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Leather Goods Market Growth, Trends & Forecast Analysis 2024-2033
Leather Goods Market Growth
According to The Business Research Company's, The leather goods market size has grown strongly in recent years. It will grow from $378.26 billion in 2023 to $407.37 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to fashion trends, industrialization, historical export demands, influence of celebrity endorsement, changing lifestyles..
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..
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Leather Goods Market 2024 Key Insights:
• The leather goods market will grow to $541.69 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Surge In Demand For Premium Luxury Leather Products Propels Market Growth
• Launch Of Fine Mycelium-Based Victoria Bag Redefines Leather Goods Market
• Europe was the largest region in the leather goods market in 2023
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