Dublin, Dec. 04, 2024 (GLOBE NEWSWIRE) -- The "Leather Goods Market Report Forecast by Type, Product, Countries and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The leather goods market is anticipated to rise from about US$296.26 billion in 2023 to US$453.34 billion by 2032, with a CAGR of roughly 4.84% between 2024 and 2032. This is driven by increasing consumer demand for luxury and sustainable leather products, advancements in leather processing technologies, and the increasing popularity of leather accessories and apparel. 
Leather goods entail items manufactured from animal hides or skin that has been tanned for desired usage with style. Everyday products made of leather are handbags, wallets, belts, shoes, jackets, furniture and automobile interiors. These products are classified on the basis of their well-known quality, durability and 'luxury' appeal. Leather products have been experiencing a growing demand over the years because of greater disposable income per capita, an ever-growing population that lives in urban areas and constantly evolving fashion trends. The desire for luxury leather products specifically in the growing markets is robust as there is the concern of quality and future yield.
Rising Consumer Demand for Luxury Products
Consumer interest towards the luxury and premium segment has been enhanced as a great driver for the leather goods market. With the increase in disposable income especially now for the global market emerging economy congregation consumers can afford to purchase quality leather products associated with class and fashion.
That is why luxury brands use this trend and produce individual series and limited editions that will attract the attention of well-off buyers who appreciate refined accessories. Besides, the more people perceive leather goods as a long-lasting investment since the products in this category are known to be durable, and the trends relevant forever. This is the case for product categories like handbags, shoes, and apparel where there is a tendency of multiple purchases due to quality, which is instrumental to the market growth. September 2024, Rimowa Original Bag is launched to leather good market.
Growth of E-Commerce and Digital Retailing
New culture in online selling has in particular influenced the leather goods industry. It has firmed up the leather materials and portable and easily affordable for the consumers. People are distinguished by the chance that they are able to considered numerous products of various brands as they are not constrained geographically. Since this shift, luxury leather brands have benefited most since they were able to reach global markets hence can interact with their clients.
Social media marketing and partnerships with key opinion leaders have boosted the traffic to online stores making it very vibrant in the online space. The growth of the leather goods market will continue at a fast pace due to the shift towards the purchase of goods online, which was particularly prominent during the pandemic, and though e-commerce is one of the primary ways to reach the target audience. It is noted that the luxurious fashion brand Balenciaga has ventured into online selling in China launching its flagship in the e-shopping platform JD.com in September, 2024.
Focus on Sustainability and Ethical Sourcing
The main reasons that are likely to influence consumer behavior in the leather goods market are sustainability and ethical practices. More awareness is created on the environments, and issues such as animal rights, hence the practice of responsible sourcing for leather and the use of environmentally friendly tanning. Now consumers want products that are made from vegetable tanned leather or similar leather substitutes that have low impacts on the environment.
In this way, brands appeal to customers who care about product origins, and simultaneously, improve their brand image through the promotion of sustainable and/or transparent supply chains. Environmental sustainability therefore leads to innovations in the leather goods market, resulting to increased production promoting the growth of the market. The new D2C brands were launched in May, 2024 in the US fashion industry with an aim to sell handcrafted leather bags that are sustainable and ethically made.
Asian Leather Goods Market
The market for Asian leather goods is expanding annually because of the higher disposable income per capital, expansion of urbanization and shift in consumer consumption pattern. China, India and Japan spearhead this demand given that the consumers are now purchasing high quality leather products like handbags, shoes and leather accessories.
This is due to a number of factors such as indications observed from fashion and the development of e-commerce platforms to help the various brands extend their market. The Indian Union Minister of Commerce and leather Industry has called for an ambition of raising the leather and footwear industry to USD 50 billion by 2030.
China Leather Goods Industry
The leather goods industry in China is rapidly growing mainly as a result of rising demand for luxury and premium goods. China is the world's largest buyer of leather products and is experiencing increased disposable income along with a populous emerging middle class interested in luxury handbags, shoe and other leather accessories. Main consumer motivations have been their desire to be fashionable, wearing international brands that are appreciated for quality workmanship.
M-commerce has in fact transformed retail in China since it availabilities a broad array of leather products with much ease. There are sustainability measures as of recently they are being implemented to ensure that manufactures practice sustainable production methods. The China Import and Export fair of Guangzhou, China which commenced in May, 2024 offered its facilities to the domestic and foreign exhibitors and visitors from the sectors which are within the domain of fair.
Saudi Arabia Leather Goods Industry
The market for leather products in Saudi Arabia is being liberalized and opening at a fast pace because of the consumers shifting preference towards luxury products. As the population per capita improves coupled with the increase in the consumers' purchasing power, they purchase sophistically designed apparel and other accessories like leather handbags, wallets, and shoes and sandals. The target of Saudi Vision 2030 supports industrialization and local production to enhance the leather industry in the country.
Also, the ratio of electronic commerce is rising as it offers better position to the consumers to get connected with more local and global brands. Today, environmental concerns are getting significant, and many manufacturers of automobiles are considering the use of green practices, which is also fueling the market's growth in the region. A new boutique inside the Kingdom Centre in Riyadh, which Prada will open in August 2024, was also announced.
Global Leather Goods Company Analysis
The major players in the leather goods industry include Hermes International S.A., Adidas AG, Nike, Inc., Puma SE, Fila Holdings Corp, VIP Industries Inc., Samsonite International S.A., VF Corporation, and Lear Corporation.
Competitive Analysis:
- Business Overview
- Key Persons
- Recent Development & Strategies
- Financial Insights
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $296.26 Billion |
| Forecasted Market Value (USD) by 2032 | $453.34 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5 Global Leather Goods Market
6 Market Share Analysis
6.1 By Type
6.2 By Product
6.3 By Countries
7 Type
7.1 Genuine
7.2 Synthetic
7.3 Vegan
8 Product
8.1 Handbags
8.2 Small Leather Goods/Accessories
8.3 Apparel
8.4 Footwear
8.5 Home Decor & Furnishing
8.6 Pet Accessories
8.7 Automotive Accessories
9 Countries
9.1 North America
9.1.1 United States
9.1.2 Canada
9.2 Europe
9.2.1 France
9.2.2 Germany
9.2.3 Italy
9.2.4 Spain
9.2.5 United Kingdom
9.2.6 Belgium
9.2.7 Netherlands
9.2.8 Turkey
9.3 Asia Pacific
9.3.1 China
9.3.2 Japan
9.3.3 India
9.3.4 South Korea
9.3.5 Thailand
9.3.6 Malaysia
9.3.7 Indonesia
9.3.8 Australia
9.3.9 New Zealand
9.4 Latin America
9.4.1 Brazil
9.4.2 Mexico
9.4.3 Argentina
9.5 Middle East & Africa
9.5.1 Saudi Arabia
9.5.2 UAE
9.5.3 South Africa
10 Porter's Five Forces Analysis
10.1 Bargaining Power of Buyers
10.2 Bargaining Power of Suppliers
10.3 Degree of Rivalry
10.4 Threat of New Entrants
10.5 Threat of Substitutes
11 SWOT Analysis
11.1.1 Strength
11.1.2 Weakness
11.1.3 Opportunity
11.1.4 Threat
12 Key Players Analysis
- Hermes International S.A.
- Adidas AG
- Nike, Inc.
- Puma SE
- Fila Holdings Corp
- VIP industries Inc.
- Samsonite International S.A.
- VF Corporation
- Lear Corporation
For more information about this report visit https://www.researchandmarkets.com/r/ew8vin
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