Leather Goods Market Report: Global Size, Share, Trends, Opportunities And Forecast 2033

Overview and Scope

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.

Sizing and Forecast

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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Segmentation & Regional Insights

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

Europe was the largest region in the leather goods market in 2023. Asia-Pacific is expected to be the fastest-growing region in the leather goods market report during the forecast period. The regions covered in the leather goods market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting 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.

Key Industry Players

Major companies operating in leather goods are undergoing partnerships innovative leather products to gain a competitive edge in the market. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in April 2023, Rashki, an India-based fashion brand, collaborated with Banofi Leather, an India-based leather company, and launched India’s first-ever range of handbags made from banana leather. The handbags are made from banana crop waste, which is converted into a robust leather alternative through an innovative process developed by the Banofi team.

The leather goods market report table of contents includes:
1. Executive Summary

2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis

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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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