Global Leather Goods Market to Grow at a Healthy CAGR During Estimated Period

The Global Leather Goods Market size was valued at USD 419.5 billion in 2021 and is expected to expand at a CAGR of 6.2% from 2022 to 2030 and reach around USD 720.8 billion. Purses, wallets, and belts, as well as footwear, handbags, and other leather goods, are included in the leather goods segment. The leather luggage and goods market are growing due to factors such as rising disposable income, increased domestic and international travel, and rising living standards. Global market players are constantly releasing new and stylish leather goods to meet changing consumer demand. Furthermore, market players' stylish and compact luggage products provide consumers with convenience and ease while traveling. Consumers are more likely to choose premium and high-quality leather products as their per capita income rises.

Market Dynamics

Market Drivers

  • Fashion Trends are Changing

Globally changing fashion trends have encouraged market players to introduce innovative and trendy products in order to meet consumer demands and maintain a loyal customer base. Furthermore, consumers prefer leather goods and luggage that are both compact and stylish. Men's accessories, such as leather bracelets, necklaces, and gloves, have become popular as fashion trends change. As a result, shifting fashion trends will help the market grow in the coming years.

  • Domestic and International Tourism is Both Increasing

The growth of various industries has been aided by an increase in domestic and international tours. People prefer leather luggage bags that are easy to handle. Extensive travel necessitates leather luggage that can withstand rough handling at any time. As a result, for more convenient travel, consumers choose premium and higher-quality leather luggage.

Market Restraints

  • The Availability of Cheaper Leather Goods and the Shortage of Leather Goods Worldwide

There are some kinds of leather goods available in the market which are having low costs. It will be hampering the supply and demand of good quality leather products and their price as well. However, the worldwide shortage of leather goods is driving up the price. As a result, European buyers are on the lookout for low-cost suppliers who can produce leather from exotic animals like pythons and alligators. These are the factors that are restraining the growth of the leather goods market.

Market Opportunities

  • Evolution of Budget-Friendly, Stylish and Comfortable Leather Goods

Handling goods are the most frequently purchased category, followed by belts. Handbags and wallets are still the most popular carrying products, and travel bags are the fastest-growing products in the leather goods market. As we all know, lifestyles are changing all the time, and as consumers' disposable income rises, they are becoming more interested in fashionable goods. Consumers are improving their standard of living by purchasing more fashionable and trendy goods with their disposable income. As a result, consumer preferences like these will provide market participants with an opportunity.

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Segmental Insights

The leather goods segments of the market are separated by product type. Travel bags, casual bags, and business bags are divided into the leather segment, while purses, wallets & belts, handbags, footwear, and other products are divided into the leather goods segment. Men and women are divided into two categories in this market. The women's segment dominated the market, while the men's segment grew in popularity due to men's increased interest in leather products such as wallets, handbags, and footwear.

Regional Insights

North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa are the four regions that make up the market.

The leather goods market in North America is the largest.

The leather goods market in Europe is the second-largest in the world.

The fastest-growing regional market is the Asia Pacific. Rising demand for premium and luxury goods is driving the Asia Pacific regional market, which is led by China and India.

With the highest revenue share, Europe has surpassed Asia as the leading region in the global leather goods market.

The product's growing popularity, as well as the region's growing online sales, would help the regional market growth.

Key Players

  • Adidas AG
  • Nike, Inc.
  • Puma SE
  • Louis Vuitton SE
  • Fila, Inc.
  • New Balance Athletics, Inc.
  • Knoll, Inc.
  • Timberland LLC
  • Johnston and Murphy
  • Woodland
  • PRADA Spa
  • Hermès International SCA

Leather Goods Market Segmentation

By Product

  • Footwear
  • Luggage
  • Accessories
  • Clothing and Apparel

By Distribution Channel

  • Store-Based Retail
    • Hypermarket and Supermarket
    • Specialty Store
    • Exclusive Store
  • Online Retail

By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • France
  • Italy
  • The U.K.
  • The Rest of Europe

Asia-Pacific

  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Singapore
  • The Rest of APAC

Central and South America and the Caribbean

  • Brazil
  • Argentina
  • The Rest of Central and South America and the Caribbean

The Middle East and Africa

  • Saudi Arabia
  • The UAE
  • Iran
  • Kuwait
  • The Rest of MEA

Recent Developments

18-MAY-2022 Adidas and Pharrell Williams Launch New Core Black Colorway..

12 April 2022 FILA and USTA Foundation Collaborate to Launch “Spirit of Tennis Scholarships”

05 April 2022 Barneys New York and FILA Debut Limited-Edition Footwear Collection

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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