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Global Apparel and Leather Products Market Insights 2024
Apparel and Leather Products Market Insights
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According to The Business Research Company's, The apparel and leather products market size has grown strongly in recent years. It will grow from $1045.45 billion in 2023 to $1127.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to globalization of fashion industry, retail expansion and e-commerce boom, sustainable and ethical fashion movement, cultural and social influences, fast fashion phenomenon.
The apparel and leather products market size is expected to see strong growth in the next few years. It will grow to $1511.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rise of sustainable fashion practices, global supply chain resilience, cultural diversity and inclusivity, circular fashion economy, rise of rental and secondhand markets. Major trends in the forecast period include digital transformation in fashion retail, customization and personalization, digital fashion shows and virtual events, innovations in leather alternatives, blockchain for supply chain transparency.
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Market Drivers and Trends:
The rising demand for footwear is expected to propel the growth of the apparel and leather markets going forward. Footwear encompasses items designed to be worn on the feet, including shoes, boots, and various outer coverings for the human foot. Leather is a favored material in the footwear sector because of its enduring quality, comfort, and fashionable appeal. For instance, in September 2021, the United States International Trade Commission, a US-based independent, nonpartisan, quasi-judicial federal agency, the United States saw a surge in footwear imports, reaching a total value of $27.2 billion. This marked a significant growth of $6.5 billion, or a 31.4% increase compared to the 2020. Therefore, the rising demand for footwear will drive apparel and leather market growth.
Major companies operating in the apparel and leather markets are innovating new products, such as Stan Smith Mylo, to increase their profitability in the market. The Stan Smith Mylo is a concept shoe from Adidas that is made using a new mushroom-based material called Mylo. For instance, in April 2021, Adidas AG, a Germany-based apparel company, launched a new line of sneakers made from mushroom leather as a part of their sustainability efforts. The Mylo sneaker is part of Adidas' broader sustainability goals, which include reducing plastic waste.
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Major Key Players of the Market:
Louis Vuitton Moet Hennessy - LVMH, Christian Dior SE, Adidas AG, H&M Hennes & Mauritz AB, Kering SA, Nike Inc., VF Corporation, Hermès International S.A., Puma SE, Coach Inc., Ralph Lauren Corporation, Levi Strauss & Co., New Balance Athletics Inc., Fila Holding S.p.A., Michael Kors Holdings Limited, Burberry Group plc, Calvin Klein Inc., Tommy Hilfiger Licensing LLC, Giorgio Armani S.p.A., Valentino Fashion Group S.p.A., Kate Spade & Company, Knoll Inc., The Timberland Company LLC, Versace S.p.A., Rajesh Exports Limited, Johnston & Murphy Inc., Hobbs plc, Givenchy S.A.S., Noisy May ApS, Woodland Worldwide Brands Limited, The Gap Inc.
Apparel And Leather Products Market 2024 Key Insights:
• The apparel and leather products market size is expected to see strong growth in the next few years. It will grow to $1511.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Increased Footwear Demand Fuels Expansion Of The Apparel And Leather Market
• Innovative Products Such As Adidas' Stan Smith Mylo Drive Profitability In The Apparel And Leather Market
• Asia-Pacific was the largest region in the apparel and leather products market in 2023
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