Leather Goods Market Size Worth $457.53 Billion By 2032 | CAGR: 6.7%

The global leather goods market size is expected to reach USD 457.53 billion by 2032, according to a new study by Polaris Market Research. The report “Leather Goods Market Share, Size, Trends, Industry Analysis Report, By Type (Genuine Leather, Synthetic Leather, Vegan Leather); By Product; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The primary market drivers include an increase in consumer disposable income, rising living standards, changing fashion trends, and growing domestic and international tourism. The demand for fashionable, current, and comfortable leather apparel, accessories, and footwear is expected to increase, which will be excellent news for the leather products market.

In order to enhance consumer interest in leather clothes, designers from all over the world display their newest looks at fashion shows and other occasions. Many pattern techniques, including brocade, Lamé, and appliqué, are widely used on leather jackets and other elegant attire. For instance, in September 2020 Shanghai, China hosted the Forever Leather Fashion show. Among the leather goods on display during the show were numerous modern-style jackets, cross-stitched trench coats, travel bags, leather shoes, duffel bags, and ankle boots. In such circumstances, tens of thousands of leather consumers, manufacturers, and designers from various regions converge.

People are becoming more aware of the detrimental effects of unethical practices in the production of clothing and footwear, which has boosted the demand for sustainable products. Sustainable fashion is increasingly attracting customers as a result of the advocacy of sustainability by various well-known designers. Designers like Stella McCartney have been promoting eco-friendly clothing and accessories in budget-friendly stores like Top Shop and Zara, which is projected to drive the market for leather goods throughout the course of the projection period.

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The footwear, apparel, and accessory industries all rely on leather, but the COVID-19 outbreak has hurt them all. The first two quarters of 2020 saw considerable losses for retailers. According to Global Footwear, footwear sales in the United States fell by approximately 32% at the conclusion of the first two quarters of 2020. The general lack of demand for footwear is therefore expected to cause a fall in leather shoe sales. For many companies in the market that manufacture various leather goods, China has historically been a significant supply of raw materials and finished items. Yet, the pandemic's disruption of the supply chain has severely harmed on-time deliveries and product shipments.

Leather Goods Market Report Highlights

• The footwear segment took first place in 2022 in this market. 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.
• Asia Pacific dominated the global market in 2022. China and India are leading the expansion of the premium and luxury goods market in the Asia Pacific region. Bangladesh and Pakistan are important suppliers of leather's key raw materials in Asia.
• Some of the major players operating in the global market include Adidas AG, Nike, Inc., Puma SE, Fila, Inc, New Balance Athletics, Inc, Knoll, Inc, Samsonite International S.A, VIP Industries Ltd, Timberland LLC and Johnston & Murphy.

Polaris Market Research has segmented the Leather Goods Market report based on type, product, and region:

Leather Goods, Type (Revenue - USD Billion, 2019 - 2032)

• Genuine Leather
• Synthetic Leather
• Vegan Leather

Leather Goods, Product (Revenue - USD Billion, 2019 - 2032)

• Handbags
• Small Leather Goods
• Apparel
• Footwear
• Home décor
• Pet Accessories
• Automotive Accessories

Leather Goods, Region (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa