Global Leather Goods Market Size is expected to exceed US$ 553.29 Billion by 2028, By Skyquest Technology

Global leather goods market is driven by the growing demand for leather goods which is rising as more High-Net-Worth Individuals (HNWIs) become wealthy and designers and branded clothing become more popular in important markets like the U.S., France, and China. Exclusive and frequently expensive, leather goods are a luxury. Due to the country's growing population of HNWIs and Ultra-High Net Worth Individuals (UHNWIs), the demand for leather goods is rising significantly in China.

The market's most exciting opportunity now exists in leather products made from biomaterials that have no harmful properties. Manufacturers are concentrating on industrializing the production of leather by blending natural fibers like flax or cotton fibers with corn, soybean, palm, and various other plants. Over the coming years, top manufacturers anticipate that demand for bio-based leather will increase dramatically due to the increase in stringent environmental and governmental regulations relating to the use of toxic chemicals in North America and the European Union.

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Read market research report, "Global Leather Goods Market by Material Type (Genuine, Synthetic), By Product (Footwear, Home Decor, Apparel) & By Region - Forecast and Analysis 2022-2028" by SkyQuest

The demand for sustainable goods has increased as people are becoming more aware of the negative consequences of unethical practices in the manufacture of clothing and footwear. As a result of the promotion of sustainability by many well-known designers, sustainable fashion is steadily gaining popularity with consumers. Designers like Stella McCartney, for instance, have been promoting eco-friendly clothing and accessories in budget-friendly retailers like Top Shop and Zara, including footwear.

Global leather goods market segmentation is done on the basis of material types such as genuine and synthetic. Among these, the synthetic segment is projected to hold the most substantial share in the market during the forecast period. Because they are equally attractive in terms of design and less expensive than genuine leather goods, consumers are more likely to purchase synthetic leather goods. The majority of synthetic leather is made from synthetic materials such as polyurethane (PU) and polyvinyl chloride (PVC). Because PU leather does not emit dioxins like vinyl leather, it is thought to be more environmentally friendly.
According to the product for the leather goods market, the footwear category dominated the market. The footwear segment had a market share of more than 44.82% in 2021. With the growing demand for leather athletic footwear, major athletic footwear brands such as Nike, New Balance, Adidas, Puma, Reebok, Allbirds, and Converse have begun to enter the leather athletic manufacturing market. Nike, Inc., for example, debuted sneakers made of fly leather, a novel material created by combining leftover leather scraps from tanneries with a polyester blend.

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Among the regions, the leather goods market share is anticipated to be dominated by North America. More than 38.16% of global revenue in 2021 came from North America. It is anticipated that rising product demand and an increase in online sales in North America will fuel market growth in the area in the future. The rising number of athletes and people who are health- and fitness-conscious is also anticipated to fuel market growth. The U.S. surpassed Canada and Mexico in terms of regional market size in 2021. In North America, department stores, discount stores, factory outlets, and online shopping portals are the primary distribution channels for leather goods.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.

What does this Report Deliver?
• Market Estimation for 20+ Countries
• Leather Goods Market demand by Region, Sub-Region, and Country
• Customization on Segments, Regions, and Company Profiles
• 100+ tables, 150+ Figures
• Global, Regional and Country specific Leather Goods Market Trends
• Comprehensive Mapping of Leather Goods Industry Parameters
• Attractive Investment Proposition in the Global Leather Goods Industry
• Competitive Strategies Adopted by Leather Goods Market Key Players
• Drivers, Restraints, Opportunities, Challenges and the impact on the Leather Goods Market Size
• Market growth rate till 2028
• Regulatory scenario, regional dynamics, and Leather Goods market insights of leading countries in each region
• In-depth Market insights by Region and Country
• Market Segmentation Trend Analysis, Opportunities and Growth
• Porter's five force analysis to know the market's condition
• Pricing Analysis and Leather Goods Market Sales
• Parent market analysis
• Product portfolio benchmarking

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SkyQuest has segmented the Global Leather Goods Market based on Material Type, Product, and Region:
● Global Leather Goods Market by Material Type (Revenue, US$ billion, 2022 - 2028)
o Genuine
o Synthetic
● Global Leather Goods Market by Product (Revenue, US$ billion, 2022 - 2028)
o Footwear
o Home Decor
o Apparel
● Global Leather Goods Market By Region (Revenue, US$ billion, 2022 - 2028)
o North America
▪ U.S.
▪ Canada
o Europe
▪ Germany
▪ France
▪ UK
▪ Italy
▪ Spain
▪ Rest of Europe
o Asia Pacific
▪ China
▪ India
▪ Japan
▪ Rest of Asia Pacific
o Central & South America
▪ Brazil
▪ Rest of CSA
o Middle East & Africa
▪ GCC Countries
▪ South Africa
▪ Rest of MEA

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This release was published on openPR.