Global Leather Goods Market: Industry Analysis and Forecast (2021-2027)
Global Leather Goods Market size was valued at US$ 371.56 Bn. in 2019 and the total revenue is expected to grow at 5.7% through 2021 to 2027, reaching nearly US$ 578.94 Bn.
Global Leather Goods Market Overview:
The Global Leather Goods Market is witnessing significant growth during the forecast period owing to rising consumer disposable income, improved living standards, changing fashion trends, and growing domestic and international tourism. Nowadays, attractive and luxurious leather products, apparel, and accessories are often viewed as style statements and status symbols. Rising awareness regarding new fashion, brands, and adoption of western culture is responsible for the growth of the leather goods market across the globe.
In 2020, the market size of global leather goods was US $371.56 Bn. It is expected to grow at 5.7% over the forecast period 2021-2027, reaching nearly 578.94 Bn.
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2019 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed specially with the impact of lockdown by region
Global Leather Goods Market Dynamics:
The global leather goods market is expecting significant growth over the forecast period. Consumers are increasingly becoming more aware of fashion, appearance, and personal care and looking for effective solutions that help in the overall development of personality and status in society. In addition, there has been a prominent change in the lifestyle of consumers, as most of them have a modern lifestyle which leads to demand for fashionable footwear, accessories, and clothes. So, this grows the market for leather goods. The increasing workforce in organizations is the main key factor in increasing the demand for leather shoes. Furthermore, rising extra income and willingness to live a comfortable life contribute to the demand for leather goods worldwide.
The market is expected to increase significantly in the near future, as top key players rapidly adopted new marketing strategies to get a more customer base. Companies are continuously promoting fashionable accessories and clothes amongst higher income and middle-income groups by adjusting their pricing policies and discounting offers. Key players make a huge investment in the research and development of fashionable, customer-centric goods that cater to customer demand. An increasing extra income coupled with the growing trend of designer & branded clothes, accessories in major markets, such as the U.S., France, and China, is boosting the demand for leather products in coming years. International fashion designers showcase new apparel through fashion shows & events, thereby attracting more consumers toward leather clothing. Various design techniques, such as brocade, Lamé, and applique, are widely used on leather apparel and other elegant dresses and footwear. Key players are also stressing customer satisfaction by improving their services to an international level through advanced technology adoption in manufacturing the product.
The price of fashionable leather goods is high compare to regular products, which restricts its market growth. In developing economies where consumers are price-conscious, they may prefer regular cheap or local brand products. The worldwide leather goods market is restricted by a lack of raw material availability and their insignificant inventory presence in some regions. Furthermore, some animal welfare organizations continuously appeal to ban the slaughtering of animals to obtain leather is one of the biggest challenges in the leather goods market.
Recently, In September 2020, the Forever Leather Fashion show was organized in Shanghai, China. The exhibition displayed various leather products and accessories, including a range of modern style jackets, cross-stitched trench coats, home décor items, travel bags, leather sneakers, duffel bags, and ankle boots.
Global Leather Goods Market Segment Analysis:
Based on the product, the Global Leather Goods Market is divided into Footwear, Home Décor, and Apparel. The footwear segment dominates the global leather goods market owing to key players in the athletic footwear segment, such as Nike, New Balance, Adidas, Puma, Reebok, All birds, and Converse, have been rapidly entering into manufacturing of leather athletic footwear to cater the rising consumer demand for leather shoes in coming years. It has 48% of the market share in the global leather goods market. Apparel has a major market share in the global leather goods market due to the rise in disposable income of consumers and the variety of designs and styles offered by it. The home décor and furnishing segment also attract many consumers due to rapid urbanization. Consumer willingness to spend on the decoration of houses has increased, leading to the growth of this segment.
Global Leather Goods MarketBased on the Type, the Global Leather Goods Market is classified into Genuine and Synthetic. The genuine segment dominates the global leather goods market. Factors responsible for the growth of this segment are its premium quality and lower cost of production. It accounts for 57% of the market share in the global leather shoe market. The synthetic segment also has a major market share because of easy availability and less expensive than genuine. It is also eco-friendly due to the process used in its manufacturing. Synthetic leather is mainly obtained from artificial sources, such as Polyvinyl Chloride (PVC) and Polyurethane (PU). Polyurethane leather is considered more eco-friendly than its vinyl-based, which boosts the market growth of the synthetic leather product.
Global Leather Goods MarketGlobal Leather Goods Market Regional Analysis:
North America dominates the global leather goods market due to high production and awareness among the working-class people regarding fashion and improved living standards. In 2020 the market value of Leather Goods in the US was US$ 161.67 Bn. Furthermore, the increasing number of athletes and health & fitness-conscious individuals are also anticipated to fuel the market growth. United States, Canada, and Mexico are the dominating region of North America in the leather goods market.
The Asia Pacific is witnessing significant growth in the forecast period due to the rise in disposable income of consumers and many leather processing industries present in the region. China, India, and Japan are the major producers of leather goods in the Asia Pacific regions. The manufacturer in this region introducing new fashionable products in the market, which further boost the demand. India and Japan are the major producers of leather in this region. Moreover, low tariff rates on the exported leather products make Bangladesh an attractive market for foreign leather goods brands.
Europe is expected to grow at a higher rate of xx% during the during the forecast period. Factors attributing to the strong growth of this region are high production due to the presence of popular and local key players and usage of leather products. In Europe, producers utilize advanced technology to manufacture leather goods, making their product a strong USP in the market. In 2020, the market value of leather goods in Europe was nearly US$ xx Bn.
The Middle East and Africa have huge potential for the leather goods market, but low economic and industrial development shows stable growth in the forecasting periods.
Global Leather Goods MarketThe objective of the report is to present a comprehensive analysis of the global leather goods market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global leather goods market dynamics, structure by analyzing the market segments and project the global leather goods market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global leather goods market make the report investor’s guide.
Global Leather Goods Market Scope: Inquire before buying
Global Leather Goods Market Scope
Global Leather Goods Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Leather Goods Market Key Players
• 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.
FAQ
1. What are the factors responsible for growth of global Leather Goods market in North America?
Ans: The factors responsible for growth of global Leather Goods market in North America are awareness about the fashionable products offered by Leather Goods and easy availability of these products through different modes.
2. What are the expected growth rate and revenue of global Leather Goods market from 2021-2027?
Ans: The total revenue is expected to grow at 5.7% through 2021 to 2027, reaching nearly US$ 578.94 Bn.
3. Why Middle East and Africa Shows slow growth rate over the forecast period?
Ans: Middle East and Africa relatively shows slow growth over the forecast period owing to low economical, industrial and leading to low standards of life.
4. What are the major key players in the global Leather Goods market?
Ans: The major key players in the global Leather Goods market are 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, and Nappa Dori
5. What are the market segments of global Leather Goods market?
Ans: The global Leather Goods market is segmented on the basis of Product and Type.
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