Leather Goods Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2024-2032, Segmented By Type, By Product Type, By End Use, By Distribution Channel, By Region, Competition Forecast and Opportunities
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationLeather Goods Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2024-2032, Segmented By Type, By Product Type, By End Use, By Distribution Channel, By Region, Competition Forecast and Opportunities
The global leather goods market is expected to grow during the forecast period. The market is primarily driven by consumer preferences for branded goods. Additionally, rising domestic and international tourism, rising living standards, and rising demand for stylish, comfortable, and fashionable leather clothing, accessories, and footwear are all expected to have a positive effect on the market.
Moreover, there are several other factors that are anticipated to support the expansion of the global leather goods industry growth over the forecast period which include rise in demand for leather purses, wallets, coats, shoes, belts, and other leather goods among men and women. Additionally, in response to the growing consumer demand for a wide variety of leather products, manufacturers are increasing their product ranges. This is expected to further fuel the expansion of the global leather goods industry growth.
China realized 30.3% of the global value of exported leather goods in 2020, making it the world's leading exporter of leather goods
However, since most of the leather goods are produced from animal skins, it attracts the attention of those who are concerned with the environment and animals, which is expected to limit the expansion of the market for leather goods throughout the forecast period.
Furthermore, designers from all over the world present their newest clothes at fashion shows and other occasions, enticing more people to buy leather clothing, where the leather clothing and other exquisite outfits are frequently incorporated with a variety of decorative techniques like applique, embroidery, and Lame. For instance, Shanghai, China, hosted the Forever Leather Fashion show in September 2020. The exhibition featured a wide selection of leather products, such as ankle boots, duffel bags, travel bags, leather sneakers, and trench coats with cross-stitches. These occasions bring together thousands of provincial leather buyers, producers, and designers.
Rising Preference for Eco-Friendly Fashion Products
The demand for sustainable goods has increased as people are becoming more aware of the negative consequences of unethical activities in the making of clothing and footwear. Due to the promotion of sustainability by numerous well-known designers, sustainable fashion is progressively drawing consumers. For instance, designers such as Stella McCartney have been marketing eco-friendly fashion items, like footwear, etc. which is anticipated to fuel the demand for leather goods throughout the forecast years. Similarly, as part of its sustainability initiative, in January 2021, Adidas AG announced the arrival of a new range of plant-based footwear manufactured from mushroom leather. To produce vegan leather trainers made from plants, the business partnered with Stella McCartney, lululemon, and biotech firm Bolt Threads. Thus, this will further increase the demand for global leather goods market during the projected period.
In January 2023, Anita Dongre launched vegan leather accessories made with mirum vegan leather. The new collection features four handbags include the Swan Mini Grab Bag, Birds of a Feather Crossbody Bag, Nocturnal Glass Beaded Bag, and Champagne Gold Glass Beaded Bag.
New Product Launches in Leather Goods Industry
In 2022, for the holiday season, Tiger Marrón launched a collection of soft furnishings on its online website. The luxury leather goods company's newest collection is composed of organic cotton and has prints that are influenced by traditional designs. Among other household textiles, the new line offers cotton bed coverings, pillows, table runners, and placemats. Similarly, in 2021, ECCO Leather Goods launched a cutting-edge new accessories concept that delivers functional, modern, and ethically crafted leather goods. These products were designed in-house utilizing premium leathers and craftsmanship from ECCO Leather's own gold-rated tannery. The new range was created for customers who desire fashionable bags that complement their hybrid, mobile lifestyles. Also, in 2022,
Change in Fashion Trends Fueling the Market Growth
The market players have been prompted to introduce new innovative and fashionable products because of the changing fashion trends that are prevalent worldwide to satisfy consumer demand and keep repeat customers. Additionally, consumers want leather accessories and baggage that are both small and fashionable. Adapting fashion trends have led to an increase in men's accessories such leather gloves, neckpieces, and bracelets. As a result, during the forecast period, these changing fashion trends will accelerate the market growth for global leather goods.
Emerging Trends of Travelling will Aid the Market Growth.
Increasing Brand Awareness of Leather Goods Fueled the Market Growth
Nowadays, consumers are shifting towards branded products as they prefer to purchase quality based as well long-lasting products. Brands such as Prada, Louis Vuitton, and Gucci are known for their premium quality products. Moreover, the wide presence of brands on social media platforms is helping increase their awareness among consumers. Furthermore, the promotion of clothing brands on social media, television, and magazines is growing, hence, attracting more consumers to purchase leather products, which has led to expansion in the market growth globally.
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Market Segmentation
The global leather goods market is segmented based on type, product type, end use, and distribution channel. Based on type, the market is divided into genuine leather and synthetic leather. Based on product type, the market is divided into travel bags, casual bags, business bags, purses, wallets & belts, handbags, footwear, clothing, and others (pet accessories, home decor & furnishing). Based on end use, the market is further divided into female and male. Based on distribution channel, the market is fragmented into hypermarkets/supermarkets, multi-branded retailers, exclusive retailers, online, others (retail retailers and direct, distributors & dealers etc.).
Company Profiles
Samsonite International S.A., Louis Vuitton Malletier SAS, Hermès International S.A., Tapestry Inc., Delsey S.A.,
Recent Development
- Companies are focusing onpartnership in order to increase their presence in the market and increasetheir consumer base. For instance, Ecco has partnered with the footwear storechain Metro Brands Limited, to increase its visibility in the Indian market. Withthis collaboration, Ecco marketed its goods through a number of retail storessuch as Metro, Mochi, and various online platforms in India. This will help toexpand its customers and solidify its position in India's luxury footwearmarket.
- Also, Hermes built a newGuyenne leather goods facility in France in 2021 to keep up with the growing demandfor its upscale handbags. Moreover, in 2022, Hermès announced the constructionof two new leather factories, one in Gironde and one in Charente.
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