London, United Kingdom, May 09, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Leather Goods Market Information by Product Type, Distribution Channel, and Region- Forecast till 2028”, the market is estimated to acquire a size of over USD 623.44 Billion by the end of 2028. The report further predicts the market to thrive at a healthy CAGR of over 5.90% during the review timeframe.
Leather Goods Market Overview:
Drivers
Increasing Need for High-Quality and Premium Luxury Leather Products to Boost Market Growth
Demand for premium, luxury, and high-quality leather goods have significantly expanded among consumers as a result of the fashion industry's rapid expansion. Customers choose high-end products to make a fashion statement and respect aesthetics. The demand for high-end leather goods is also rising since there are more High-Net-Worth Individuals (HNWIs) and designer and branded clothing are becoming more popular in vital markets like the U.S., France, and China. Exclusive and frequently expensive, leather items are a luxury.
Opportunities
Launch of Bio-Based Leather to offer Robust Opportunities ,The production of bio-based leather has no negative effects on the environment. With the introduction of bio-based leather, manufacturers should concentrate on producing synthetic leather made from natural fibers such flax cotton or cotton fibers combined with corn, palm, soybean, and others in order to achieve a competitive market share within the leather goods market. In addition, pineapple fruit leaves are really used to create "Pinatex," a revolutionary synthetic leather product. These pineapple leaves are perfect for use in the manufacturing process because of their elastic and sturdy fiber.
Restraints and Challenges
Lack of Skills to act as Market Restraint ,The lack of skills, intermediate inputs, technology, and processing equipment may act as market restraints over the forecast period.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 623.44 Billion |
| CAGR | 5.90% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021-2028 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Distribution Channel, and By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased per capita disposable income is expected to propel the growth of the global leather goods market |
| Increased awareness about the branded products |
Key Players:
Eminent industry players profiled in the leather goods market report include
- Adidas AG (Germany)
- Nike Inc. (US)
- Puma SE (Germany)
- Fila Inc. (South Korea)
- New Balance Athletics Inc. (US)
- Samsonite International S.A. (Hong Kong)
- Louis Vuitton (France)
- Knoll Inc. (US)
- American Leather Holdings
- LLC (US) and VIP Industries Ltd. (India)
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Market Segmentation:
The global leather goods market is bifurcated based on distribution and product type.
By product type, the footwear segment will lead the market over the forecast period.
By distribution, the store-based segment will domineer the market over the forecast period.
COVID-19 Analysis
The influence of COVID-19 has had a direct impact on the sales and distribution of many items across industries. To stop the virus from spreading, many nations have put themselves on lockdown and barricaded their borders. Because of COVID-19's effects on logistics, the flow of raw materials has been hindered, which has further decreased production capacity and led to product shortages. In the short term, it is anticipated that these variables will increase the cost of leather goods. Numerous countries around the world have banned gatherings of more than ten individuals in a small area, and many industries have been instructed to shut down manufacturing facilities as a precaution against the coronavirus.
Due to the immediate actions made all over the world to stop the spread of the COVID-19, which had an effect on logistics, the producers started to worry about the procurement of raw materials. The COVID-19 pandemic breakout and the accompanying implementation of lockdown measures in numerous nations reduced the pool of labor that was available to carry out the industrial process. The entire planet was in lockdown as a result of the pandemic. Therefore, in order to combat surge capabilities, the governments of various nations took several urgent steps, including physical separation and transportation restrictions. The manufacture of leather goods has undoubtedly been impacted by the global lockdown.
Manufacturers have taken extensive steps to ensure the health & safety of their workers by adhering to local and state regulations. Many large-scale firms have temporarily shut down their businesses or reduced the amount of stuff they can produce. The manufacturers have also been financially impacted by this situation, and they are planning their business operations to endure the pandemic with as little damage as possible.
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Regional Analysis:
North America to Command Leather Goods Market
In 2020, the biggest market share of leather goods was held by North America. During the projected period, the North American leather goods market is anticipated to develop due to the rising popularity of the leather goods and an increase in online sales. The market for leather items is expanding thanks to the region's growing population of sportsmen and fitness enthusiasts. The most popular category of leather goods is footwear. Consumers' rising demand for leather shoes and handbags has helped the popularity of leather items among buyers. Authenticity, openness, and sustainability are valuing that North Americans look for in brands. The leading producers of leather goods place a strong emphasis on marketing initiatives to raise consumer knowledge of new product introductions. Canada is anticipated to have the highest CAGR in the leather goods market in North America in the forecast period.
APAC to Have Admirable Growth in Leather Goods Market
The region with the fastest growth is expected to be Asia-Pacific. During the projected period, the Asia-Pacific market is anticipated to have the second-largest market share of the worldwide leather goods market. Increasing consumer demand for high-end and luxury items is likely to lead to growth in the Asia-Pacific leather goods market. Due to the development of high-end footwear companies, fast evolving consumer trends, and the shift from physical to online retail, the market in Asia-Pacific is expanding. During the projection period, China will hold the biggest market share. The production of the leather goods is crucial for China, which also had the greatest market share in the APAC region. Some of the prominent factors driving the demand for leather goods in China include the country's youth population's affinity for new trends and the country's consumer preference for leather footwear.
Industry Updates:
April 2023- The opening of a new leather products workshop in France has been announced by Hermès. By the time it opens in 2027, the new leather products workshop, which will join three other workshops within the hub and eventually employ 800 people, would contain 260 craftspeople.
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