Global Leather Goods Market to reach USD 754.1 billion by the end of 2029

Global Leather Goods Market is valued at approximately USD 412.4 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.56% over the forecast period 2022-2029. Leather goods are the products or materials that is manufactured from leather. Leather offers wide range of vital properties like durability, fireproof, dustproof, and crack-proofness, which is boosting the demand for leather goods. There are various types of leather are available that included bonded leather, corrected grain leather, top grain leather, and full grain leather, which are used to create goods such as handbags, small leather goods & accessories, apparel, footwear, pet accessories, and automotive accessories. The growth of the global market is primarily driven by the factors such as increasing consumer disposable income, rising fashion trend towards leather, coupled with the growing popularity of fashion shows that highlight apparel made of leather, particularly jackets, pants, shoes, and other items are attracting more people to purchase leather goods

The surge in demand for luxury leather goods is acting as a catalyzing factor for market growth across the globe. As per Statista, the luxury leather goods market was valued to generate revenue of around USD 50.74 billion in 2021, which is anticipated to account for USD 64.48 billion by the year 2025. As a result, wealthy people are drawn to the increasing usage of leather in luxury leather such footwear, bags, accessories, and many others, which is driving the market’s expansion at a high rate. Moreover, rising inclination towards vegan and synthetic leather, as well as growing domestic & international tourism are presenting various lucrative opportunities over the forecasting years. However, stringent government regulations are a major restraining factor for the market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Leather Goods Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Europe dominated the market in terms of revenue, owing to the rising footwear and luggage & bags demand, along with growing number of leather and related product manufacturers. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising industrialization, and government initiatives to support to luxury leather in the market space.

Major market players included in this report are:
Adidas AG
Nike. Inc.
Puma SE
Fila Inc.
New balance Athletics Inc.
Samsonite International S.A
VIP Industries Ltd.
Timberland LLC
Knoll Inc,
American leather holdings, LLC

Recent Developments in the Market:
 In Dec 2022, PUMA and VOGUE announced that the companies continued their pre-existed partnership of classic and functional athletic silhouettes that integrates the worlds of sport and fashion. The collaborative range included crucial gym-ready pieces like the Oversized Hoodie and Sweatpants in addition to classic outerwear and footwear.
 In Sept 2022, Nike unveiled the introduction of newest innovation named Nike Forward, which helps in minimizing the carbon footprint while still using typical Nike knits or wovens. It replaces Dri-Fit technology to modernize the production of clothes with the goal of producing high-end, sustainable quality goods.

Global Leather Goods Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Type, Product, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Genuine
Synthetic/Vegan
By Product:
Handbags
Small leather goods & accessories
Apparel
Footwear
Pet accessories
Automotive accessories

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World