The Leather Goods by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Leather Goods, 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.
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.
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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
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.
The leather goods market report table of contents includes:
1. Executive Summary
2. Leather Goods Market Characteristics
3. Leather Goods Market Trends And Strategies
4. Leather Goods Market – Macro Economic Scenario
5. Global Leather Goods Market Size and Growth
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31. Global Leather Goods Market Competitive Benchmarking
32. Global Leather Goods Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Leather Goods Market
34. Leather Goods Market Future Outlook and Potential Analysis
35. Appendix
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