Global Leather Goods Market size to reach USD 349.30 billion by 2030 according to a new research report

The Global Leather Goods Market size is expected to grow from USD 259.19 billion in 2022 to USD 349.30 billion by 2030, at a CAGR of 3.8% during the forecast period (2023-2030).

Market Overview:

Leather is a tough, flexible, and long-lasting material made by chemically treating animal skins and hides to prevent decomposition. Cattle, sheep, goats, equestrian animals, buffalo, pigs and hogs, and aquatic creatures like seals and alligators are the most prevalent sources of leather. Leather is durable and may be used to produce a wide range of goods, including clothes, footwear, and purses, furniture, tools, and sports equipment. Leather has been made for over 7,000 years, and China and India are the world's biggest manufacturers of the material today. One of the primary elements driving up demand for leather items around the world is the growing population, which is combined with rising individual income levels.

Top Key Players in Leather Goods Market:

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 and other major players.

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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels. For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

Market Dynamics and Factors for Leather Goods Market:

Drivers:

Growing Demand for the Luxury Goods

The world's leading countries for leather goods manufacturing include China, India, Brazil, Vietnam, and Italy; some are more important for value-adding and luxury goods and others for sheer volume.

The production of leather goods in Europe specifically is in a steady decline, but the countries that export the largest share are Italy, France, Belgium, and Spain. With the increase in disposable income of individuals, the demand for luxury goods has also increased.

Opportunities:

Technology is Creating New Opportunities

Leather manufacturers are investing in advanced automated machinery and operation systems to streamline the production process and to make it faster and cheaper. Advanced processing techniques in leather manufacturing, such as digital cutting, more complex designs, or blending with textile fabrics (e.g. silk leather) are increasing the popularity and the versatility of leather consumer goods. These technologies are paving the way for new and more complex designs, more fashionable colors, and finer quality. Improved durability, softness, lightness, and smoothness have made leather garments suitable for all seasons.

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Segmentation Analysis of the Leather Goods Market:

By Type, the manual segment had the largest market share in 2021, while the automatic segment is expected to register a significant market share owing to rising innovation and technologies by the major companies during the forecast period.

By Type of Technology, QT100 Leather Goods technology is likely to dominate in this area. Currently, QT100 holds the maximum market and is anticipated to grow at a substantial rate over the forecasted period. The Qt 100 Leather Goods is ideal for single-zone spaces of up to 12,000 square feet (1,115 m2).

By Type

• Footwear
• Luggage
• Accessories

By Distribution Channel

• Offline
• Online

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Regional Analysis of the Leather Goods Market:

In the worldwide leather trade, Europe is a major player. The European leather and associated goods business employs around 36,000 people and generates €48 billion in revenue. In the worldwide marketplace, the EU tanning sector is the world's largest provider of leather. In terms of leather and raw material, the EU produces some of the most valuable calfskins. According to the ministry of foreign affairs, Europe is a significant market for leather fashion accessories, with a total import value of €8.6 billion and a 5-year average growth of 7.5 percent.

By Region      

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

In March 2022, MaheTri is a luxury leather products brand originating in Rajasthan that has grown to appeal to a global audience. Through its E-commerce channels, the corporation operates all over the world. This brand showcases Indian workmanship by combining natural leather with innovative detail-oriented designs. Mahendra Singh and Trishal Lohar founded the enterprise in Udaipur, the magnificent city of lakes.

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