Leather Goods Market Analysis 2023-2028, Industry Size, Share, Trends and Forecast

According to IMARC Group's latest report, titled "Leather Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global leather goods market size reached US$ 370.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 505.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.

Leather represents a stretchable and durable material made by treating hides and skins of numerous animals, such as buffaloes, sheep, cattle, goats, hogs, horses, and camels. It is used to manufacture gloves, bags, clothes, watches, footwear, saddles, harnesses, and furniture, owing to its enhanced strength, durability, and flexibility. In addition, leather is long-lasting, repairable, comfortable, and resistant to dust, fire, scratch, and water. As a result, it is extensively utilized in the manufacturing of products, including automotive upholstery, sports equipment and apparel.

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Market Trends

The escalating demand for premium and branded products, on account of the growing urbanization and income levels and the rising living standards of consumers, is among the key factors stimulating the leather goods market. Moreover, the expanding travel and tourism sector and the emerging trend of travel vlogging are increasing the sales of customized suitcases, trolley bags, and backpacks made from durable and stretchable material, which is acting as another significant growth-inducing factor. Besides this, the growing popularity of fashion shows that promote leather products, such as handbags, jackets, pants, and shoes, is positively influencing the global market. Furthermore, the inflating focus of leading market players to create brand awareness among the masses through several promotional activities on social media platforms and celebrity endorsements is also propelling the market growth. Apart from this, the widespread adoption of advanced technologies in leather production, including the automated cutting process, to provide varieties and customization options is further fueling the global market. Additionally, the elevating need for passenger and commercial vehicles with enhanced and customized automotive upholstery, owing to the growing global population, is anticipated to fuel the leather goods market over the forecasted period.

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List of Key Companies Covered in this Market Report:

Adidas AG
American Leather Holdings LLC
Capri Holdings Limited
Hermès International S.A.
Kering S.A.
LVMH
Prada S.p.A
Puma SE
Tapestry Inc.
VIP Industries (Piramal Group)
Woodland (Aero Group).

The report has segmented the market on the basis of product, material type, price, distribution channel and geography.

Breakup by Product:

Footwear
Military Shoes
Casual Shoes
Formal Shoes
Sports Shoes
Others
Other Leather Products
Upholstery
Luggage
Accessories
Clothing & Apparel
Bags, Wallets and Purses
Others

Breakup by Material Type:

Genuine Leather
Top-grain Leather
Split-grain Leather
Synthetic Leather
PU-Based Leather
PVC-Based Leather
Bio-Based Leather

Breakup by Price:

Premium Products
Mass Products

Breakup by Distribution Channel:

Clothing and Sportswear Retailers
Departmental Stores
Supermarkets and Hypermarkets
Online Stores
Others

Breakup by Geography:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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