The global Leather Goods market size is expected to be worth around US$ 724.08 billion by 2030, according to a new report by Vision Research Reports.
The global Leather Goods market size was valued at US$ 400.12 billion in 2020 and is anticipated to grow at a CAGR of 15.9% during forecast period 2021 to 2030.
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Leather Goods Market (By Product: Handbag, Small Leather Goods & Accessories, Apparel, Footwear, Home Décor & Furnishing, Pet Accessories, Automotive Accessories; By Type: Genuine, Synthetic, Vegan) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
Rising fashion consciousness among consumers has been a key factor boosting the product demand and this has driven various brands to expand their product portfolio. Apart from leading labels and brands, smaller manufacturers have also been gaining importance in the market. Various startups have come up with customized leather products to meet the changing demands of consumers.
The increasing working population and the rising disposable income also drive market growth. Several companies enforce a corporate dress code, which supports the demand for leather shoes. The rising awareness regarding sustainable products offers a huge growth opportunity to the products made from cruelty-free sources.
Increasing number of companies entering the market, is driving the sales of leather goods in the market. E-commerce retail channels play a significant role in the distribution of leather goods as a considerable amount of the market revenue is generated through these channels.
The genuine leather segment led the market with a share of over 65% in 2020. Synthetic leather goods are less expensive than genuine leather products and are equally attractive in terms of design, which is driving their demand among consumers. Synthetic leather is primarily derived from artificial sources, such as (PU) and (PVC). PU leather is considered to be more eco-friendly as compared to its vinyl-based counterpart, as it does not emit dioxins.
The synthetic type segment is projected to register a CAGR of 10.5% from 2021 to 2030. The growth is attributed to the low cost and heavy-duty construction of these product types. Like paper, plastic leather goods are also available in a variety of eco-friendly options. For example, leather goods made of PLA corn plastic are compostable and offer complete product visibility for enhanced marketability. Products made from materials, such as PET, are heavy-duty, flexible, and have a medium wall construction that flexes but remains crack-resistant. These factors are projected to drive the segment growth in the coming years.
The footwear segment led the market in 2020 with a share of over 57%. Major players in the athletic footwear segment, such as Nike, New Balance, Adidas, Puma, Reebok, All birds, and Converse, have been venturing into leather athletic manufacturing, taking into consideration the increasing consumer demand for leather athletic footwear.
The home décor & furnishing segment is expected to grow at the fastest CAGR of 10.7% from 2021 to 2030. Increasing expenditure on home furnishing and renovation has been a major factor driving the segment growth. It was stated by the International Monetary Fund that the global housing market has been growing steadily over the past few years. Another important factor is the housing index, which reflects changing prices of residential properties.
North America dominated the global market in 2020 accounting for a revenue share of over 34%. The growing product popularity coupled with increasing online purchases in North America is expected to drive the regional market in the future. The rising number of athletes and health &fitness-conscious individuals are also anticipated to fuel the market growth.
|Market Size||US$ 724.08 billion by 2030|
|Growth Rate||CAGR of 15.9% From 2021 to 2030|
|Forecast Year||2021 to 2030|
|Segments Covered||Product, Type, Region|
|Companies Mentioned||Adidas AG; Nike, Inc.; Puma SE; American Leather Holdings, LLC; Samsonite International S.A.; New Balance Athletics, Inc.; Timberland LLC; Louis Vuitton Malletier; Hermès International S.A.; VF Corp.|
- Adidas AG
- Nike, Inc.
- Puma SE
- Fila, Inc.
- New Balance Athletics, Inc.
- Knoll, Inc.
- Samsonite International S.A.
- VIP Industries Ltd.
- Timberland LLC
- Johnston & Murphy
- Woodland Worldwide
- Hermès International S.A.
- Louis Vuitton Malletier
- VF Corp.
- COLLAR Company
- LUCRIN Geneva
- Nappa Dori
- Saddles India Pvt. Ltd.
- Lear Corp.
- Product Outlook
- Small Leather Goods & Accessories
- Home Décor & Furnishing
- Pet Accessories
- Automotive Accessories
- Type Outlook
- Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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