Leather Goods Market will be Grow at a CAGR of 6.7% in the Forecast year of 2023 to 2030

The leather goods market is expected to gain significant growth in the forecast period of 2023 to 2030. Data Bridge Market Research analyzes that the market is growing with a CAGR of 6.7% in the forecast period of 2023 to 2030 and is expected to reach USD 699,906.77 million by 2030. The rising demand for comfortable, trendy, and fancy leather apparel, footwear, and accessories is an important factor driving the market growth.

Increasing innovation in leather goods with new features and designs and introducing bio-based leather are expected to provide opportunities in the global leather goods market. However, rising awareness regarding the detrimental effects of unethical practices in producing leather goods and lack of skills, technology, intermediate inputs, and processing equipment is projected to challenge the market growth.

The global leather goods market report provides details of market share, new developments, and the impact of domestic and localized market players, analyzes opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market.

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Global Leather Goods Market Dynamics

Drivers

Increase in the demand for premium and high-quality luxury leather products

The rapidly expanding fashion industry has greatly increased consumer demand for high-quality, premium, and luxury leather products. Customers value aesthetics and seek high-end products to create a fashion statement.

Moreover, an increasing number of High-Net-Worth Individuals (HNWIs), coupled with the growing trend of designer and branded clothes in major markets, such as the U.S., France, and China, is boosting the demand for luxury leather products. Leather goods are exclusive and often premium priced.

Low-cost and heavy-duty construction of synthetic leather products

Synthetic leather, which is also known as Faux leather, is cheaper than real leather, animal-friendly, can be produced in virtually every color, can be manufactured to feature a high gloss finish, can be easily cleaned with a damp cloth, requires little maintenance, does not sort as easy as real leather, is UV fade resistant and does not have the real leather smell, which is expected to draw its demand in the forecast period. Faux Leather is a man-made product and is very durable.

These days Faux Leather is usually stronger than real leather. Artificial leather such as pleather, Naugahyde, vegan leather, barkcloth, cork, glazed cotton, and recycled PET polyester is available in the market. Pleather is commonly used to make artificial leather clothing. It is made from plastic and is less costly and lighter than genuine leather. Products made from pleather are available in a variety of colors. Another material used for leather is Naugahyde which looks similar to animal skin. All these factors and advantages offered by synthetic leather are expected to drive market growth.

The rise in the demand for comfortable, trendy, fancy leather apparel, footwear, and accessories

Leather goods come in various products like gloves, bags, footwear, watches, furniture, and many others. The increase in the demand for leather in the production of clothing is one of the major driving factors that may positively affect the market growth. Moreover, the special characteristics of leather, such as the fireproof, dustproof, and leak-proof nature and durability of leather goods, are often preferred over other resources and materials, which has helped increase the demand and sales of the market.

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Opportunities

Increase in innovation in leather goods with new features and designs

Consumer behavior has changed substantially over the past decade. As the old technologies have been exploited more, especially in developing and marketing fashion products, companies are getting new possibilities for fulfilling customer needs with product varieties. The development of new surface finishes and embellishments with viable techniques is needed to develop innovative products and add uniqueness and value to the products.

Global Leather Goods Market Scope

Leather Type

Full Grain Leather
Split Grain Leather
Faux Leather
Bonded Leather
Top Grain Leather

Product

Footwear
Handbags
Apparel
Others

Grade

High-Grade
Mid-Grade

Distribution Channel

Specialty Stores
Company Franchised Stores
E-Commerce
Supermarkets/Hypermarkets
Others

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Competitive Landscape and Global Leather Goods Market Share Analysis

Some of the prominent participants operating in the global leather goods market are:

TBL Licensing LLC (A Subsidiary of VF Corporation),
CAPRI HOLDINGS LIMITED, Hermès,
KERING, PRADA S.P.A., Kiton,
Woodland Leathers, American Leather,
JOHNSTON & MURPHY (A Subsidiary of Genesco),
NAPPA DORI among others.

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