Numerous advantages of synthetic leather products, especially their heavy-duty and low-cost construction, are pushing the demand for leather goods.
The global leather goods market is predicted to register a CAGR of 5.6% over the forecast period, as per FMI’s analysis. The industry’s size is anticipated to increase from US$ 443.52 billion in 2023 to US$ 764.81 billion by 2033 end.
Growing demand for high-end fashion, along with evolving fashion and trends, is pushing the demand for leather goods. These products have high quality and are long-lasting in nature. Due to their traditional and cultural significance, these products are gaining widespread demand among high-income household groups.
The leather goods industry is taking a sustainable turn by introducing eco-friendly products in the market. By doing so, the companies are attempting to capture an environmentally-conscious consumer base who are keen on purchasing products that align with their innate
Surging domestic as well as international tourism is also supporting the growth of the leather goods industry. Designers across the globe exhibit new apparel via fashion shows and events, which is luring many customers toward leather clothing. The high significance of such events and the extensive utilization of leather apparel for several design techniques are expected to boost market growth.
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Top Highlights from the FMI’s Analysis of the Leather Goods Market:
- The genuine leather segment significantly contributed toward market growth in the historical period, accounting for 54.1% market share in 2022. Surging demand for premium leather, especially in developed regions like North America and Europe, is expected to support segment growth in the years to come.
- Growth of the synthetic leather segment is expected to result from the increasing demand for less-expensive options to fulfill garment requirements by low- or middle-income groups.
- The footwear segment is expected to account for 44% of the market share, on the basis of product. Leading competitors such as Adidas, Reebok, and Nike, are actively engaged in increasing their capacity, in order to meet the expanding demand for footwear. Thus, pushing the segment growth.
- North America represented a total of 37% of the market share in the historical period. The region is also expected to continue its dominance over the forecast period as well. The booming e-commerce sector in the region is one crucial factor that is contributing to North America’s growth.
- Asia Pacific is predicted to robustly grow, especially in countries like India and China. Due to the high demand for premium products and luxury products, the market is predicted to expand.
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Who is winning?
Adidas AG, Nike, Inc., Puma SE, Fila, Inc., New Balance Athletics, Inc., Knoll, Inc., Samsonite International S.A., VIP Industries Ltd., Timberland LLC, Johnston & Murphy, Woodland Worldwide, Hermès International S.A., Louis Vuitton Malletier, VF Corp., COLLAR Company, LUCRIN Geneva, Nappa Dori, Saddles India Pvt. Ltd., Lear Corp.
Leather Goods Market by Category
By Type, the Leather Goods Industry is Segmented as:
- Genuine Leather Goods
- Synthetic Leather Goods
- Vegan Leather Goods
By Product, the Leather Goods Market is Segregated as:
- Leather Goods in Handbags
- Leather Goods in Tote Bag
- Leather Goods in Clutch
- Leather Goods in Satchel
- Leather Goods in Other Handbags
- Leather Goods in Small Leather Goods/ Accessories
- Leather Goods in Wallets
- Leather Goods in Pouches
- Leather Goods in Card Holders
- Leather Goods in Phone Covers/Cases
- Leather Goods in Watch Straps
- Leather Goods in Other Small Leather Goods/ Accessories
- Leather Goods in Apparel
- Leather Goods in Men’s Apparel
- Leather Goods in Shirts
- Leather Goods in Pants
- Leather Goods in Suits, Coats & Jacket
- Leather Goods in Overalls
- Leather Goods in Other Men’s Products
- Leather Goods in Women’s Apparel
- Leather Goods in Skirts
- Leather Goods in Coats & Jackets
- Leather Goods in Pants
- Leather Goods in Others Women Products
- Leather Goods in Children’s Apparel
- Leather Goods in Suits, Coats & Jackets
- Leather Goods in Vests
- Leather Goods in Pants
- Leather Goods in Skirts
- Leather Goods in Chaps
- Leather Goods in Footwear
- Leather Goods in Athletic Footwear
- Leather Goods in Men’s Athletic Footwear
- Leather Goods in Women’s Athletic Footwear
- Leather Goods in Children’s Athletic Footwear
- Leather Goods in Non-athletic Footwear
- Leather Goods in Men’s Non-athletic Footwear
- Leather Goods in Women’s Non-athletic Footwear
- Leather Goods in Children’s Non-athletic Footwear
- Leather Goods in Home Décor and Furnishing
- Leather Goods in Decorative Wall Hangings
- Leather Goods in Tabletop decorative items
- Leather Goods in Hanging Storage
- Leather Goods in Leather Furniture
- Leather Goods in Other
- Leather Goods in Pet Accessories
- Leather Goods in Pet Collar and Leads
- Leather Goods in Leather Pet Toys
- Leather Goods in Automotive Accessories
- Leather Goods in Seating Systems
- Leather Goods in Others
By Region, the Industry of Leather Goods is Segmented as:
- Leather Goods in North America Market
- Leather Goods in Europe Market
- Leather Goods in Asia Pacific Market
- Leather Goods in Latin America Market
- Leather Goods in Middle East and Africa Market
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