Leather Goods Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024

Description

The Global Leather Goods Market was valued at USD 261.5 billion in 2023 and is projected to expand at a CAGR of 6.3% from 2024 to 2032. The market growth is largely attributed to the increasing demand for luxury items. Consumers are shifting their preferences toward premium leather products such as handbags, wallets, belts, and footwear. This trend is driven by rising disposable incomes in emerging markets and the desire to own status-symbol products that reflect wealth and sophistication. Leather goods are increasingly seen as fashionable and valuable investments, contributing to their widespread appeal.

Technological advancements in leather processing have also significantly impacted the market. Innovations in tanning, dyeing, and finishing techniques have led to the creation of higher-quality, durable, and more versatile leather materials. These advancements not only improve the aesthetic appeal of leather products but also address environmental concerns associated with traditional leather production methods. Enhanced techniques are helping manufacturers meet the growing consumer demand for eco-friendly, customizable leather goods, further propelling market growth.

In terms of product segmentation, footwear dominates the leather goods market. In 2023, this segment accounted for approximately USD 120.98 billion in revenue and is anticipated to grow at a CAGR of around 6.6% through 2032. The popularity of leather footwear is attributed to its versatility, catering to a wide range of needs from formal and casual wear to sports and outdoor activities. Its durability and premium feel position it as a preferred choice for consumers seeking functionality and style. Additionally, shifting fashion trends and the rising athleisure market have increased the demand for leather sneakers and casual footwear, particularly among younger demographics.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$261.5 Billion
Forecast Value	$448.9 Billion
CAGR	6.3%

When categorized by leather type, full-grain leather emerged as the leading segment in 2023, holding a market share of around 32%. This type of leather is highly valued for its exceptional quality, durability, and natural appearance. Full-grain leather retains the outermost layer of the hide, giving it a unique texture and a luxurious finish. Its resistance to wear and tear and ability to develop a patina over time enhance its appeal, particularly in high-end footwear, bags, and accessories.

China continues to lead the leather goods market in the Asia-Pacific region, with revenue reaching USD 48.1 billion in 2023. The country's dominance is fueled by its large manufacturing base, cost-effective production, and extensive export network that caters to global demand.

Product Code: 5557

Chapter 1 Methodology & Scope

1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry synopsis, 2021-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Factor affecting the value chain
- 3.1.2 Profit margin analysis
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
- 3.6.1 Growth drivers
  - 3.6.1.1 Increasing demand for luxury goods among consumers
  - 3.6.1.2 Emerging fashion trends
  - 3.6.1.3 Advancements in leather processing techniques
  - 3.6.1.4 Surge in e-commerce shopping activities
- 3.6.2 Industry pitfalls & challenges
  - 3.6.2.1 Counterfeit products
  - 3.6.2.2 High productions costs
3.7 Consumer buying behavior analysis
- 3.7.1 Demographic trends
- 3.7.2 Factors affecting buying decision
- 3.7.3 Consumer product adoption
- 3.7.4 Preferred distribution channel
- 3.7.5 Preferred price range
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Product Type, 2021-2032 (USD Billion) (Million Units)

5.1 Key trends
5.2 Handbags
5.3 Apparel
- 5.3.1 Top
- 5.3.2 Bottom
- 5.3.3 Accessories
5.4 Footwear
- 5.4.1 Boots
- 5.4.2 Sandals & flats
- 5.4.3 Athletic leather shoes
- 5.4.4 Other (Walking shoes, etc.)
5.5 Home decor and furnishing
5.6 Others (travel bags etc.)

Chapter 6 Market Estimates & Forecast, By Leather Type, 2021-2032 (USD Billion) (Million Units)

6.1 Key trends
6.2 Full grain leather
6.3 Top grain leather
6.4 Genuine leather
6.5 Split grain leather
6.6 Recycled leather
6.7 Others (bonded, nubuck, vegan)

Chapter 7 Market Estimates & Forecast, By Price Range, 2021-2032 (USD Billion) (Million Units)

7.1 Key trends
7.2 Low
7.3 Medium
7.4 High

Chapter 8 Market Estimates & Forecast, By Distribution Channel, 2021-2032 (USD Billion) (Million Units)

8.1 Key trends
8.2 Online
- 8.2.1 E commerce
- 8.2.2 Company websites
8.3 Offline
- 8.3.1 Mega retail stores
- 8.3.2 Specialty stores
- 8.3.3 Others (Individual Store, etc.)

Chapter 9 Market Estimates & Forecast, By Region, 2021-2032 (USD Billion) (Million Units)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 Australia
- 9.4.6 Indonesia
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
9.6 MEA
- 9.6.1 South Africa
- 9.6.2 Saudi Arabia
- 9.6.3 UAE

Chapter 10 Company Profiles

10.1 Adidas
10.2 American Leather
10.3 Aero Leather
10.4 Gucci
10.5 Hermes
10.6 Johnston & Murphy
10.7 Lear
10.8 Louis Vuitton
10.9 Nike
10.10 Prada
10.11 Puma
10.12 Samsonite International
10.13 Timberland
10.14 VIP Industries
10.15 Woodland Worldwide

Leather Goods Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032