Global Leather Goods Market Overview, 2023-28

Leather has been used for various purposes since prehistoric times, with evidence of leather clothing dating back to the Stone Age. In ancient civilizations, leather was used for footwear, bags, and armour. During the middle ages, leather goods became more refined, with craftsmen specializing in the art of tanning and leatherworking. By the Renaissance, leather goods had become a symbol of luxury and wealth, with elaborate designs and decorations adorning everything from shoes to belts. Furthermore, with growing awareness of environmental issues, consumers are increasingly looking for products that are made from eco-friendly materials and produced using sustainable practises. Many leather goods manufacturers are responding to this trend by using recycled materials, reducing waste, and implementing ethical sourcing practises. Moreover, many consumers want products that are unique and personalized, and leather goods manufacturers are responding by offering customization options such as monogramming and bespoke designs. This trend is particularly popular in the luxury segment, where customers are willing to pay a premium for customized products. In addition, as a result of the prospering fashion industry, consumer demand for leather handbags and wallets has increased significantly, boosting the global accessories market. Consumer’s priorities aesthetic aspects and demand a high-quality range of goods in order to make a fashion statement. Furthermore, the overall leather market would continue to evolve in various emerging and newly industrialized economies, meeting both the growing demand in the industrialized world and the needs of their respective rising middle classes. To achieve this, the market must provide quality, avoid commoditization, be more creative, and manage various types of environmental concerns effectively. According to the research report, "Global Leather Goods Market Overview, 2023–28," published by Bonafide Research, the market was valued at USD 342.66 Billion, which is expected to cross USD 495.93 Billion by the end of the forecast period. The market is anticipated to grow at 6.48% CAGR by 2023–28. The leather goods market is driven by the increasing disposable income of consumers. As disposable incomes rise, consumers tend to spend more on luxury goods and products made from high-quality materials, including leather. This has led to a surge in demand for leather goods as consumers seek to purchase high-quality, long-lasting Furthermore, As awareness of animal cruelty and environmental issues grows, there is a growing trend towards vegan leather products, which are made from synthetic materials instead of animal hides. Vegan leather offers several benefits, including being more environmentally friendly and often more affordable than genuine leather. Many companies are now offering vegan leather options for their products, catering to the increasing demand for cruelty-free and sustainable products. In addition, the rise of e-commerce has had a significant impact on the leather goods market. Online shopping has made it easier for consumers to access a wider range of products and for manufacturers and retailers to reach a global audience. This has led to increased competition in the market, which has ultimately benefited consumers by driving down prices and increasing the availability of high-quality products. For instance, some popular online leather goods retailers include Amazon, Zappos, Nordstrom, Farfetch, Leatherology, Coach, Kate Spade, Gucci, Michael Kors, and Fossil.

The North American leather goods market is one of the largest and most lucrative markets in the world. Furthermore, the North American leather goods market is a vibrant and exciting industry that provides consumers with a diverse range of high-quality products that are both fashionable and functional. Furthermore, sustainability is becoming increasingly important in the European leather goods market. Many consumers are now looking for products made from eco-friendly and sustainable materials. This has led to the emergence of new companies that specialize in producing sustainable leather goods. Moreover, minimalist designs are becoming increasingly popular in the Asia-Pacific leather goods market. Consumers are looking for simple and timeless designs that can be worn with a range of outfits and are opting for products that are versatile and practical. In addition, streetwear is having a significant impact on the Asia-Pacific leather goods market, with consumers seeking out products that reflect the urban and casual aesthetic of streetwear fashion. As a result, manufacturers are creating leather products that are more casual and comfortable, with designs that reflect streetwear style. According to the report, the genuine leather segment led the market with a share of around 79.86% in 2022. Genuine leather is known for its durability and longevity, which makes it a popular choice for high-end leather goods. In addition, the synthetic-type segment is expected to grow at the highest CAGR during the forecast period. Synthetic leather is often more affordable than genuine leather, making it a popular choice for consumers who want the look and feel of leather without the high cost. In addition, based on product, the market is divided into footwear, handbags, small leather goods and accessories, apparel, home decor and furnishing, pet accessories, automotive accessories, luggage, and bags. In 2022, the footwear segment will have the largest market share. Major competitors such as Reebok, Adidas, and Nike are producing athletic shoes as the demand for such footwear has increased significantly. In addition, the handbag segment is expected to grow at a CAGR of 8.21% during the forecast period. The handbag segment is largely driven by fashion trends, with consumers seeking products that are both stylish and functional. Classic handbag styles, such as the tote bag and the shoulder bag, are still popular in the Asia-Pacific region. These styles are versatile and practical, making them suitable for a range of occasions. Leather goods are subject to various government regulations around the world, aimed at ensuring their safety and quality. For instance, REACH is a European Union regulation that stands for Registration, Evaluation, Authorization, and Restriction of Chemicals. It aims to ensure that all chemicals used in products, including leather goods, are safe for human health and the environment. Furthermore, the Leather and Leather Products Order (LLO) is an Indian regulation that governs the manufacturing and labelling of leather products. It requires all leather products to carry a label indicating the type of leather used the country of origin, and other relevant information. Moreover, International Organization for Standardization (ISO) standards set standards for various products, including leather goods. These standards cover everything from the materials used to the manufacturing processes and testing requirements.

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Manmayi Raval

Research Consultant

Major Companies present in the market: Adidas AG, Nike, Inc, Puma SE, FILA Holdings Corporation, MillerKnoll Inc ( Formerly Herman Miller Inc), VF Corporation, Hermès International S.A., LVMH Moët Hennessy Louis Vuitton, Samsonite International S.A., New Balance Athletics, Inc. Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Global Leather Goods market with its value and forecast along with its segments • Region-wise Leather Goods market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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Regions covered in the report: • North America • Europe • Asia-Pacific • South America • Middle-East & Africa By Type • Genuine Leather goods • Synthetic Leather goods By Product Type • Footwear • Handbags • Small Leather Goods/ Accessories • Apparel • Home Décor and Furnishing • Pet Accessories • Automotive Accessories • Luggage & bags By Distribution Channel • Speciality Store • Supermarkets and Hypermarkets • Brand Outlets • Online Stores • Others (General retail, B2B, discount stores, flea markets, and specialty boutiques) The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Leather Goods industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.