Press release
Exploring the Global Leather Goods Market: A Comprehensive Overview
The leather goods market size is expected to see strong growth in the next few years. It will grow to $541.69 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to health and environmental awareness, emerging market growth, luxury market penetration, e-commerce growth, innovation in material alternatives.. Major trends in the forecast period include cultural influences, rental and second-hand markets, augmented reality (ar) retail, transparency in supply chains, customization and personalization..
Market Overview -
Leather goods refer to articles made of leather. These are created with animal skins and hides that are chemically treated, or tanned, to prevent decomposition. Leather is a strong, flexible, and durable material. Leather goods come with different types of lifestyle products, which are utilized by various customers for personal use or to enhance their social status.
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Surge In Demand For Premium Luxury Leather Products Propels Market Growth
The increasing demand for premium and high-quality luxury leather products is expected to propel the growth of the leather goods market going forward. Luxury leather products are special-quality leather items that are made from high-quality leather and characterized by their luxurious, smooth surface, and they have few flaws. Customers are drawn to expensive luxury goods because they represent their wealth, reputation, and social status. As a result, they are willing to pay higher prices and spend a lot of time indulging in self-indulgence when purchasing these luxury goods, such as leather. For instance, in August 2022, according to a report published by World Footwear, a Portugal-based provider of information, news, events, and statistics on the footwear sector worldwide, sales of the Leather Products and Saddlery business of Hermès International, a French luxury goods company, increased by 16% in the first quarter of 2022 compared to the same period in 2021, due to expanded manufacturing capacity and consistent demand. Therefore, increasing demand for premium and high-quality luxury leather products is driving the growth of the leather goods market.
Competitive Landscape -
Major companies operating in the leather goods market report are Kering SA, Adidas AG, Hermes International S.A., Louis Vuitton SE, Samsonite IP Holdings S.AR.L., New Balance Athletics Inc., Knoll Inc., Timberland LLC, Johnston And Murphy, Woodland, PRADA Spa, VIP Industries Ltd., VF Corp., COLLAR Company, LUCRIN Geneva, Nappa Dori, Saddles India Pvt. Ltd., Alma Leather, American Leather Operations LLC, Belstaff, Bottega Veneta, Brunello Cucinelli, Burberry, Capri Holdings Limited, Chanel, Coach, Fendi, Giorgio Armani, Gucci, Jack Georges .
Launch Of Fine Mycelium-Based Victoria Bag Redefines Leather Goods Market
Product innovation is a key trend gaining popularity in the leather goods market. Major companies operating in the leather goods market are focused on developing innovative solutions to strengthen their position in the market. For instance, in March 2021, Hermes International S.A., a France-based luxury goods company, launched the Victoria bag, its new mushroom-based leather bag, which is the world's first object made with Fine Mycelium. Fine Mecelium is a patented technology to enhance mycelium as it grows. The special and unique features included in this product are the amber-coloured panels made of mycelium, the thread-like filament structure of fungi. It is made of Sylvania-based leather material, which gives it strength and durability and makes it convenient to carry.
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Key Segments -
The leather goods market covered in this report is segmented -
1) By Leather Type: Full Grain Leather, Split Grain Leather, Genuine Leather, Faux Leather, Bonded Leather
2) By Product: Footware, Handbags, Apparel, Luggage, Wallet, Belts, Other Products
3) By Grade: High-Grade, Mid-Grade
4) By Distribution Channel: Specialty Stores, Company Franchised Stores, E-Commerce, Supermarkets And Hypermarkets, Other Distribution Channels
5) By End- User: Men, Women, Kids
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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