Leather Goods Market Size, Share & Trends Analysis Report By Product (Footwear, Home Decor, Apparel), By Type (Genuine, Synthetic), By Region (North America, Asia Pacific), And Segment Forecasts, 2021 - 2028
Leather Goods Market Growth & Trends
The global leather goods market size is anticipated to reach USD 624.08 billion by 2028, registering a CAGR of 5.9% over the forecast period. Rising fashion consciousness among consumers has been a key factor boosting the product demand and this has driven various brands to expand their product portfolio. Apart from leading labels and brands, smaller manufacturers have also been gaining importance in the market. Various startups have come up with customized leather products to meet the changing demands of consumers.
For instance, 1 Atelier, a U.S.-based start-up formed in 2015, allows customers to customize the color and hardware of their leather handbags. Strong brand recognition, along with an increasing number of companies entering the market, is driving the sales of leather goods in the market. E-commerce retail channels play a significant role in the distribution of leather goods as a considerable amount of the market revenue is generated through these channels. Online sales channels make it easy for consumers to browse through millions of products at one place without having to physically visit retail stores. Millennials have been one of the prominent consumer segments driving the growth of online distribution channels.
According to the Global Online Survey data, the propensity of millennials to purchase leather goods through online platforms was almost twice that of Generation-X in 2018.The increasing working population and the rising disposable income also drive market growth.
Several companies enforce a corporate dress code, which supports the demand for leather shoes.The rising awareness regarding sustainable products offers a huge growth opportunity to the products made from cruelty-free sources.
Many celebrities have been opting for vegan fashion products, which influences consumers to conscientiously choose cruelty-free apparel.
Leather Goods Market Report Highlights • Home décor and furnishing is projected to be the fastest-growing segment over the forecast period • The footwear segment was valued at USD 188.10 billion in 2020 and is expected to reach USD 295.09 billion by 2028 • Consumers prefer good-quality leather shoes and are willing to pay a higher price for the same to help improve their overall appearance • Various brands, such as Nike, Puma, and Adidas, have collaborated with celebrities to come up with new products that are priced higher than other products offered by the brand • For instance, Stella McCartney and Kanye West have collaborated with Adidas. These trends are expected to impact the market for footwear over the forecast period. • Asia Pacific is projected to remain at the forefront, in terms of CAGR, over the forecast period
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