Leather Goods Market Size, Share, and Industry Report [2031]

Report Description

The global leather goods market is projected to register a substantial CAGR during the forecast period, between 2021 and 2028. Leather goods are products created from drying hides and skins of animals, primarily cattle. Full-grain leather, top grain leather, bonded leather, and rectified grain leather are some popular types of leather, which are used for a variety of products such as gloves, bags, garments, watches, footwear, furniture, and other items.

To improve the strength, durability, and flexibility of the leather, these basic materials are treated with various chemicals such as tanning agents, surfactants, dyes, solvents, oils, and salts. Additionally, leathers offer excellent properties such as long-lasting and resistant to crack, fire, and dust, due to which, these materials are widely used in the production of sports equipment and apparel as well as automotive upholstery.

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Market Trends, Drivers, Restraints, and Opportunities:

• Rising living standards, shifting fashion trends towards leather products, as well as rising disposable income are projected to boost the market growth.
• Growing desire for contemporary, comfortable, and fancy leather garments, footwear, and accessories, and increased brand awareness are estimated to propel the market expansion.
• Increased demand for leather goods due to the important properties of leather such as dustproof, fireproof, durability, and crack-proof help to accelerate the demand for leather goods.
• Rising cost of leather products, lack of advanced supply chain, and strict regulations governing the usage and manufacture of natural leather are some limitations for market growth.
• Rapid expansion of the automotive industry and more investment by big players towards new product development method are all projected to generate new opportunities to boost the market growth.

Scope of the report:

The report on the global leather goods market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Leather Goods Market Segment Insights:

Synthetic segment is projected to hold significant market share

Based on types, the leather goods market is segmented into genuine, vegan, and synthetic. The genuine segment is further bifurcated into split-grain leather and top-grain leather. Furthermore, the synthetic segment is further classified as bio-based leather, PVC-based leather, and PU-based leather. The synthetic segment is projected to hold significant market share owing to the low cost and heavy-duty construction of various product types.

Synthetic leather items are less expensive than genuine leather goods and are similarly appealing in terms of style, which is fueling customer demand. Synthetic leather is largely made from synthetic materials such as polyvinyl chloride (PVC) and polyurethane (PU). PU leather is regarded as more environmentally friendly than vinyl-based leather since it does not emit dioxins. Plastic leather goods such as paper are available in a number of eco-friendly solutions.

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Footwear segment is anticipated to account for a substantial share

On the basis of product types, the market is segregated into leather goods, luggage, and rolling luggage. The leather goods segment is further categorized as automotive accessories, clothing & apparel, clutches & wallets, footwear, home décor & furnishing, leather accessories, pet accessories, and others. The luggage segment is sub-divided into business bags, casual bags, and duffel bags.

Additionally, the rolling luggage segment is sub-classified as backpacks, suitcases & briefcases, totes & hand luggage, travel bags, and others. The footwear segment is anticipated to account for a substantial share of the market in the coming years. Nike, Adidas, New Balance, Reebok, Puma, Converse, and All Birds are among the major players in the athletic footwear industry that have ventured into leather athletic production in response to rising customer demand for leather athletic footwear.

Online retail stores segment to expand at a robust pace

In terms of distribution channels, the leather goods market is bifurcated into online retail stores and offline retail stores. The online retail stores segment is expected to expand at a robust pace during the forecast period. When compared to offline retail stores, the e-commerce distribution channel is expected to be more fragmented as consumers are allowed to opt for more alternatives and products to pick from.

Furthermore, the increased use of smartphones is propelling e-commerce to new heights. Furthermore, discounts offered by e-commerce platforms such as Woo Commerce, Amazon, Magneto, Shopify, and others attract more customers and drive more sales than traditional establishments.

North America is expected to dominate the market

In terms of regions, the market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market during the forecast period due to the growing popularity of leather products in the region combined with more online purchasing. The increasing number of consumers in the region who are aware of fashionable trend regarding the use of lather products is expected to drive regional market expansion further. In the region, leather goods are mostly distributed through discount stores, department stores, e-commerce platforms, and factory outlets, among other channels.

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