Newark, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 419.0 billion in 2022 leather goods market will reach USD 693.4 billion by 2030. The demand for sustainable products has increased as people become more aware of their activities' consequences on the environment. Due to the promotion of sustainability by numerous well-known designers, sustainable fashion is progressively drawing consumers. For instance, designers like Stella McCartney have been promoting sustainable fashion items, including footwear, in cost-effective retailers like Top Shop and Zara, which is anticipated to fuel the market for leather goods throughout the forecast period.
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Key Insight of the Leather Goods Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest leather goods market share. The demand for premium and luxury goods is increasing, driving the North American market for leather goods, led by nations like US and Canada. Furthermore, the rising number of fitness and health-conscious people and athletes is expected to fuel the market’s growth over the forecast period.
The synthetic leather segment is expected to augment the leather goods market during the forecast period.
The synthetic leather segment is anticipated to dominate the market over the forecast period. PU, a type of synthetic leather, is considered more environmentally friendly than its vinyl-based predecessor because it doesn't emit dioxins. The products made from synthetic leather are affordable and durable, propelling the segment’s growth.
The footwear segment market size is 165.9 billion in 2022
The footwear segment held the largest market share in 2022 and is expected to continue during the forecast period. Major athletic footwear producers like Nike, New Balance, Adidas, Puma, Reebok, Allbirds, and Converse have entered the leather athletic footwear production market in response to the growing consumer demand for leather athletic footwear. As an example, Nike, Inc. unveiled fly leather sneakers in 2017; this innovative material was made by fusing leftover leather from tanneries with a polyester blend.
Advancement in market
● In January 2021, Nike, Inc. released the first pair of vegan leather-covered SB Dunk sneakers. The footwear is cruelty-free and a part of Nike's 2019 Zero Waste Initiative.
● In August 2020, the first three pairs of Xetic sneakers with Porsche design were set to launch, according to PUMA SE.
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Market Dynamics
Driver: Life standards are improving-
The increasing fashion sector has raised consumer demand for leather handbags and wallets, which has helped the growth of the leather goods market. Consumers prioritize aesthetic factors and seek a high-quality choice of products to create a fashion statement. Additionally, the entire leather market would keep developing in various emerging and recently industrialized economies, satisfying both the expanding demand in the industrialized globe and the requirements of the rising local middle classes. The market must deliver quality, avoid commoditization, be more inventive, and successfully handle all types of environmental concerns in order to achieve this.
Restraint: Several alternatives
There are many contemporary, environmentally friendly leather alternatives available. Piatex is a natural and eco-friendly product made from pineapple leaf fibres. The wax used in Waxed Canvas and (Organic) Cotton is environmentally beneficial. The process of preserving leaves in fibre sheets produces "leaf leather" without the use of hazardous treatments or colours.
Opportunity: Growing trend of designer stuff
The demand for leather goods is rising as more High-Net-Worth Individuals (HNWIs) become wealthy and designer and branded clothing become more popular in important markets like the U.S., France, and China. Exclusive and frequently expensive, leather items are a luxury. Due to the country's growing population of HNWIs and Ultra-High Net Worth Individuals (UHNWIs), the demand for leather goods is rising dramatically in China. China accounted for 10% of all HNWIs worldwide in 2018, according to Credit Suisse Group AG's Global Wealth Report 2019, which was released in October 2019.
Challenge: Increase in Price
Due to a global shortage of leather goods, the price of leather is increasing. European customers are looking for inexpensive leather producers from exotic animals like pythons and alligators. For instance, according to Humane Society International, imports of python skin from Italy, Spain, and France accounted for 96% of the market in Europe in 2016.
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Some of the major players operating in the leather goods market are:
● Adidas AG
● Nike, Inc.
● Puma SE
● Fila, Inc.
● New Balance Athletics, Inc.
● Knoll, Inc.
● Samsonite International S.A.
● VIP Industries Ltd.
● Timberland LLC
● Johnston & Murphy
● Woodland Worldwide
● Hermès International S.A.
● Louis Vuitton Malletier
● VF Corp.
● COLLAR Company
● LUCRIN Geneva
● Nappa Dori
● Saddles India Pvt. Ltd.
● Lear Corp.
Key Segments cover in the market:
By Type:
● Genuine Leather
● Synthetic Leather
● Vegan Leather
By Product:
● Footwear
● Home Décor
● Furnishing
By Region
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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