Leather Goods Market Size to Surpass Around USD 735 Bn by 2032

Ottawa, March 01, 2023 (GLOBE NEWSWIRE) -- The global leather goods market size was accounted for USD 420 billion in 2022. The outbreak of the COVID-19 pandemic hampered the growth of the leather industry. The sales of accessories, apparel, and footwear reduced. Prominent players and retailers faced many losses in 2020. Footwear sales declined by about 32% after the outbreak of the COVID-19 pandemic in the United States. The supply chain across the globe was disrupted and the organizations faced heavy losses. The market has gained momentum and fashion trends have evolved due to which trendy products and innovative products are introduced in the market. The leather goods market will be strengthened because of the change in the consumption pattern of the male category.

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Regional Snapshots

North American region is expected to maintain its dominance in the leather goods market. In the coming years, similar growth will be registered in the European nations. Fashion consciousness and increased disposable income will lead to the growth of the market in European nations. Increased travel and tourism will also lead to increased consumption of attractive bags. The demand for luxury products and premium products in the European nation has been steady for some time.

Asia Pacific region is also expected to see faster growth due to technological advancements. As the fashion industry in the Asia Pacific region is growing the demand for leather products is also expected to grow significantly. The use of smartphones and the availability of high-speed data will increase the sales of leather goods. Product advancements and celebrity endorsements are expected to influence the sales of these products. The promotion of leather goods like handbags, shoes, and other accessories at fashion events will play an instrumental role in the growth of the market.

Report Highlights

• Maximum revenue will be generated through the sales of genuine leather. Synthetic leather goods are also expected to gain momentum in the coming years as the demand for these products has increased. The availability of these products at a lower cost as compared to genuine leather products will drive market growth.
• Synthetic leather products are available in eco-friendly options due to which the demand for these products will increase. Consumer awareness is also expected to play a significant role in the growth of this segment.
• Genuine leather and different types of leather are used in the manufacturing of footwear on a large scale. As the demand for athletic footwear has increased, prominent market players are constantly engaged in research and development activities to come up with innovative products in the market. As the sales of automotive have increased in developed as well as in developing nations, the demand for leather upholstery is also expected to grow. The customization of luxury and premium vehicles will increase the consumption of premium leather.
• Online purchases of leather goods have increased in the North American region. Health-conscious individuals will fuel the market growth. Factory outlets, departmental stores, online stores, and discount stores distribute leather goods across the globe.

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Report Scope

Market Dynamics

Drivers

Trendy and innovative products are launched by the market players to meet the demand of the changing fashion trends. This helps the dominant market players in maintaining their customer base. The preference for leather goods has increased because of the evolving fashion industry. Men's accessories will also drive market growth to a great extent. Gloves, neckpieces, and bracelets are some of the accessories used by men. The leather goods industry will be strengthened by the change in fashion trends during the forecast period.

Restraints

Market growth of leather goods will be hampered due to the availability of cheap alternatives. The demand and the supply of quality products will be hampered to a great extent due to the availability of such products in the market. The cost of leather goods has gone up significantly due to the shortage of leather in the market. As the raw material costs are high the products are expensive. The leather goods market in the European nations is hampered to a great extent due to the shortage of raw materials.

Opportunities

Growing awareness about premium and branded leather goods will provide growth opportunities for the market. International brands are promoted through social media platforms and celebrity endorsements. Gucci and Prada are the prominent market players providing premium products in the market. The customer base of these companies is strong and it is expanding at a rapid pace. The customer base of these companies in developing nations has also grown. Increasing the disposable income of the people in developing nations will provide maximum growth opportunities.

Challenges

The presence of stringent government rules in the North American region and the European region will hamper the growth of the market. Many processing units and tanneries in Europe and the North American region are shut down due to these regulations. There are many rules regarding the use of leather and all of these rules will hamper the market growth. Government policies in these regions are favoring synthetic alternatives due to which the demand for plastic leather has grown and this is expected to pose a major challenge in the growth of the leather goods market.

Lack of technology, processing equipment, and skills will also hamper the growth of the market in the long run. This situation is mainly due to the absence of technicians and training centers required for the professionals. Advanced technology and skills are extremely important for the manufacturing of high-quality goods and in the absence of all of these, market growth will be hampered. The necessary qualification and degrees provided by the universities are scarce and this will have a negative impact on the growth of the market.

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Recent developments

• Bally and Reliance Brands Limited partnered to launch a new store in India and the store will provide leather goods, accessories, and men and women's shoes.
• London College of fashion entered into a collaboration with Kering in 2018 to introduce a digital course for sustainable luxury fashion.

Market Segmentation

By Type

• Genuine Leather
• Synthetic Leather
• Vegan Leather
  
  

By Product

• Handbags
  • Tote Bag
  • Clutch
  • Satchel
  • Others
• Small Leather Goods/ Accessories
  • Wallets
  • Pouches
  • Card Holders
  • Phone Covers/Cases
  • Watch Straps
  • Others (Luggage Tags, Pencil Cases, etc.)
• Apparel
  • Men
    • Shirts
    • Pants
    • Suits, Coats & Jacket
    • Overalls
    • Others (Kilts, Vests, Chaps, etc.)
  • Women
    • Skirts
    • Coats & Jackets
    • Pants
    • Others (Vests, Chaps, etc.)
  • Children
    • Suits, Coats & Jackets
    • Vests
    • Pants
    • Skirts
    • Chaps
• Footwear
  • Athletic
    • Men
    • Women
    • Children
  • Non-athletic
    • Men
    • Women
    • Children
• Home Décor and Furnishing
  • Decorative Wall Hangings’
  • Tabletop decorative items
  • Hanging Storage
  • Leather Furniture
  • Other
• Pet Accessories
  • Pet Collar and Leads
  • Leather Pet Toys
• Automotive Accessories
  • Seating Systems
  • Others
    
    

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa
  
  

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