leather. The synthetic leather segment is expected to register commendable expansion over the forecast period. The rise can be credited to the rising product demand in the footwear and apparel industry.
Footwear Segment to Record Substantial Growth Driven by Prevalence of Durable Footwear
Based on product, the market for leather goods is segmented into luggage, apparel, footwear, and others. Of these, the footwear segment is slated to register appreciable growth throughout the estimated period. The surge can be attributed to the escalating demand for durable footwear.
Men Segment to Register Commendable Growth Due to Surging Demand for Luxury Footwear
On the basis of end-user, the market is fragmented into women, men, and kids. The men’s segment is poised to record substantial expansion over the forecast period. The escalation is being driven by the higher requirement for formal wear, leather shoes, jackets, and other goods.
Based on geography, the market has been analyzed across Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report provides a comprehensive analysis of the key factors propelling the business scenario over the forthcoming years. It further gives an insight into the major aspects driving industry growth across various regions. Some of the additional aspects include the vital steps taken by leading market participants for strengthening their business position.
Drivers and Restraints:
Market Value to Surge Owing to Growing Demand for Luxury Goods
One of the major aspects propelling the leather goods market growth is the rising prevalence of natural leather as a luxury product and the escalating product usage in fashion shows. The market expansion is further impelled by the growing demand for handmade and customized goods.
However, the industry expansion may be hindered due to the process of leather production from animal hides and skins.
Regional Insights:
Europe to Lead Driven by Presence of Major Manufacturers
The Europe leather goods market share is expected to register appreciable expansion throughout the study period. The surge can be credited to the increasing footwear demand and the presence of major manufacturers in the region.
North America is estimated to record commendable growth over the estimated period. The rise is being driven by the substantial demand for luxury goods in the region.
Competitive Landscape:
Major Players Enter into Partnership Deals to Enhance Product Reach
Key leather goods companies are focused on the adoption of various initiatives for strengthening their position in the market. These include acquisitions, merger agreements, and the formation of alliances. Besides, several companies are entering into collaborations and partnership deals to increase their geographical footprint.
Key Industry Development:
- April 2020 – Air Jordan and Dior rolled out its new sneakers Air Jordan 1 High OG Dior produced from the same Italian leather that is used by Dior for its bags.
Reference Link:
https://www.fortunebusinessinsights.com/leather-goods-market-104405
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